Can someone explain this flip to me?

[Priced_Out_IT_Guy_IHB]

Check out this flip in escondido from redefin:

http://www.redfin.com/stingray/do/printable-listing?listing-id=1127778

You can see that the house was purchased in 8/21 for 525k and relisted on 8/23 for 510k.

 

[bishie_IHB]

It says bank listing in the description so the bank took this back for 525k and is asking 510k.

 

[IrvineCommuter_IHB]

Why is "not a short sale" a selling point? Is that banker talk for "do not lowball us"?

 

[No_Such_Reality_IHB]

Not a short sale is a plus becuase short sales don't sell. If you've put a bid in on a short sale odds are you've sat for weeks with no response from the bank on the offer. The deal typically falls apart because the buyers gets nervous or tired of waiting and walks away.