Looking for a strategy to bid on a foreclosed property.

[Daniel Patrick]

There is a single family home that I have been following that has been foreclosed for awhile. It was posted on the MLS for a ridiculous amount and has set idle. It has gone up for auction (online) several times with no bids.

They are currently listing the house for 250k.  Auction starting bids started at 180 or so and are now down to 140k.  No takers.  

I am interested in the property because of the land value.  House may or may not be salvageable. 

What are your recommendations in moving forward, trying to get the best price for this property.  Should I contact the bank directly? Wait out a few more auction cycles, but risk losing it?  What would be a good offer, if I feel the land is worth 100k?  

Thanks in advance!

[David Dachtera]

@Daniel Patrick,

Why have you fallen in love with this property?

For the land to be worth $100K the comps. should come in around $500K (land value = 20% of FMV).

Once you get it, what will it cost to build?