Purchasing Building with "Squatter" During Pandemic

[Henry Wang]

Hello everyone -

I am looking to purchase a 3-Flat from a bank out of a foreclosure. Two units are vacant but one former tenant has refused to leave and stop paying rent. The bank had started the eviction process but cannot proceed further given the pandemic. The bank insists on selling as is. The asking price is below market, so this situation may be somewhat priced-in. 

What are my options to remove the squatter after I take possession of property? What should be my considerations around value given this situation. I am in the Northern suburbs of Chicago if location changes the consideration.

Thank you!

Best, Henry