Home Buying in Coppell>Question Details

dharper, Home Buyer in Plano, TX

I want to buy a home using a line of credit instead of a mortgage. What proof do I need to have to show the seller that I have access to this money.?

Asked by dharper, Plano, TX Fri Aug 9, 2013

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3
As stated below, pick any 1 Realtor and be honest of what you need and want and let them do their magic.
0 votes Thank Flag Link Sat Aug 10, 2013
If I were working for the seller I would want a letter from your banking institution that states explicitly the following even before I spoke with the seller about your offer:

That you have access to the line of credit in an amount sufficient to cover the price plus closing costs.

That the line of credit has been approved for use to purchase the specific address and under what terms (the bank will probably want a lien against the property).

The letter would have to have the bankers contact information on it so that I could contact him or her directly for confirmation.

I would want the buyer to put up a very sizable amount of earnest money and to have no contingency on financing approval.

Those points would be a good start, and unless I were presented with all of the above I would probably advise the seller to not respond to the offer until they were presented.
0 votes Thank Flag Link Fri Aug 9, 2013
Your Realtor can assist with processing all the required documents. If you don't have an agent contact my office . Are you purchasing in Coppell? I am on the City Board .

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0 votes Thank Flag Link Fri Aug 9, 2013
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