Cash offers only

[Tyson S.]

This seems like the best place for my question. I recently offered on a Freddie Mac foreclosure for my personal residence using the 203k streamline financing. I am pre approved and such. Good credit, income, low debt and even proof that I've completed conventional rehab loans in the past. My offer was rejected stating cash offers only. The house needs between 30-35k of work, estimated by my contractor that I've used for my other rehab loan projects. To make a long story short, the listing agent has a history of being difficult to work with and both my lender and agent believe he discouraged the asset manager from any sort of rehab financing.

I understand how normal financing would not work since it does need rehab. I even spoke directly with the asset manager and they didn't have a good answer other than the policy of cash only for the property was set before it was listed.

Now, I don't have the cash to buy directly, otherwise I would then refinance out. My question is, are there any options available for me to buy the house as though it was a cash offer? Hard money doesn't seem like a good option just because of the expense. This isn't a business transaction like my rentals have been. I won't recoup the expenses of high cost money in time to make it worth it. I'm very well qualified for pretty much any type of traditional financing, I just don't have the cash.