Need Investor Or Private Lender
I need to sell my home to an private lender or investor and then lease purchase it back with an option to buy later. My house is worth 1.3M, and I owe about 750K, however I left myself exposed, and my business has been sued and I have been named in the lawsuit personally. A lis pendence has been filed and I believe short of bankruptcy the above stategy may be my only option, to take my home out of play.
HELP!!!!
Please refresh my memory on the definition of "lis pendence" THANKS
Hi nrohtevets,
Sorry to hear about your situation. To be honest with you, you may be better off selling your property and starting fresh. On that high of a property value, most investors wont and or cant touch that one. For the investors that can, they may only offer you small amount for your equity, but in order for it to work them, they would need to flip, wholesale or exit quickly. You might make more dollars if you try to exit right now. I know that is not the answer that you were hoping for, perhaps others on this board will have some other thoughts.
Myfrogger, Lis Pendis is the same thing as Foreclosure.
BAMZ
Unfortunately selling it does not help me get my equity out, becaue the lien place on it now prevents me from selling it without satisfying that first and the lien from the lawsuit. My only recourse is to find a buying who will do just that and the lease the property back to me until I can finance the option to buy it back from the investor.
Correctly stated "Lis Pendens" is public notice that the property in question may be subject to a lawsuit or a claim against the property. This is like a very dark cloud on title that warns anyone looking into the title of the property that someone or an entity may be placing a lien or judgement on the property. Basically, if you were looking into acquiring a property and you can across this, I would back off for a while or look into the Lis Pendens issue at hand. The "Lis Pendens" does not have to state what is the issue at hand, only that there is an issue that can "possibly" affect the property. The issue can be anything and be filed by anyone and is very cheap and quick to do.
Phil
Steve:
I may be able to help you pm me the detaisl.
btw-how long b4 the sale?
Hear fro m you soon!
Derrick