Cash out refinance on a Executory/Land contract
I plan to purchase a property with an executory contract. I found a seller who is motivated to sell his property at a pretty steep discount.
My plan is to put the property in escrow on an executory contract/land contract with the condition that the title will transfer once the seller receives his funds. I will have POA and will conduct a 80% cash out refi, which the loan proceeds will then be paid to the seller and the title would then finally be transferred to me.
Can this strategy work? Can I refinance on a property that is not technically in my own name yet? How should I go best about this? Thanks