Delayed Financing Question

[Aaron W.]

I am trying to get a better understanding of delayed financing and how to complete one correctly. From my understanding, you purchase the property in cash and ensure the repairs/rehab costs are included in the HUD-1 statement. After closing, you apply for financing on the home.

1. How does the HUD-1 form play into applying for financing?

2. Are the repairs/rehab costs in the HUD-1 itemized or just a line item?

3. Where does the appraisal come into play?

4. Do the rehab/repairs have to be completed before applying for delayed financing?

5. What else am I missing?

Thank your for all your insight!