All Forum Posts by: Donnie Britton

The sellers agent has fiduciary responsibility to the seller, not the buyer.

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

Thank you all for your replies.

Jon - Yes, we can qualify for a mortgage w/out the lease and you are correct that there are 2 incomes.  Currently in our market (Chester Co) the inventory is still significantly below normal ranges and properties median DOM is less than a week, so we are anticipating an extended search period, which is why I mention the 'several months' time frame.

Jay - Not as yet. We are just beginning the application process and will be opening a HELOC in case we need to access some equity, prior to actually choosing which broker & program to go with.

Eric - Thank you for weighing in.  Its nice to know that this is not necessarily an uncommon practice.

Theresa - We have been owner occupants for 5 years this August, so I don't believe the capital gains would be a concern if we were to sell. We are in an HOA which does stipulate some restrictions, but we are able to rent out our unit currently.

Alan, yes western suburbs.  Chester County specifically.

Doug - Thank you for the detailed response.  I appreciate your willingness to share your knowledge.

Donnie

We are in the market for a step up SFR, currently in a townhome. Our goal is to convert our current home to a rental give a mortgage for the acquisition of the new property.

The financing institution will accept 75% of the rental amount in DTI calculations. However, we must have a lease in place and take possession of the security deposit in order to do so.

Any recommendation on how to engage a potential tenant to sign a lease, and pay the security deposit when the unit may not be available for occupancy until several months down the road? 

Thank you in advance for your time and consideration.

Donnie