Putting cash offer (funds available) but using financing?
Hello everyone,
I am considering putting all cash offer (I have funds available - read more below), but I will be using conventional financing as it will be owner occupied by myself. Could anything go wrong?.
I found a thread discussed with doesn't cover my scenario.
https://www.biggerpockets.com/...
I have the 30% cash available of property price (and the rest 70%+ are all invested in stocks) but I can sell my stocks to get the cash in 3-5 days (SEC clearing of funds). I am realizing putting all cash offers is a way I can get ahead and avoid competition. I plan to use conventional mortgage because (1) If I sell my stocks, I will need to pay capital gains tax of my stock gains and (2) I won't be able to subtract interest deduction during year end tax.
But, I am wondering could anything go wrong? I mean worst case if lender doesn't approve, I can always sell my stock and get the cash to close the deal. Please advice.