ATTN: Realtors and Investors - Flipping listed property??

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I had a wholesaler come to me with a deal that looked like it needed work, but the price he locked in was too high (after figuring costs).

He brought the deal to another investor who wanted to just buy and flip it.

Well, according to the other investor, he said since it was listed for a certain price, regardless of whether the comps were 50K less, because it was listed you couldn't just up and flip it for more.

He thought the wholesaler was dealing with an unlisted/FSBO.

Is this right? If so, I'm assuming if you fix it up, you can reprice and make profit.

Thanks,
Al