New to investing! Dealing with the bidding process of an REO.

[Brent Taylor]

Hello investors,

I wanted to get into investing so I start wholesaling all most a year ago. I thought I was doing good until I came across a real estate agent for the first time. Up to this point I've closed quite a handful of deals 15 to be exact, but all came from for sale by owners. Now I'm working with this RE agent on a REO property. He said he was working with the bank to sale the property, so I assumed things still went as the previous deals I've done. After viewing the property I decided this would be a great deal so I jumped on it. Later he then sends me six documents to sign, one being a "purchase of sales agreement". I sign all documents, and now I'm finding out more about how to work with REO and RE agents. Long story short he actually was the agent that's representing me to bring an offer the the actual RE agents that's representing the bank true owner of the property. I bidded on this property just by going off of what he told me, and my bid was kind of high. Now outside of the six documents he sent me no actual contract was signed nor earnest money sent. So my question is it too late to walk away from this situation. If I don't give the earnest money to the trusted holder the agreement fall through...right? Secondly if I decided to sick with the property how could I turn this into a home that I rent out to tenants? What type of loan should I be looking for?