I can only assume you saw a property "listed" as lis pendens on a site like realtytrac? The first thing you must look at is if the lis pendens notice is for a first, second or third mortgage, an HOA filing, or anything else. The first mortgage holder usually has the first right of any proceeds from the sale of a property it holds a lein on, so if the LP was filed by a second lein holder for say 10,000, it means nothing as the first mortgage holder may have a lien of 100,200,500K that will need to be paid before anyone can purchase the property.
These properties will eventually be sold at public auction to the highest bidder, with the senior lien holder setting the minimum bid (usually what is owed). If no one bids the property goes to the bank, and the bank must now sell it as an REO property that is sold just about the same as any other property and a local realtor can help you purchase these.
If you do decide to try your hand at purchasing a property at the court house steps in the auction, make sure to consult an attorney as there may be title issues, and make sure you know you are buying it as is where is with 0 warranty of any kind for anything. the house could be infested with termites, have no roof, plumbing filled with concrete, none of that matters in a foreclosure sale and buyer be-ware. To purchase at the auction you MUST have cash only, usually you put a significant amount of money down (non-refundable) the second you win the auction, and you usually have until the end of the day to show up with the rest of the $. Needless to say, NOT the ideal way for a normal homebuyer to find their next home.
The best to you and your family!
Catch,you ask well Lis pendens is Legal action taken. ( usually a foreclosure). these homes can be more affordable as they are going to sold for less than the bank has the loan for ( Short sale). You just have to know what the L/P is for,such as a 1st mortgage or HOA etc.