Pre-Foreclosure Financing- Time to close

[James Monaghan]

Just put an offer down on a pre-foreclosure. Seller needs to close within 30days. I would like to try and get a conventional mortgage however I’m not sure this is going to clear on time.

House is in relatively good condition, superficial rehab of no more than $10k and should appraise at $60k more than I have offered.

Offer has been accepted subject to 30 day closing.

How should I proceed?

1. Hard money then refi to conventional

2. Conventional

3. Any other creative ideas?

Also, is it standard to pay 6% on a residential investment property mortgage? Seems high.

Thanks!