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Does this sound like a reasonable plan to buy this house? Looking for opinions

38 year old looking to buy a new house in a better area with better schools.

We found one we really liked. Asking price is 1,000,000 but we live in a market that is still hot in the Northeast. I made a cash offer for 1,175,000. Still waiting to hear back if it's accepted or not.

Here are my finances:

Salary: 120,000/yr Taxable Investment account: 4,328,963 Combined retirement accounts (IRA/401): 495,263

Condo owned outright worth approximately 490-520k based on comps.

I will also have a pension equal to 40% of pay when I turn 55.

No debt

My plan is to use a pledged asset line against my invretment account to buy the house in cash. Ill then sell my condo for hopefully 500-520k, and take 500k from my investment account to pay back the pledged asset line. Then take out a mortgage for the remaining 175,000.

On paper this all looks pretty good but for some reason I'm still getting cold feet thinking it will overextend me. Just looking for second opinions of thoughts.

submitted by /u/PopeJohnSmalls
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source https://www.reddit.com/r/RealEstate/comments/1mhc3rj/does_this_sound_like_a_reasonable_plan_to_buy/
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