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Who knows when or if your home will sell. This contingency will make you uncompetitive in all but the slowest of housing markets, where buyers are desperate to accept any offer.
In a strong market, especially one with a high percentage of cash buyers, its a deal killer. While selling your existing home first is a hassle - it means packing, moving and unpacking twice, not to mention finding a month-to-month quick loans pay weekly - it will give you advantages beyond being able to make a more competitive offer.
First, youll know exactly how much you have to spend. And each month that passes, you can save more toward your down payment. You also wont be rushed to get a new home under contract in that small window between when your old home goes under contract and the buyer moves in. Personalize your offer.
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