Bottom line, SOMEONE (either the current owner OR the bank who was holding the note) is trying to sell this property, and SHOULD entertain all offers, and they must provide clear title to the property. So consult with your agent and your attorney and come up with a number you feel comfortable with, then present the offer to the seller's agent.
From a lending standpoint, however, if this is a tear down, you will probably not be able to get a conventional loan (since lenders don't want to lend on any distressed properties) so I would hope if you do pursue this property that you're able to buy it for cash.
FHA still offers a renovation loan, but most lenders (including me) top out at around $30,000 worth of improvements. Also, FHA loans are for owner-occupied properties only, so if you're thinking about this property as an investment, it sounds like you'd have no choice but to buy it for cash.
If you have any other financing questions, feel free to contact me at the numbers below.
Sr. Mortgage Consultant
3317 W. Irving Park Rd.
Chicago, IL 60618
(lease pen-dense) n. Latin for "a suit pending," a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. The lis pendens (or notice of pending action) is filed with the clerk of the court, certified that it has been filed, and then recorded with the County Recorder.
If you are interested in searching thru the Public Records for information perhaps this will help...
For Cook County..http://publicrecords.onlinesearches.com/IL_Cook.htm
Illinois - Statewide Public Records Links
Foreclosures and Tax Lien Sales resources in Illinois
Find Foreclosures and Tax Lien Sale Records Resources by State:
Good luck, dunes
Resolve, the propertyâ€™s "TITLE" is in question.
Further resolve, look the other way, until, you have "ALL" the facts.
Note: Anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate decision of the "LAWSUIT".
WAIT WAIT WAIT WAIT........ (((((((HINT)))))) A foreclosure will wipe out a lis pendens.
"NEVER PURCHASE A PROPERTY BLIND"..you need all the facts luv. HmMm
You'll have to examine the situation in more detail to find out what the story is. Your agent should be able to help you with this. If not, I recommend you get one that can advise you.
Best of Luck.