Hello James. I just sold a 2 bedroom/1 bath property in El Monte for $260,000 and $7,500 for closing costs were given back to my buyer, the property needed no repairs. The property is a short sale so my buyer was able to get a great deal. Is the property you are looking at a short sale or REO? In order to make a good decision on what you are buying you need to have your agent pull up the comparables in the area of the properties that have sold within the last month. Since property values are declining the last sold is a better indicator of what the real value is. I know agents like to go by the last 3 months but 3 months ago property values were higher than today. I specialize in short sales and REO's, if you need any help please feel free to give me a call or e-mail me at firstname.lastname@example.org.