The best deals foreclosure & lis pendens

3 Replies

There are many in my city looking for deals in realestate. One of the best deals as we all know is finding a house that is in foreclosure. But what about finding a home that is in pre foreclosure , or lis pendens. I have identified homes in lis pendens, but I need to verify that I can help the owners sell these homes, without  Having to go into short sale.

I guess my question is can I approach owners with lis pendens to to try and have them sell their house?  My clients currently are either cash buyers are working with Hard money. Is thereAny difficulties associated with that?

 So Far from what I have gathered,   I understand the title company would pay the bank the money that is left on the mortgage, and then whatever's left would go to the owner.

 Does anyone in Florida have experience with this?

I am also trying to do this! What I have learned is that it depends on your state as well. My state is a non judicial state so you can place an offer on a house before it goes to auction because techinally the seller still "owns" the house. Just got to make it a quick sale and a good deal.

Hi @Jonathan Tang , that is what I have found as well. Although, sometimes you are required to negotiate with the bank, or at least let them know of your intent to pay what is owed. Based on  what I have learned form other investors, it may be best to keep an attorney on hand and or a title company.

Originally posted by @Jonathan Tang :

I am also trying to do this! What I have learned is that it depends on your state as well. My state is a non judicial state so you can place an offer on a house before it goes to auction because techinally the seller still "owns" the house. Just got to make it a quick sale and a good deal.

Judicial or non judicial has no bearing on selling a home in foreclosure. One may generate a lis pendens but, that lien gets cleared once the debt is paid. The debt gets paid by selling the home. Judicial or not, until it isn't, the home belongs to the borrower/homeowner and as a result, they can sell it for whatever they want to whomever they want (Provided they pay the requisite liens off in full).

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