Using a wholesaler as a source for primary residence purchase?

[Donnie Britton]

Hello all

We live in Chester County Pa.  Our housing market is one that has not had inventory levels increase, our median days on market are in the single digits, and there has not been noticeable downward pressure on prices.  We have outgrown our current townhome (which we plan on turning into a rental property) and are in the market for a detached single family with a yard for our kids.  We are seeking other methods to find a potential home.

What are your thoughts on pursuing a purchase via a wholesaler?  

Are there any additional hurdles that we would need to be aware of, and where would be the best way to locate a wholesaler(s) who work in our local area?  

Thanks in advance for your time and consideration.

Donnie

PS - if anyone has any additional suggestions for non-traditional method of finding a home, we are all ears

[Wayne Brooks]

@Donnie Britton
-don’t expect a wholesaler to be totally honest 

-it will be difficult if you are financing….you’d have to pay the assignment fee out of pocket, in addition to down payment, closing costs, etc.  wholesalers assignable contracts typically won’t have any financing contingencies, or enough to complete the deal.

-a double close won’t work

-you need to know all the appropriate procedures, disclosure requirements, local norms on who pays which closing costs, etc.