Lis Pendens Filings

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Understanding Lis Pendens

It is of vital importance that you understand the meaning of lis pendens and what it means to a piece of property. It can be the keynote alert for the potential buyer or it can be notice of that special property becoming available. It should always be an important tool for the savvy investor to evaluate the profitability of a proposed purchase.

Lis Pendens is the term used to refer to a pending a lawsuit, or can be the actual written notice stating that a lawsuit has been filed concerning a piece of property. This notice might be regarding either the title to said property or a claimed ownership in it. It is a Latin phrase that translates to a term meaning "suit pending".

The filing of a lis pendens is done in the county land office where the property is located. This notice should send out a big signal of "buyer beware"! It should tell the buyer that the title and/or ownership of the property is in question. If a buyer decides to purchase the property anyway, then they must be aware that they assume the responsibility and liability of the final disposition of this notice.

If the lis pendens is filed by the lender, it is the formal notice of the start of the procedure of foreclosure. Filed by the lender, it represents the possibility of a great opportunity. Potentially, this means that with the lowered value, a shrewd investor can purchase the property for an amount sometimes 50% less than market value.

Properties are considered to be under the foreclosure process, or pre-foreclosure, from the date of the filing of lis pendens until the property is sold at an auction. It is a process that can take months and depending on what state the notice is filed, this can be anywhere from 90 days to well over a year.

Regardless of the time period, the filing of the Lis Pendens can be the beginning of the process towards buying that perfect "dream house". There are websites where you can find all the national listings of homes in the pre-foreclosure process. Currently, there are well over 1,000,000 homes on these lists!

Once you have determined the nature of the Lis Pendens, and you have evaluated the profitability, you are ready to go after that dream. There are new homes being added everyday to current lists of pre foreclosure homes, so you should have no problem finding that special piece of property available at an awesome price. Happy hunting!