How long does it usually take a hpome to go from Lis Pendens to full forclosure where you can purchase it?

Asked by Jean, 10940 Wed Feb 18, 2009

And what are the stipulations on forclosures? is it really that simple? Yu get a 200,00 house for 65,00 no questions asked? or are there hidden details? Im a first time buyer and I know nothing especially about fordlosures, they are a foreign world to me.

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Thomas McGiv…, Agent, Farmingville, NY
Fri Feb 20, 2009

You can buy the home anytime - as long as everything is negotiated that settles all parties. you don't have to wait for it to be bank owned.

Normally - you absolutely do not get a home worth 200k for 65k.

Many investors who buy homes in distress situations like a home that's behind on mortgage - buy pre foreclosures - the real good deals are you usually gone before the bank even files a lis pendens.

Check out the link below
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Ginny Warsaw, , Warwick, NY
Thu Feb 19, 2009
Jean-No it is not that simple. A Lis Pendens is a notice of pending legal action. Considerable time may lapse betweent the filing and the rendering of a decision or acceptance of an offer to purchase by the bank or holding company. I've attached a link that should help w/additional information....Hope that helps!
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