Chances are, your dad would have to buy it himself with cash, and then you would have to wait until whatever waiting period ended and then buy it from him. The added cost of the second closing costs would probably not make it worth it. All the fees and such would add up quite a bit. You would be better off to just submit stronger offers up front. Most of the time I hear people loosing homes to cash buyers, it is because they are trying to bid in the same price range. That just does not work. Cash buyers can bid 10-15% lower because of the cash status. Also, they put out tons of bids and often don't really care which ones get accepted so lowballing does not hurt them. SO, if you are going FHA, etc...Then you need to put out a strong bid with a decent earnest deposit and reasonable closing terms. Not 15% under list with seller paying all closing costs and a 500 earnest money deposit (not to say that is what you are doing, but it is not unheard of, especially when you hear about people loosing out on alot of homes). I know the fight, we bought in a very competetive market (one house we bid on had 27 bids), but figured out quickly what was needed and got the 4th house we bid on. Everyone wants to get the best deal, but that only works if you are willing to walk away or loose alot of bids first. If you really want a house, you have to be aggressive.
Starting Score: 627 EQ, 621 TU - 11/15/08