Cash Purchase then HELOC right away? Short sale (Please help)

[Paul Quinn]

Hi All!

I am very close to closing on a short sale and just ran into a huge brick wall with the mortgage. They said they wont approve it now unless the foundation and roof are fixed first.

I am trying to figure out a way to still make this deal work and was wondering if the community had any ideas?

The option that I thought of but don't know if its possible or a smart move to make is:

• Purchase the house in cash. Right after closing take out a HELOC on the home to make renovations and replenish my bank account.

Some info for your ideas:

• 1) The purchase cost is basically my entire bank account.
• 2) I will need to put some money into the house right away.
• 3) My plan would be to move in and list there while I slowly fix the place up. I would stay there until I decide on my next move then rent the place out.