There have been certainly a few fantasy land sellers however not as many as normal.

in my experience they are the HUGE minority.. not the majority.. but its just like anyone in the sales business.. 10% will succeed  2 to 3% wildly and the rest will trundle along and 50% will not make it past 6 months.the internet has created this fantasy of real estate rich's and the fantasy includes starting with no money as a wholesaler.. but we know this is not true.. wholesalers need money to market.they need money to buy gas to go to meet ups.. or gas and a car to go meet with clients.Then they need innate skills to close the deals.. and we all know who those folks are .. they are the same that can sell used cars  or are great at selling time shares.. or any other hard close job.no mystery here.. the issue comes with a legion of beginners unleashed on folks who their property many times is their most valuable asset.. or they get snookered into giving it away.. and those that rip equity like this are proud of it etc .there is a place for this wholesaling I Believe in the low value asset areas of the US.. like pretty much any ghetto inner city area of the US.. were values are low and the traditional RE community just does not want to bother with it..