“Pre foreclosure” and Lis pendens

[Joseph Ranola]

Hey everyone,

I’m a Realtor on Staten Island trying to turn my complete focus on investment properties as that’s what really excites me. I’m working with plenty of investor clients as of late and trying to expand my buyers list.

I’m going to start trying to acquire off market properties through postcards/driving for dollars. I want to reach out to the “pre foreclosures” that come up in my software but I’m so confused on the subject even though I’ve been trying to read and watch YouTube video after YouTube video on it- so I figured I’d come here for clarity.

Before I spend money reaching out to all of these "pre foreclosures", I just want to make sure that my buyers would be able to even buy these houses should the owners want to sell. If I'm reading correctly, once they receive the notice of default (NOD) they're now in "lis pendens"...is that correct?

Is it also correct that once it’s in lis pendens it’s very difficult to now buy the house? Is it possible at all?

Just looking for clarity on the whole pre foreclosure/lis pendens situation in NYS, please shed any light you have on the subject!

Thank you!!

[Wayne Brooks]

You're confusing all the you tubes together. Lis Pendin simply means a judicial foreclosure has been filed, nothing more. 
NOD's are used in Non judicial foreclosures.

Any property in foreclosure can’t be bought up until the time of the actual auction. 

Someone in your office knows this...it’s basic stuff.