Buying a investment property with a Lis Pendens on the title
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?
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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.