As stated below - many banks typically do not have a restriction on when you can resell a foreclosure. However, Fannie and Freddie require you to occupy the home for 1 year before you can resell the property. There is typically an "owner-occupant" rider you'll have to submit with these offers, if you purchase the home within the "First Look" period (first 15 days of the property being on the market, if applicable). This is an "owner-occupants only" period that allows owner occupants the "first dibs" on making an offer, without having to compete with investors.
Each property is different and has different limitations/restrictions - so if you are interested in these types of properties your agent will be able to ascertain any restrictions beforehand. If you have any additional questions - feel free to contact me directly, or through my website at http://www.SelectiveBuyer.com.
Prospect Equities Premier
Direct: (630) 747-3426