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Lis Pendens

A foreclosure can be a complicated and long process, and it may involve a lis pendens. Now not a lot of people are very much aware of what it means. In fact, there are real estate investors who don't. Nevertheless, if you're interested of getting a foreclosed property, a basic knowledge on lis pendens can help you on how to save more on your purchase.

What is lis pendens?

Lis pendens is a formal notice that is issued by the court. It means that the foreclosure process is about to start. However, around this time, the house still belongs to the home owner and thus he or she has the right over the property.

Most home owners don't want to go through a foreclosure process, since it can be very long, and a foreclosed property is a black mark into their credit rating. This means it will be very difficult for them to take up a loan someday. So if the property is sold at lis pendens, the price is often very affordable. The owner may even offer it to you at a discount or equal to his or her remaining balance to the lender.

You should know, though, that not all states issue a lis pendens. It is only given by those places where judicial foreclosures are needed. For those states that have non-judicial foreclosures, they issue a default notice.

How do you look for a property at lis pendens?

Foreclosure-Auction.net has the biggest collection of distressed properties. Home owners are more than willing to sell their houses at a price that is 40 to 50 percent less than the value of the property. You can sign up with us and access our massive listing.

Know More about Lis Pendens

If you wish to educate yourself more on lis pendens, our customer support staff are more than happy to answer your questions for you. They have been trained to define several foreclosure terms, including lis pendens.

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