Selling a house Contract for Deed and then refinancing
Hi guys,
Is this possible? I have tried to do some searches on this website and google but haven't found anything yet.
This Sunday we are having an open house for the place we just finished rehabbing. In our ad we indicated that we would sell the place outright if someone had cash / bank loan or contract for deed.
It seems like we might have an easier time selling the place contract for deed at 10% interest and nearly double the price we paid to buy and rehab it :D
Does anyone know if we did sell it contract for deed could we then go to the bank and ask them if we could refinance the place we just sold? Could we refinance for the contract for deed sale price? This way we could have some money available to find and purchase some more deals.
I know some people do cash out refinancing but from all the posts I've seen about it, people are initially buying the house with cash up front. I haven't seen posts where someone is trying to do a cash out refinancing after they sell the place contract for deed.
Thanks,
Dustin Michaels