I'm looking at this real estate deal and the seller's realtor told me about a Lis Pendes pending on the HOA. The association give a blind eye to structural flaws in the common area (such as an unsafe footbridge). The other past sellers has contacted the HOA with no success. The condo unit itself is fine and rent ready shape with no violation. Should I take the risk with purchasing the property?
Lis Pendens means there is a pending (ie no judgment yet) legal action with a recording against title.
I guess I wouldn't throw it out if it's otherwise a good investment, however, I'd be real sure on what the implications are.
This question requires more detail. You'd have to go pull a copy of the lawsuit and see what the exposure is to the community and then talk to real estate agents who have properties in this specific market that are selling and find out what impact the HOA is having on these individuals who are trying to sell.