I seriously doubt most people know what a Lis Pendens really is or have even heard of it. It really does not sound like it has anything to do with buying a home or getting qualified for a home loan. Basically in simple terms it is used by someone that has filed a claim or complaint against the property, usually to stop the sale of a property. So lets say a property is for sale and the home owner accepts an offer on the property.
When you are buying and selling real estate keep in mind that you are actually hopefully using an agent or some one to represent you. If that is the case you are using legal contracts.
So lets say the seller accepts an offer and some time next week or so he gets an another offer that is much higher than the one he got. But he lets all parties know that this is just a back up offer “wink , wink “, except the buyer with the higher offer.
The first buyer is performing as he should and getting everything done as he should. But little does he know that the seller has trying to sell his home to the second buyer since his offer was much higher. If the first buyer feels that this may be happening he can file a lis pendens on the property. Which is just a notice of pending action on it, so no one will record on it as well no title company will issue a title policy on it either.
This is basically a way for someone to protect their interests in the property and keep it from changing hands. Now your agent will not be able to file this for you unless he practices law as well more than likely you will need to hire one to file it for you.