Can I buy an reo with $0 earnest money?

[Mike Cardenas]

I want to invest in reo's.I lost my job 2 months ago and don't have any earnest money to put in with my offers.There are some great deals that end up passing me by.I have offered more then asking price.Also I offer to pay closing.
A friend of mine said to put in the contract that earnest money will be paid after a 10 day inspection period.This will give me time to find an end buyer and collect the earnest money from him/her.If I can't find an end buyer, then I can use an escape clause to get out of the deal.
Is this an effective way of getting a deal without the intitial up front earnest money?Any info or advice will be appreciated.

[Ryan Webber]

If one is looking to get involved with wholesaling then having the cash to buy is not necessary but having cash buyers or cash equivalent buyers to sell to IS absolutely necessary.

Again, who you are buying the property from has nothing to do with the seasoning issues of who you are selling it to. Even if you are buying from a homeowner directly you will still run into issues with wholesaling to someone using traditional financing. Buying from a homeowner does nothing to solve the seasoning issue.

If you are wholesaling, you need to be selling your properties to cash buyers or cash equivalent buyers.

If you are new to the game of wholesaling, then you REALLY should to be focusing on building your buyers list of CASH or CASH EQUIVALENT buyers.

If you are new to the game of wholesaling AND to Bigger Pockets, then you should also spend some time reading through the Wholesaling Forum. You will find the answers to many of these types of issues in depth there.