Cash buy for speed, then refi immediately?

[Jared MontBlanc]

I found a deal we want to take but the seller is going through a divorce and wants cash asap. He had a cash offer in hand but they failed to perform and I made it my point to contact the realtor directly to discuss 2nd position, and here we are (no realtor on my side). If we can strike a cash deal, they won't relist on MLS but I really don't want to tie up all that money for long. It'll likely take me 2 weeks to close with cash, and 4 with loan but that matters to this guy. The property is valuable but not a "deal" based on comps. We like it cause it will CF nearly $1k/mth and is easy maintenance (condo). Anyone have experience with cash and quick refi? Does a bank usually have a grace period before they will put a loan on a recently closed property? Anything else I should consider here? Thanks all, Jared