Here's the situation as explained to me: repaired value 155K, 5 beds, 1 bath. cosmetic things needed - nothing major is wrong with the house.

I have a cousin who owned 2 other houses in Illinois, near Chicago, not sure exactly where. He lost his job about 3 weeks ago. He was able to sell one property quickly for retail. The other property is the problem. Details:

It was a Sec 8 rental
The renter missed a payment, the reserve funds were used to repair and clean up a plumbing problem. As a result my cousin missed his mortgage payment.
The renters sec 8 allowance was cut in half. Once this happened she decided to trash the place and move out unannounced.
He had a successful sort sale lined up at 102K that the bank accepted. Someone came in and blew that out of the water with a offer of 118K. The 118K person backed out of the deal and the people who offered 102K found another property to invest in.
According to him he has 2 months before it hits foreclosure.
Right now I'm just trying to help. If anyone knows any investors in the Chicago area who may be able to inspect the property and hopefully make the bank a offer please let me know. I ran a search and all I could find was http://www.chicagoREIclub.com Unfortunately, they don't even have a forum or classified area.
If you know anyone that may be able to help please contact me and I will forward you his contact info. Thanks.