Sorry for this lenghty question. I have just discovered a loan in excess of $250m that is secured by a large amount of acreage and an old house that is in a flood zone. The purpose is to purchase the acreage for hunting privledges. The acreage is more than enough to secure the loan. The appraiser has made this statement regarding the old house, there is an old frame house on the property but is not considered to have any material contributing value and it requires significant remodeling. We have contacted the appraisor and ask him to give us a value on the structure & his reply was it needs so much work he wouldn't venture a guess. Can we use no material contributing value as meaning no value and not require any flood insurance?