Cash Delayed Financing

[Paul D.]

I had an idea.

If you are familiar with the delayed financing rule you can only finance the purchase price of the property. However if you are doing a rehab then you are out that money.

Would it work to offer a higher price with a rehab credit?

Would the bank finance the sale price, including the rehab credit?

For example if a house was $50,000 and needed $10,000, could I offer $60,000 with a $10,000 rehab credit and get the bank to finance the $60,000?

Just wondering if anyone else has done this.