Turning a loan from a relative into a conventional mortgage to buy a house?

[Ivan Poon]

Hi guys,

I have an opportunity for a $245k foreclosure, but the bank is only accepting cash only.

I'm going to put down 90K while my parents put down the rest.

Is it possible to turn around and refinance through a traditional 30 year mortgage so i could pay my parents back right away and end up only owing the bank instead of my parents? Thanks!