Do wholesale deals have to be cash and have no contingencies?

[Brian Garrett]

I've noticed some wholesalers saying deals must be all cash and some even require no contingencies. 

Is this standard? You can't buy wholesale deals with financing? You can't have inspections?

In the event that is true then I don't see how it differs from just buying at auction.

[Long Nguyen]

Because most wholesalers move so much volume and most are a first come first served basis, they usually don't allow an inspection period after signing a contract in order to close quickly. However the buyer will always have time to do due diligence by bringing a GC. Buyers are still allowed to inspect the property until someone buys- keeping in mind that the property will be sold 'as is' to the first person that signs the contract. Also, most wholesalers emphasis cash but will also take hard money lending and private lending. Conventional loans usually take too long to process to meet the speed and agility of wholesaling.