Sign and THEN find a lender? Really?

[Paul Kubin]

I have read that when you find an off-market deal you should sign it and THEN go find a lender.  Is it really that easy to find a lender?  That fast?  Once I put a property under contract the clock starts ticking, and closing fast will probably be part of the appeal to the seller. What if I can't come up with a lender, or with a lender in time?  I get that my contract will have a funding contingency clause, but from my reading it's a bad practice to contract a property that you don't really intend to buy.  

Here's the real reason I'm asking: I have some experience with mailing lists, websites, and the marketing that goes into them, and I think if I were to do some direct mail marketing I could probably find deals.  But I don't have enough cash to buy one outright, and I know that traditional lenders probably won't lend on a property that needs more than a little work.  

Someone set me straight.  Thanks!

[Jim Cummings]

@Paul Kubin. I think you find most prolific Buyers / Investors have Lines Of Credit / Financing arranged they can tap into with just a phone call. This entails doing the legwork upfront to establish relationships with Banker / Private Money Lenders that provide you this flexibility.