Bank owned REOs same as Fannie Mae?

[Dave McEvoy]

I am not clear if bank owned REO properties are the same as Fannie Mae properties. I know some banks list their REOs for sale but are they the same regarding Fannie Mae? And do the same rules apply for wholesaling them? Can you double close a Fannie Mae property or do you have to hold them for a certain time period before selling?

[Marvin McTaw]

@Dave McEvoy I believe as an investor, the earnest money requirements are $1000 minimum for financed offers and 10% of purchase price for all cash offers. That being said, I would contact an agent (because you can't buy them without them anyway) to see what the full rules are. In some cases, you can get certain things waived like the deed restrictions.