Buy with funds from HELOC, then get mortgage/cash out refi

[Paul C.]

I am intending on buying another property. To make my offer more enticing, I am thinking of making it a cash offer. The cash would come from a HELOC I have. Once the deal closes, then I would try to get a mortgage on the property (I think via a cash out refi?). Are there any pitfalls that I should be aware of with this method? Like is there a seasoning period I need to be aware of? Are mortgage rates different if not used in connection with a purchase? Thanks!