Portfolio loan and contract type

[Justin Jocewicz]

Good morning all,

Hoping that someone in the community can assist me with this question.  I am in Palm Beach County which is in south Florida.  I have a portfolio loan (first one, hence the question).  The question is:

How do you submit an offer when using a pre-approved portfolio loan?  

My Problem

I am trying to purchase a property in my portfolio loan and the title company says that I have to pay cash first and then have another closing to put a mortgage on it via the portfolio loan.  I do not have the cash to do this, only the 30% for the portfolio loan.  My understanding from the below is that we can close and the money comes from the bank.  I simply cannot get OUT of the contract due to lack of financing, which isn't a problem since I have it!

The FARBAR states:

FINANCING:84 (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing contingency to Buyer’s obligation to close .

The other option which is not checked for my contract is:

(b) This Contract is contingent upon Buyer obtaining a written loan commitment for a conventional FHA VA or other ______________ (describe) loan on the following terms within _______ (if left blank, then 30) days after Effective Date ("Loan Commitment Date") for (CHECK ONE): fixed, adjustable, fixed or adjustable rate loan in the Loan Amount (See Paragraph 2(c)), at an initial interest rate not to exceed _______ % (if left blank, then prevailing rate based upon Buyer's creditworthiness), and for a term of _______(if left blank, then 30) years ("Financing").

My wife says to just walk away as it has become too complicated and I somewhat agree.  I do not want to lose the property though!  What do you guys think?

Tags to get people :-)

Boynton Beach, West Palm Beach, Broward County, Miami-Dade County