Can anyone explain a Lis Pendis?

[Anthony Golden]

I recently got a property under contract with the heir of a specific property. We were looking to wholesale the deal to an end buyer, and immediately we found one. Both contracts were signed and sent to the title company on the same day.

The title company worked to get a title check for the property and uncover a loan on the property that the seller, who was the heirs of the property held by deceased parents, did not know about. Furthermore, we received word that the property was listed and pending by a realtor who had worked with the property before and had stated the property was a short sale.

I was then told by a managing broker that there would need to be a lis pendis signed in order for the deal to go through, as well as making sure the heirs was on the trust from the original owners, and not to mention, taking care of the existing loan.

Can anyone explain if they’ve had experience with this situation what’s the next move?