Feliciano, Other/Just Looking in Brandon/Riverview FL

Looking on Trulia NEW LISTINGS link I have found several LIS PENDENS properies for less than $75k. For

Asked by Feliciano, Brandon/Riverview FL Sun Nov 16, 2008

example this one:
4 br 3 ba 3,330 sqft
Single-Family Home

From: RealtyTrac

Listing Type: Foreclosure

Status: Lis Pendens (Pre-Foreclosure)

Year Built: 2006

Price/sqft: $14

Lot Size:

Days on Market: More than 30 days

Should this property be for sale? Submit it to Trulia
This property is a Lis Pendens. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 3330 square foot property has 4 bedroom(s) and 3 bath(s). The estimated loan balance is $46383.

As a first time buyer to be... sounds like a good deal...
Is $47k is the amount that the new buyer should pay for mortgage if want to buy this property? (plus taxes, HOA, CDD, insurance)? How Lis Pendens works?

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Alma Kee, Agent, Tampa, FL
Sun Nov 29, 2009
In Hillsborough County, Florida, normally when a Lis Pendens is filed against a property it is the preliminary filing for a foreclosure. It may be for the Home Equity Line of Credit so the dollar amount may be significantly less than the house may sell for. These RealtyTrac listings give the impression that the house is actually listed for sale for the "lis pendens" amount. "if it's too good to be true...."
0 votes
NA, , Bradenton, FL
Thu Nov 26, 2009

If you are interested in foreclosures for this area, I can set you up with a current search and assist you when you are ready to look. It would be beneficial if you work with a Realtor who is familiar with the area, such as myself.

Please contact me at your earliest and I will assist you in your search.

Best Regards,

Michelle Niemczyk, Realtor
0 votes
Julia Vakule…, , Tampa, FL
Sat Nov 22, 2008
Beware: Those listings showing from Realty Trac are most often inaccurate. Those same properties when cross checked with our MLS usually appear with a much higher listing price. Like, I saw a million $ property listed for $47K. That's ridiculous. If you want a really good deal on a home, look for bank owned homes.

Here's a sampling of this week's bank owned deals: http://www.tampa4u.com/bank-owned-homes.html
Web Reference:  http://www.tampa4u.com
0 votes
William Metz…, , Portland, OR
Sun Nov 16, 2008
In my experience in Nevada, California and Oregon for more than 35 years as an investor and developer, lis pendens generally has nothing to do with trust deed foreclosure, although I suppose it might in rare instances in some states. Here's the deal with lis pendens: If guy A sues guy B, guy A's lawyer will file a lis pendens on guy B's property, which means that guy B's property get a cloud on the title because he's getting sued and may lose. The property may go into foreclosure, but the lis pendens is separate. It can be filed pre-Notice of Default (foreclosure stage 1) or afterwards.

It may be that there's a divorce involved and the lawyers on both sides filed a lis pendens so the other side's spouse can't sell the property. Maybe the property owner is being sued to collect a debt. It's safe to assume there's litigation of some kind, I'd say. Maybe there's a judicial foreclosure (as opposed to a trust deed foreclosure) going on. Hard to say.

I could go on, but are there any FL people who can shed light on this? I just don't see how a lis pendens relates to a foreclosure. Feliciano thinks he's looking at a great deal, and may be, but I'm not seeing it. It may be because of my ignorance of FL state law.

Feliciano, do you know a lawyer or a real estate agent with a little gray hair who can help? I will say this--people avoid properties with a lot of problems attached, and if you can figure a way through this one, and work hard, you might make a good deal without a lot of competition. Just know there are no easy ways.
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