Tricky One: A Bank that allows wholesales on REO - need help asap

[Tim Ivory]

Hi guys. I'm new to wholesaling and investing in real estate in general. I called a Short sale agent request short sale properties but she sent me a foreclosure instead. It is owned by a bank. Since we were already talked, I figured I might as well ask if I could wholesale the property. The agent said the bank "doesn't care". Ok, great! That is a little out of the ordinary, I've read, but, I'm willing to consider this issue more closely then. There was also a bit of concern about waiting 90 days until after the sale in order to resale, like in short sales, but I think that doesn't apply here.

The bank is asking for 115k, I noticed the bank bought it, or some transaction took place two months ago for 106k. This is from the tax assessor site. The realtor pulled some comps and gave me an estimate of and ARV of around 170 to 200k. My own comps put it around 195k, but I am using the figure of 185 to base my formula from, to be safe.

70% of 185k is 129500. If the property needs more than 9k-145000 in repairs, I won't be able to offer above there asking price or I'd have to offer lower. I am about to call a contractor to have them look at the place for an estimate of repairs. It is confirmed the has does have mold.

My main concern is that this is out of the ordinary the bank would allow me to wholesale a reo/foreclosed property. The agent explained the process and said I would sign a contract and make my bid (the contract is 10 pages long!). If the bank approves, both of us would sign there "state" contract, or the official one. My problem is, before I sign anything, those two addendum need to be added to the contract: right of assignment, and right to resale immediately afterwards -- even if it is just a bid offer. Am I correct in thinking along these lines? I am gong to insist that I be allowed to amend the contract to make an offer. If they can fill out 10 pages of contract, I should be able to add two sentences in there, right?

I can send a copy of there contract if needed. Any thoughts would really be appreciated. She also mentioned I would need to make an offer today, so time is of the essence.