Lis Pendens: What does it mean? – Foreclosure Homes Listings

Lis Pendens means “suit pending”, it is a Latin phrase. This suit can be in concern with the ownership of the property and will be reflecting as the “title of property”. These are the law suits where the owners still have the possession of the property and they have an option of getting a refinance done on the property or can even sell it on their own.

After Lis Pendens is filled on the property, the owner still has approximately 3 months to a year before the property actually gets auctioned, which depends on the state where the property is and also if its not sold by the owner yet. The Lis Pendens works as an opportunity for the home owner to get more time so that he can arrange for fund if he wants to. Not only this, it has also helped the people who have been looking for the pre foreclosure properties to invest in. These people who have been looking for an opportunity can be the real estate owners or individuals looking for properties to get a deal that will help them buy properties at a discount. There are more than a million properties that fall under this category and everyone has always been active enough to look for these properties.

These real estate owners grab the opportunity to buy the properties directly from the home owners or the banks even before they enter the market as foreclosures. This helps the real estate owners to get rid of all the technicalities and the auctions and saves the bank and the owner from getting into a difficult time.

If you are still not sure of what you have been looking for and are wondering if Lis Pendens properties are worth going in for, then you might not know that you can get them at almost 50% of the markets price. It might require a little renovation work like any other foreclosure properties but can turn out to be a great way of investing money. You will not be required to research and be prompt so that no one else grabs the opportunity of getting it and plus you will also get an opportunity to look at the property before making any decision.