No different than if the mortgage amount was more than anticipatedThe assumption here is your purchase price was going to pay off the mortgage and the other liens - If not you don’t cancel closing you let them cancel it because they cannot bring funds to closing

However, when I reviewed the property information on the PVA website, the records indicate it is a 3-bedroom, 2-bathroom property, excluding the 2 bedrooms and 1 bathroom located downstairs.

As far as the sale of a property with a mortgage on it, that all gets sorted out at close. ie, you bring your money, the bank gets what they have coming, the realtor gets what they have coming (if there's one involved) and the seller gets the rest.

Still, I managed to lock it in for $145,000 by emphasizing how much TLC (and cash) it needed to bring it back to life.

Then I would speak with a land surveyor or civil engineer to get a sense of what it would take to obtain all the entitlements and bring in the utilities, etc.     

Unless we tried a MTR, this might bring opportunity with monthly cash flow. 

Its purpose is to bring together possible residents with possible landlords, so that these parties can begin a negotiation.

You may find something there.You can also go to the etsy website and search for any type of spreadsheet you would like.

Does physically going to downtown reveal more info than the Cook County Circuit court website?

What websites do you suggest to get good information?