Switching From Private Lender to Conventional Before Closing?

[Tony R Fox]

Hey Team!

Looking for some help on some financing with my contract before closing.

So I was going to buy a duplex with private money. On the contract that the seller accepted, I specified private money and would be able to close quickly. However, people have been telling me to go conventional because I have the capital. My concern is that with the BRRRR, if I go conventional, I do not have enough capital to do the rehab I want and have enough $ as a safety net.

With my contract, if I wanted to switch to conventional, is that possible or do that risk the seller backing out? From my understanding, I would have to cancel my original contract and resubmit a new contract with different terms (which the seller can reject), etc. Opens me up for risk of losing the property and I was not the only bid on this.

Any and all help with this is appreciated!