CASH OFFER USING HARD MONEY?

[Stephen Foltin]

Hello all,

Was wondering, given the market is tough for buyers, is it possible to borrow cash from hard money lender (or family member) buy house in cash and then refinance? I understand that many do this for house flips and what not but can you use this strategy for normal SFH? My idea would be to offer in cash borrowing from parents (if I can) and then refinance it with a bank once we close. I believe we would have to pay to close and refinance but I feel as though this may give me top chance at house I'm bidding on.

Thanks!

[Wayne Brooks]

A "cash offer" will have the agent asking for a POF.....which means evidence of the cash in an account with Your name on it.