How to buy from a wholesaler?

[Nick B.]

Hello All!

I need an advice on how to buy a property from a wholesaler.

Let's say I got an email with a property description, price, repairs, ARV, etc.

I can estimate ARV rather quickly by looking at comps. Other numbers except for the asking price are up in the air at that point though.

Let's say I like the property as described and want to proceed to the next step - that is to get the repairs estimate and inspect the property. I also need to arrange financing.

However, there is a problem - I need to make sure I am the only potential buyer.

If this was a retail purchase, I would put all my contingencies in the contract and proceeded with property inspection, etc.

But with wholesalers - I heard - it is different. I would have to sign a contract right away and there is no way out without losing earnest money.

How do I get around this and add contingencies to a contract with a wholesaler?

Thanks
Nick