Also, doesn't hurt to give them a call to let them know when you transferred the funds and to confirm receipt.Seems like you don't have any other contingencies since you are foregoing the appraisal contingency, inspection contingency, and there is no loan contingency because you are offering all cash.

If his credit isn’t good enough, have him assume the loan with your Mom Co-signing and include a contingency that in the event of default she reassumed the debt and the deed.

I am considering use a contingency to cancel the purchase agreement.  

deposit/inspection contingency is the biggy. 

Most "cash" deals mean you have to have cash in the bank, or at the very least, they wont accept a contract with a financing contingency in it, so you would likely lose any earnest money, or more, if you couldnt close.

They collect the offers and break them down for the seller based on a number of factors (purchase price, financing and/or proof of funds, deposit, contract contingencies, closing date, etc). 

Lastly, is there any contingency if you win the bid that allows you to do an inspection or at a minimum walk the property prior to getting legally bound to a sale?

@Brian HamiltonWrite the offer "contingent upon viewing the property"..  

this is why in our MLS system we have a field for bumpable.. a buyer can bump the first party if they don't go hard with the EM as non refundable.. and remove all contingencies.. 

1) All Cash2) Fast Close3) As-Is Condition4) No Contingencies