Lis Pendens - Not on Market, how to buy?

Question

I've been researching and talking to alot of people in my area looking for opportunities.  I may have found one.  A close friend of mine is about to move out of a home which is in Lis Pendens status.  There has been no mortgage payments in about 4-5 years and the occupants have basically been living there rent free this entire time.  He is about to move, and I am now looking at seeing how I can purchase this property.

The property is in Lis Pendens status via PropertyShark.  The owners on the deed are deceased. I have the name of the law group that is handling the claim via PropertyShark.  There is no for sale listing anywhere online, or on the banks site.  How do I go about approaching this property?

Thanks alot

Patrick L. · Answer

The bank can't sell something they don't own.   A lis pendens means they have filed a foreclosure but until the case is complete and it goes through auction they don't have title and cannot sell it.    Once they take it back it will be listed with an agent, you can't just contact them and have them sell it to you cheap.

Jean Norton · Answer

There are some properties that just can't be bought.  In this case, it's probably better to wait for the foreclosure to happen and buy it from the bank later.

However, if you want to pursue it, you will need to find the heirs, make sure the estate has complied with probate laws and buy it from the estate.  This will be only worth your while if there is significant equity in the deal.  Good luck!

Account Closed · Answer

Sounds like once you talk to the heirs / estate it should proceed like any other pre-foreclosure deal / short sale. Are the heirs a public record thing or is there some place to look that up online?

Derek Sziga · Answer

In the case that the owners are deceased, and the home that is lis pendens goes to sheriff sale. Would you be able to just purchase at a sheriff sale?

Luis Aguilar · Answer

Get an account on foreclosure.com as it will provide you with public information on houses in LP or NTS statuses all across the nation. There is a fee associated with the service but well worth it. I was doing work in the site in locating houses about to go to auction.

Jamal Irving · Answer

@Anthony L. have you made any progress on finding an heir to the estate?

A helpful guide to the foreclosure process in NY can be found at https://www.nycourts.gov/courts/10jd/nassau/foreclosure.shtml#guide

Let me know if I can help with the investigation process.

I believe at some point you will need to go to the county clerk's office to get information as to whether the house is in probate.

Mark Pedroza · Answer

It's a public record thing...

Anthony L. · Answer

So the house is going to remain empty for future squatters?  Wouldn't the bank want to rid itself of it?   I was hoping that it would be something where I can get a leg up ahead of foreclosure so I do not end up in a bidding war with other potential investors.

Lis Pendens - Not on Market, how to buy?

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