Cash now, mortgage later!

[Peter Skobic]

Hello - since cash buyers have more negotiating leverage in real estate transactions, I am thinking of making a cash offer on a few properties and then getting financing later. Recently, a lender told me that the property has to be in my possession for one year before they will consider putting a mortgage on it or doing any type of a cash-out refi or HELOC. Is this an industry standard? Has anyone been able to have a quicker turnaround on this and get financing within a month or two of making the purchase?

[Michael Barbari]

@Peter Skobic 

That is not standard. I can do helocs a week after closing if purchased cash. Every bank is different. Keep shopping around.