Buying a house under Lis Pendens, closing Friday and no pay off yet, should I be worried? (auction, negotiating)

[gabrielh]

We are purchasing a house under Lis Pendens filled by seller's bank (she stopped making payment).
Seller has plenty of equity so it is a regular sale and she will use the proceed to pay off the mortgage.

We are scheduled to close this Friday and my agent is telling me that title agency havent received seller's mortgage pay off amount yet. They only became involved with it last week after seller tried to get the payoff by herself and she wasn't able to (she didn't want to have title agency/attorney involved from what I understand)

Should we be worried about that? How long does it usually take to get the ok and pay off on a house under Lis Pendens? As I understand there are attorneys involved in the game so I'm guessing it's being processed differently than a regular Payoff quote?

I'm in FL.

Thanks!

[jackmichigan]

Offhand, it doesn't sound too complicated, but:
What is your title company saying about the Lis pendens?
And what is your attorney saying about the commitment for title insurance policy?

[gabrielh]

Title company got the pay off this morning so we can close Thursday!
They are also providing owner's title policy and lender's one so we are all covered.

Originally Posted by jackmichigan

Offhand, it doesn't sound too complicated, but:
What is your title company saying about the Lis pendens?
And what is your attorney saying about the commitment for title insurance policy?

[dontaskwhy]

Originally Posted by gabrielh

Title company got the pay off this morning so we can close Thursday!
They are also providing owner's title policy and lender's one so we are all covered.

Sadly, this is all quite normal. Good to hear that you got your answer today. Best wishes.

[gabrielh]

Thanks! I was worried because there are attorneys involved in a Lis Pendens and a bad experience with an other house under Lis Pendens (in a Short Sale situation though).

It look like buying a house under Lis Pendens where seller have plenty of equity was a great option for us! (that I never thought off before.I was staying away of any houses under Lis Pendens).

Benefits:

-Seller is in a hurry to sell and close before auction so buyer is in a better negotiating position
-Seller is still taking great care of the house since they will walk away with cash.

Originally Posted by dontaskwhy

Sadly, this is all quite normal. Good to hear that you got your answer today. Best wishes.