I live in Pasadena. Whereabouts is the property? If it is in a nice area, that sounds like a good deal. It’s in the price range I would hope to pay for a SFH of that size. Asking prices in Pasadena have not budged significantly. I see houses just sitting there, and not many of them. CBS News interviewed someone last week on whether auctions are a place for deals, and the conclusion was that with only a marginal reduction, when you add back auction fees, it doesn’t work out a lot cheaper. And then there is the risk with the state of the home.
