Buy Home All Cash, Then Use V.A. to ReFi?

[Mike Collins]

Looking for advice. My daughter and son-in-law are selling their condo in Arlington, Va. asking price $399,000. They have located a single family home near us in Durham, N.C. for $425,000. They currently have a V.A. mortgage on the condo. They are pre-approved for $450,000. contingent upon the sale of the condo. Now here is the rub. Time to complete the purchase is short, mid May or end of May at the very latest. We are all getting nervous about the short time remaining in which to sell the condo. My wife and I are able to loan them the full cash price to purchase the house. How would we be repaid? The more I read, the more confused I get!