Rehab or Wholesale?

[Robert Verdi]

I have found a foreclosed property for sale that has alot of foundation problems. I mean the foundation has fallen in areas and is leaning in other areas. The bank is asking 195k for this property that they took back at 83k. The seller's agent indicated that he turned down more than 83k at the auction. Not sure why.

I feel that the house needs to be torn down. How do I determine an offer price for this property?

My thought was to offer the 83k minus the cost to tear house down. The land is valued at 122k at the assessor's. Homes in the area are selling for around 300k. Any advice would be greatly appreciated.

If I could get this for what the land is valued at is this a deal that could be wholesaled?