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A thought occurred to me recently, and I'm wondering if it is valid. I know that cash buyers are more competitive, and can often get a lower price or at least beat out other bidders in a multiple bid situation. But even for those of us who technically have enough money in the bank to buy a house with cash, it might not be desirable to empty our savings to do so.

Is it feasible to buy a house with cash, and then immediately after closing, "refinance" it with a cash-out loan at somewhere between 50 and 80% of the value, to get some money back in the bank? Would the rates on such a loan be comparable to the rates you could get with an original purchase loan? Is it hard to get banks to do something like this?
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