Buying a investment property with a Lis Pendens on the title

[David Balogun]

Currently i have a offer accepted on a foreclosed property but the bank is saying there is a Lis Pendens on the property. Ive never heard of a Lis Pendens before but i know that the title will not be cleared if its still there by closing time. Has anyone dealt with a property like this or know of what i should expect like time frame and if worth going thru the process?

[Boris Portnov]

If there's sufficient equity in the home to pay off the mortgage then you can purchase the property with a regular closing without any tittle encumbrances. If the property is underwater then this is a short sale.  Your realtor should clarify this for you.