Approval for a mortgage, but off market properties want cash.

[Riley Sanders]

I have found a duplex I want to house hack, but after talking with the wholesaler (I assume), she told me they only accept hard money loans or cash. I was pre-approved for a mortgage. Is there any way around this or am I most likely going to have to look for on market properties? Thanks.

[Michael Dumler]

@Riley Sanders if you planned on purchasing using conventional financing, the wholesaler would have to be paid outside of escrow. A lender won't allow a wholesale fee during a purchase and sale transaction which is why wholesalers require cash or hard money loans. For your situation, I would stick with on market properties. Generally, on market transactions are much easier to deal with as a buyer. Hope this helps!