Is this a good flipping plan?

[Luis A.]

I have come across an REO that is in excellent condition with comps selling for significantly more. The house would need basically no work other than cleaning and staging (1 week).

(It's a FNMA so this is assuming I navigate their selling restrictions)

So if I buy it for $100k, clean and stage and then list a week or two later for $120k, am I going to run into any problems?

Will my buyer run into any problems when applying for a mortgage?

Thanks,

[Steve Babiak]

Here's some info on Fannie Mae REO.

In this thread, "Kel S" gives the deed restriction verbatim, and "J Scott" gives an addendum to remove it:
http://www.biggerpockets.com/forums/41/topics/32885-fannie-mae-owned-property-flipping-rules-

More threads on the deed restriction:
http://www.biggerpockets.com/forums/16/topics/8602-fannie-mae-reo-shocker

http://www.biggerpockets.com/forums/88/topics/27267-deed-restriction-with-fannie-mae-foreclosure-

http://www.biggerpockets.com/forums/16/topics/37221-fannie-mae-reo-you-can-flip-them-in-24-hrs-

Owner-occupant offers only and the time period for investors to wait:
http://www.biggerpockets.com/forums/16/topics/40973-fannie-mae-reos

Locating Fannie Mae REO:
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp

http://www.homepath.com/