line of credit question from newbie

[Doreen Arminio]

Hi,
I found an REO that I think is a good deal. At the listing price I can offer cash, but would not like to tie up that much cash. (39k). Would it be a good idea to offer cash to get the deal and then maybe take out a line of credit on the property at a good rate afterwards? If so, is there a time period I have to wait to take out the line of credit? Also, what is the value of the earnest deposit? I can offer a good deposit if it will go to the cost of the property.
Thanks in advance for your response,
doreen