selling our house/buying an REO

[Account Closed]

How do we sell our house while buying an REO? If our bid is accepted can we back out before the closing date if our house hasn't sold and only loose the $5,000?

I think we're in good shape since it's a starter home in a desirable location and we just completely redid the entire house (new drywall, paint, carpets, floors, roof, the works, new appliances (within 5 years). Not many houses for sale in our price range. Is it possible to sell our entry level home quickly at the right price? We live on a busy road so a realtor sign would have plenty of visability.