What is the process to buy from a wholesaler?

[Daniel Cohen]

I'm a newbie at real estate investing - want to do fix & flips.  I've just found out about a property for sale by a wholesaler here in NJ and want to know if the proposed offer process is typical.  I've seen posts & blogs on BP about how to wholesale and what makes a good wholesaler but little about the process from the buyer's point of view. Here's what the wholesaler is laying out:

• No seller or wholesaler disclosure on the property … it's an as-is sale
• One open house will be held at which the property can be viewed
• Buyers have 24 hours after the end of the open house to make an offer comprising simply the offer amount along with proof of funds
• Wholesaler selects the winning bid that night and send the buyer an assignment contract.
• Buyer wires a deposit (over $10k, and not called earnest money but called a deposit) to wholesaler's attorney the next morning
• Wholesaler sends the contract between seller & wholesaler to the buyer and/or buyer's attorney
• 1 calendar day for attorney's review (in NJ real estate contracts are not binding until both party's attorneys agree on the contract)
• Deposit is only refundable if title is not clear
• Approx 3 weeks to close
• There's no underground oil tank contingency (in NJ it's common to have the seller remove an underground storage tank).

Are these steps & conditions & timing typical for a wholesale deal in NJ?

Thanks