BTW, a professional flipper just bought a house in Encinitas for $675K closing on 8/27. It was an REO in need of a little work but easily fixable. It took them less than a week to fix it up and get it back on the market. It took about 30 days to get it in escrow and it sold for $876K on 11/4. Total holding period was just over 60 days.
Ironically I had a client that wanted it too but kept talking themselves out of it. As the lender lowered the asking price they dropped what they were willing to pay for it even more. By the time it sold they had lowered what they would pay for it by about $100K and missed out on a property that was close to perfect for them.
