Massapequa, NY · Member since 2014 · 11 posts · 2 votes
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?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
9y
Most likely a waste of time.....you can't buy from dead people. Also it's likely Hugely upside down.....having to find an heir to open probate, to do a short sale......no thanks.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
9y
Most likely a waste of time.....you can't buy from dead people. Also it's likely Hugely upside down.....having to find an heir to open probate, to do a short sale......no thanks.
Flipper/Rehabber · Austin, TX · Member since 2009 · 405 posts · 168 votes
9y
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!
Flipper · Edgewater, NJ · Member since 2017 · 39 posts · 18 votes
9y
I'd double check that it's actually an active Lis Pendens because PropertyShark doesn't update this often enough. I work on PropertyShark a lot, and consistently see properties that I KNOW have already had a cleared up Lis Pendens (like it sold), but then I see PropertyShark still has it listed as such. I'd confirm with public records or the attorney themselves to make sure it is an active Lis Pendens. Plus 4-5 years sounds like a really long time that a lender would sit back and wait. Unless it's maybe a small community bank that's not in the region. A big bank would have already moved on with something one way or another, especially in the hot market that we've experienced the last 4-5 years.
Massapequa, NY · Member since 2014 · 11 posts · 2 votes
9y
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.
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.
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.
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!
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?
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!
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?
Real Estate Agent · Glendale, AZ · Member since 2017 · 55 posts · 10 votes
9y
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.