When there is a lis pendens on a property, it merely shows an early step in the process toward a possible foreclosure. Very often in these situations the owners can and do catch up on payments and the home never hits the market. In the current economic situation, it is not uncommon for homeowners to get behind on obligations. Most of them have no desire or intention of selling their home.

You could certainly approach the owners, letting them know of your interest in the property, should they decide, or have to sell. I would suggest being sympathetic in your approach, as this is no doubt a difficult time for them. As for getting it as a foreclosure, it's not there yet and may never be. Just remember, the owner and you are diametrically opposed in your goals. They want to have enough money to remain whole, while you want a bargain. That having been said, you'll never know unless you try. I wish you good luck whatever you choose to do.

Anna is right. You can do it yourself or hire a real estate agent or attorney to do the work for you. Good Luck.

When looking at RealtyTrac ads, keep in mind that RealtyTrac's information may not always be accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--or some other fees--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties--this property is currently not showing on MLS as available, therefore you can either work with an agent of your own or try knocking on the door and asking the owners if they are willing to sell.