Please help! Should I buy or run?

[Deirdre Vanko]

Hello! I have come across a preforeclosure, and this situation is odd(I think). The loan is for just the land. Builder started the structure, no contractors have been paid, only 2 did a "filed only" for construction liens.
So what happens with the bank forclosing? They don't know that there is a structure on it. Here are details:
first mortgage( foreclosing ) $525,000 owed, value of the land about the same
tax delinquent $12,021
if it matters the "filed only" construction loans
$2175 and $13,325

My thought is to try and short the loan and buy before any liens are filed. Please let me know if I am looking at this right.

If I have not given enough details or this is too complex for e-mail pm me with your phone number so I can call you.

Thank you in advance. Deirdre