Updated almost 6 years ago on . Most recent reply
Chicago Abandoned Building Investment
I've got an abandoned building down the street from a 6 unit that I own on the South Side which I'm looking to take ownership of. This building was owned by the failed BHF housing and was left vacant about 6 months ago but was boarded up in the past three weeks. I've taken a look at the deeds on the property, via Cook County Recorder website, and I'm not 100% sure who owns the property at this point. It was originally purchased in 2015 for $264,000. From my reading they used Illinois grants in the purchase of many buildings for the services they were to provide the community (which they didn't do). Wilmington Trust is listed on the Deed but I'm not sure if they were a lender or merely an investor. There's also a lien on the building and I've spoken to the lien holder who said the lien is for construction and management fees to the tune of $5,000.
I'm hoping this great community of investors can give me some direction on where to start with this one as I've never been interested in a vacant building before. I've reached out to my alderman in hope's of shining some light on it but haven't heard anything back yet. Any help is surely appreciated!
Most Popular Reply
Hi @Josh Sartori - If they took out a loan and it is recorded, that is a lien. If a contractor did work and didn't get paid, they can place a mechanic's lien on the property. In either case, those entities could foreclose on the property, take ownership, and then re-sell the property. Additionally, if the taxes are not paid and someone else purchased them at the tax sale for two consecutive years, they could end up getting a tax deed to the property and take ownership. If no one bids on the tax for two years and it remains unpaid, then it goes to the sheriff's auction sale - the proceeds pay off the liens.
Unfortunately, these processes can take some time.
If you PM the address, I can do a quick check for you to see if I see anything different.