Cash Only with financing?

[Taylor Reichert]

Hi, all. I've been seriously searching for about 3 months for my first buy and hold and put in a few bids. No luck yet. There are lot's of great deals that are cash only (Bank owned). I don't have cash. I do have pre-approved financing. I would like to bid on these without wearing out the agent for no reason.

Has anyone had success in a similar situation? How did you do it? Are hard money lenders the only option in this case?  

PS the loan is a 30yr conventional at 7.125% with 10% down and no mortgage insurance. No inspection required. Just want to know what those of you that use conventional mortgages are getting.

Thanks a Mil

Taylor