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[quote=Anonymous][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]

It's not by practice.  There are many mortgage lenders that will not approve mortgage loans if it includes a rent-back for &gt; 60 days.  In many jurisdictions, if you rent-back for &gt; 60 days, then you fall under common-law tenancy and you are considered a tenant and the seller is considered a landlord.  Some jurisdictions make buyers who rent back to file as landlord for rental taxes and in some jurisdictions, sellers who rent back for more than 60 days are eligible for tenant protections including protections for eviction, protections against landlord abuse, etc.  Because of this, many mortgage companies are not willing to award a mortgage if the sales agreement includes a rent back agreement for more than 60 days.

If you want a rent back for more than 60 days, the buyer will need to disclose this to the mortgage lender who may choose to bar the agreement (many lenders will).[/quote]

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