If your home is currently involved in a legal dispute, you may wonder whether you can sell a property with a lis pendens.
Alan with Pyramid Properties makes fair cash offers for even the most challenging homes. You’ll obtain a fair proposal and never pay for expenses like closing costs or unpaid taxes.
What Is a Lis Pendens?
Lis pendens is a Latin term that means “a suit pending.” In other words, it indicates that you’re currently involved in a legal dispute over title issues, unpaid invoices, or inheritance conflicts. The pending lawsuit notice appears on the title and must reach a resolution or settlement before transferring the title to the buyer.
How To Overcome the Selling Challenges Posed by Unresolved Legal Issues
A lis pendens doesn’t technically prohibit selling the home. However, as part of your buyer disclosure requirements, you must notify any interested buyers of the competing legal claim on the property.
Resolving the issue will require a significant investment of time, money, and other resources, which means most buyers won’t even consider making an offer. Consider the following strategies for overcoming these property sale restrictions.
Resolve the Issue Yourself and Risk Losing Money
Can you sell a property with a lis pendens? Yes, and you could wait to resolve the real estate dispute so prospective buyers won’t hesitate to make a reasonable offer. It seems like the most straightforward solution, but it leaves you vulnerable to considerable losses if you don’t have ample equity.
While you could set a reasonable asking price, keep the following in mind:
- Resolving the dispute could take months, during which you’ll continue paying the mortgage.
- The argument may not settle in your favor or may require you to pay a significant expense to cover the unpaid taxes or buy out the other party.
- You’ll pay closing costs and real estate agent fees.
- You may still need to make repairs to make the property more attractive.
Significantly Lower Your Asking Price
If you don’t want to waste time, consider lowering the asking price to accommodate the extra expenses the buyer will pay. You’ll likely price it several thousand dollars below your desired asking price. You may still have trouble finding a buyer due to the hassle of resolving the lis pendens.
Find a Reputable Cash Buyer
Finding a cash buyer with a reputation for fairness may be the best option. Ensure you find a company with the following qualities:
- The company should act like a partner and keep your interests in mind.
- The buyer should make a fair cash offer and handle all expenses.
- Work with a company that can close within seven days and keeps your schedule in mind.
- Examine their reviews and confirm they have an excellent reputation.
Contact Alan From Pyramid Properties for a Fast and Fair Sale
Stop searching, “Can you sell a property with a lis pendens?” and contact Alan with Pyramid Properties immediately. You won’t spend precious time and resources finding home buyers or dealing with a real estate agent. He makes the process fast, convenient, and fair.
You can start the process by calling 901-504-5555.