Big Cash Offer then refi on other side… how hard is it?

[David B.]

Hi everyone!

So I’m in the very competitive market of Utah and I found a property for 550k that has potential to build equity in (by adding 2 beds and baths) and will rent well once we move on. It’s also a beautiful property.

It’s been on the market one day, and already has five offers. None of them cash. 

Me and my girlfriend really see its potential, so we offered 575k CASH OFFER. Now, this is literally every piece of floating cash I have right now (the rest of my money is invested in stocks, equities) and its very important I get refinanced on the other side to get my cash back. Preferably in 30-45 days. 

Is there any reason to think I won’t be able to get financing on the other side of this cash deal, should they accept?

For context, I own one townhome worth 530k (370 loan), I have about 1.6 million net worth, my income varies widely as I don’t have a traditional job and often live off my dividends/interest, and i have a credit score that floats between 690-720. I would obviously push to get that score up.

I qualified for the prepurchase @ 10% down, and that’s what I would want to finance on the property on the other side (90% of purchase price). 

If any of you have any advice, or this is a stupid idea, would you please let me know? I feel confident I can pull this off, but it’s a lot of money and I’ve never done this before. “You don’t know what you don’t know” as they say…

Thanks in advance!