Seller wants cash offer, is hard money the solution?

2 Replies

Hi All,

Im looking at a duplex that 1 unit a traditional house and the other unit is a manufactured house.  The seller want cash offer, because they think buyer can't get a conventional loan because of the manufactured home???  Im not sure why...

Is this something that can be solved by hard money?  is it possible to go hard money then refinance in to a mortgage? Is there a way to confirm ill be able to refinance into a mortgage product, before closing?

@Tim Kirkland I've used hard money and refinanced after many times. It's definitely an option. In my opinion the deal needs to be smoking hot cause of all the fees and high interest that comes with a HML plus risk of paying it all back in a short amount of time.

I don't know about conventional loan on a manufactured home. You would definitely want to call a few lenders and double check that you could refinance. You might have better luck with a smaller bank who holds their own loans or a commercial lender more than a big chain bank as they are usually more flexible with loans and loan types. If you were to show the seller a pre-approval letter from a local lender you might be able to talk the seller out of his cash offer mind set & get him to accept letting you buy with a loan. 

The manufactured home aspect of the property would make it a no go for certain lenders however shop around..  There is always someone willing to do the loan if it makes sense..  But I would shop around first