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Cash out refinance for buyers

I have been flipping houses since 2019. Every deal has been different, but my current one is absolutely throwing me through a loop. I bought a condo in February for 162. Put 20 in and listed at 259. Got an offer at 277 within a week, accepted the 30 day close. 2 days before closing, buyer changed mind and walked away so I kept her earnest money, inspection report, and appraisal at 288. Put it back on the market and got an offer of 255 within a few days. Accepted but offer had a home sale contingency, buyers couldn’t sell their home in 45 days, so we went with our backup buyers who came in at 250, but did not have a house to sell. At this point, it is July and we have been paying insurance, and a hefty 300 a month HOA payment. Realtor sent me their preapproval letter, and I even looked the buyer up- he is a superintendent for a huge school district so I thought okay these are super qualified buyers maybe we could even close in less than 30 days. Our contract expires this Friday, august 25. So we get through another appraisal, and everything is going great. Realtor texted me 1.5 weeks ago saying we should be closing early- great! Days go by.. no word. Realtor saying the lender is on vacation?? So I get ahold of the lender on Friday and he said the buyers had a bit too much debt (even though they had the preapproval letter) and so they applied on Friday for a cash out refinance on their current home to cover the down payment. So now my question… The lender and the real estate agent are saying we can still close this Friday. They had their appraisal (allegedly) this past Saturday on their current home that they are trying to do the cash out refinance for. I am reading a cash out refinance can take 30-45 days??? Is it at all possible that they could really have it done in as little as a few days??? The lender does have all of their other paperwork.. but I am just wondering how they could do it so quickly, or if I need to prepare myself for ANOTHER buyer falling through on this condo. I have never ever had this happen. I’ve had one buyer fall through, but never 3 on the same house! Thank you for any advise!!

submitted by /u/Acrobatic_Radish_250
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source https://www.reddit.com/r/RealEstate/comments/15x6okl/cash_out_refinance_for_buyers/
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