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November 30, 2007
Lis Pendens experience and "Realty Trac"?
On www.trulia.com, this service called "Realty Trac" claims to have 19 "Lis Pendens" properties in Ditmas Park. Lis Pendens is a pre-foreclosure status.
Of course Realty Trac wants you to sign up for their service to find out more....
Anyone know if these listings are real and/or if this is a scam?
http://www.trulia.com/foreclosure/2000014822--Marlborough-Rd-Brooklyn-NY-11226
Anyone have experience with Lis Pendens properties?
Comments
No experience with it, but the summary listing doesn't give me confidence:
"This 2070 square foot property has 0 bedroom(s) and 0 bath(s)."
I guess I'd have to register to find out if it has any bedrooms or bathrooms!
Posted by: Xris at November 30, 2007 7:55 AM
This list is no bargain.
It might be outdated or inaccurate.
If the property owner has a lis pendens, they can still sell their property to
their person of choice and at the closing deduct the money they receive from the sale and pay off the lis pendens
If you insist on buying lis pendens property, I suggest you find
your own seller and cut the deal with them. You might save some money.
The other possibility is the owner can pay off the lis pendens and keep the property.
The lis pendens subject has nothing to do with real estate brokers or mortgage brokers.
It is strictly a legal subject which is quite complicated.
If you are not knowledgeable, you will get burned badly.
Posted by: Ysabelle at November 30, 2007 9:32 AM
lis pendens don't always go to foreclosure. I think the ratio is like 1 in 5 or something. Obviously it varies widely and if the resets keep coming the ratio could rise.
You can get the same info from propertyshark, btw, and you can pay for it in a bundle along with other stuff they have that is known to be valuable.
"If you are not knowledgeable, you will get burned badly." <--- don't listen to people who say this, I think they are in the biz of chasing foreclosures and hate the idea of amateurs coming in and "over bidding". Buying foreclosed property doesn't require a high IQ, just basic street smarts and ready cash. If you know an area well you're probably ahead of most people who are chasing the same property.
Posted by: guest at November 30, 2007 9:51 AM
There is also a great deal of patience involved.
In addition to good investigative skills with creative problem
solving.
If you have the cash in hand, excellent.
You still have to locate the property and hope the person is willing to sell it to you.
If you get over that hurdle than you can start negotiating the price.
People skills are a huge plus.
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Posted by: guest at November 30, 2007 11:52 AM
Above is at least the second stone spam comment I've seen today.
Posted by: Xris at November 30, 2007 3:41 PM
does anyone understand why i certain property at foreclosure is sold for only $1,000 by the bank? does it have major liens on it, and if so how do you find out about these before the auction or even after it.
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