Lis Pendens Question....

[Charmaine M.]

Hi all,

So  I am looking at this property and the listed price is $155k ...Triplex ( short sale) but I did a check on the property and their is a Lis Pendens on it.

My question is, would I  be responsible for that amount if my offer is accepted and can I work with the bank to try to get it down?

Side note: the market value on this is property is $807K

Lis  Pendens Info:
Lis Pendens Amount:	$628,000	Lis Pendens Plaintiff:	Wells  Fargo Bk Na
Lis Pendens Date:	3/31/2014

Thanks in advance.

[Shaun Reilly]

This almost feels like the Short Sale equivalent of going to the foreclosure auction and bidding on a 2nd lien by mistake thinking you are getting an amazing deal.

Case #1 they are trying to short the Well Fargo mortgage that the Lis Pending is talking about.  Notice is for $628K and market value is $807K, there is no short sale there at all and sure as hell not at $155K.  Why would they do a short on a place with $180K of equity????

Case #2 (and I have never heard of such a thing) maybe they have already defaulted on a 2nd in the $200K range and are trying to short that and basically sell you the redemption rights?