SUGGESTIONS PLEASE!!

[Karen Margrave]

There is a bank owned property on the market. The house is an absolute tear down, NOTHING is salvagable. Walls are leaning, concrete buckling, etc. There's no livng room, as the house was converted to a bunch of bedrooms, built around a center courtyard, which once had a pool. All work was unpermitted. The cost of demo of the property would be around $50k. The bank has the property listed at $535k. The lot is probably worth $180 and has a nice view. We'd like to buy the property for the lot, but not sure how to get the bank to understand there's no value to the house. We are contractors/brokers and believe me, when I say there's no salvaging the house, I mean, there's no salvaging the house. It's 3000 s.f. and originally built in the 60's. Has anyone else dealt with anything like this? I'm surprised the agent listed it for such a ridiculous price when anyone should have been able to see there's no value to the house!