The other option besides waiting for the property to make its way through the foreclosure process and come to market (probably at a higher price than the mortgage balance) is to try to contact the current owner directly. At this point they still have the right to sell it, and they may be willing to give it to you for free IF you pay off the mortgage and any other outstanding liens. You'd be helping their credit score and getting them through a sticky situation much more quickly than they otherwise would. Unfortunately this is a very time-consuming and hit-or-miss way of going after properties - many of these owners can't be found. If you'd like to talk about that or other options for finding the right property for you give me a call or email - 215-825-2250 x.1002 or email@example.com
Probably not, there will be attorney fees etc if in fact they do foreclose onit. The lender will also get price opinions and in some cases appraissals to find out what the propery is actually worth and then come up with a price. Lis pendins is the very first step in the foreclosure process and Im sure it will not be available to purchase for a while. If you are intrested in buying foreclosure/distressed property be sure to work with an agent that is familiar with the process and make sure it is right for you. Not all forclosures are good deals and there are other costs that are involved that are not typical of a conventional purchase. f you have any questions please feel free to contact me anytime 267-879-3556. I have represented buyers on quite a few foreclosures and familiar with the process invlved in getting them to settlement. Good luck!