Pardon my sheer ignorance, but what exactly is MLS? 

If he expects a month worth as a fee then it is $1105 more than what he would normally get.  7.5% would be $1705.50 and he would have gained almost $1300 from my ignorance... hahaWhere is this 15% come from? 

Then, mostly ignore here while you sweat out some improvements to the place..

In a smaller town or a hot market you may have a realtor approach you asking if you pay a commission...but most will ignore your house.

Ignore the previous appraisal and run your own numbers.      

However, you can't ignore this line from the article:"In the past, California, one of the largest housing markets in the nation, has been a predictor for the rest of the country."

"Ignorance is bliss.

I have wholesaled before so I am not completely ignorant in knowledge.

I requested that repairs be made before closing that would be a long term fix to the foundation issues.At first, the seller tried to pull a fast one on me and push through minor "band-aid" level repairs instead of legitimate long term fixes while feigning ignorance.

My basic advice is to pick a strategy and ignore all the many other real estate investing possibilities for a while until you have worked your strategy of choice successfully for a while.If you want to do flips, do you really feel you have the will to do that?