I was searching what's on the market this morning and I see the short sale house we're involved in is now being listed as Lis Pendens. I know this means pre foreclosure, but what does it mean for our short sale?
I am so disappointed in this process.
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The Lis Pendens is a pending lawsuit, it could be a lein against the house by a contractor, or any number of things. Have you ordered a Preliminary Title report? It should show all leins against the property. Hope this helps, Ann
From what I have found out it's the start of the foreclosure for non payment. Looks as thou they started the process almost a month ago even thou we've been working on the short for almost 6 months.
There is a first with M&T and second with PNC. We've been waiting on PNC to approve for a couple weeks. If they would, we could close in July..
Once the foreclosure process starts, roughly how long does it take until it goes to auction? Is there a time line on that or can it linger on like a short?
That's quite common Sharon. Most sellers are short selling because they are in some stage of foreclosure. A Lis Pendens is just placing the public on notice that there is a pending lawsuit. In my state, Florida, it averages more than 2 years from lis pendens to actual foreclosure sale.