Double closing , legal ?

[Robert J. Van Horn]

I’m just breaking into he wholesale / investment property scene . My wife and I were having a very thoughtful discussion on how exactly these transactions legally are allowed to happen . Here is my example .

I put a bid on a 250k property for 150 , the seller agrees and sets a “anytime in the next two weeks” to close that deal.

(Note I will be using either transactional funding or a backers funds to purchase the property )

I then call my list of cash buyers and one agrees to a sale price of 190k . I then set that closing date the same day as my original purchase date / closing .

I suppose my question is : am I able to set a contract to buy a property that I haven’t officially closed on yet ? What happens if my original sale / close doesn’t go through , now I have a contract / purchase agreement with my cash buyer for a property that I now don’t have .

Does anyone have any anecdotal stories or perhaps literature that I could refer to , to find more information to put myself and my wife at ease?

(We live in Florida by the by )