Is depending on this cash out refi a bad idea?

[Heather U.]

I have house "A" I'm closing on Feb. 28, for cash.  I just found another house "B" I really want but we are basically out of cash.  I'm thinking of writing a cash offer on the second house, trying to push the close date out as far as possible and as quickly as possible cash out refi House "A" and use that money to purchase house "B".  I'm sure we'd get enough money from the refi to cover our costs(price, closing and rehab)  for "B" and also have a lender who is willing to cash out refi right after I close Feb. 28. Is this a bad idea?  

We actually DO have enough money to pay cash for house "B" but its from our investment accounts and really want to try not to use it unless we get stuck with the first plan not happening fast enough. If this happens we would then borrow the money from the investment account, pay cash for house "B" and then cash out refi that one to pay the investment account back!

[Heather U.]

@Kenneth Garrett 

Thanks for your thoughts.  We are going to try but not sure. Agree that with competition we might be out of luck.