did you explain what lis pendens means to your buyer? And s/he stil wants to go ahead? If so, you will need to register on RealtyTrac to get more information on the property; it will most likely not be listed on MLS. Before you do that, why don't you sit down and talk with your broker. S/he is there to help you with all questions and transactions. You are operating under their license so they are motivated to help you understand and succeed in all transactions. If you have little experience with REO's, short sales, foreclosures, or auctions, your broker will want to assist you in this transaction, should it go forward.
The books recommended by Tom Mcgiveron are excellent and I agree with him that you should purchase, read, and practice the contents. In addition, I recommend that you go back through the material you studied when preparing for the license exam; it's good for all of us to refresh our memories on seldom used information from time to time. Another excellent way to stay on top of the market is by attending local continuing education offerings in you area. Your board will have information about when, what and where classes are available. I attend at least one per month. It's always good to hear the information straight from the experts' mouth and I also enjoy the opportunity to converse with other realtors during the breaks.
Okay - you're asking this question and it's a bit scary that you've got to ask it on here. But it's cool - I'm not mocking you at all - I'm kind of wondering why you are not prepared - did you talk with your broker/manager at all? They should definitely be able to help you.
I love helping people and I'm going to help you. First - email me directly through the site here (visit my profile and just contact me). I am also going to recommend a few books here that you get - don't think about it. Instead of spending $45 on lunches for the next month - invest in these books:
Not optional for you to not get them. Trust me. And email me (that is optional...lol - but I'm cool and you'll like talking with me).
Oh and yes - you're first step BEFORE you take a buyer out is - get them pre APPROVED.