Home scheduled for demolition, Offer $?

[Calvin N.]

I found a home that was scheduled for demolition by the city IF repairs were not began. The previous owner started, but then stopped and has abandoned the property. The judge has now set the date of demolition for 28 March. In the mean time the note holder sold the note to another company.

The note is for $140,000. The lot cleared is worth 10K. The structure is worth maybe 20K. I have spoken to all involved and the note holder asked that we make an offer on the note. They have not began the foreclosure process since the home will be bulldozed before they could complete it.

The note holder is an out of state financial investment company. Would an offer of 20-40K on a 140K note be considered? If nothing is done by March 28 the city will tear it down, leaving the note holder with nothing but a vacant lot. I own property across the street from this house and would like to rehab the structure. Anyone dealt with a deal like this before? Suggestions? I guess it would not hurt to offer and see. Thanks.