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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op - our contingency would be on the sale of our existing home. Assuming that would make our offer not as attractive.

How do you pay if you don’t use the sale of an existing home? [/quote]

Oh hell no. This is the ONE contingency that basically no longer exists. You cannot do that in this market. You need to sell first or get yourself a bridge loan.

We were able to qualify to carry two mortgages (which is insane, there is no way we could actually carry both mortgages for longer than a month) so we bought before selling. [/quote]

This.  So take that into account on budgeting and planning.  With a bridge, you still have to qualify for both, and carying an existing mortgage balance, a bridge, and a new mortage all at the same time can limit your budget due to utilization.  So if it is tight, you might have to sell first.

You can potentially negotiate a rentback as the seller (where the house closes early, so you get the money to use to buy a new home, but don't move for another three months or so).  But you are putting a time limit on when you absolutely must be out of the house.[/quote]

Rent backs are limited by lenders to 60 days. So unless your house is purchased by an all-cash buyer, you can’t get a rent-back for more than 2 months.
[/quote]

That’s by practice not by law, so it’s negotiable if you get creative. And its I believe related to standard paperwork for conforming loans and requirements that it be owner occupied. If the person buying the house isn’t looking to live in it, don’t think it applies.[/quote]

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