Get pre approved based on current savings as DP and not including equity in current house
List current house
Tell realtor you will pick an offer with a longer close date and/or a rent back
Get offers on current place and go under contract
Make lots of offers on houses in new district and probably slightly over bid because you are stressed about being homeless, put in an offer with a short close with very basic contingencies
Hope you manage to close on both close in time so you won’t have $13 in your account

Never EVER waive the inspection contingency!!!!

Anonymous wrote:Never waive the inspection contingency.

It's fine to do this if you do a pre-inspection.

Never waive the inspection contingency.

Anonymous wrote:bridge loan, or they (or their parents) have the cash, or they sell first and rent until the perfect house comes up.

+1 this is how it's done.

It would be very difficult to be competitive with a home sale contingency. We didn't even consider the offer with a home sale contingency when we sold. The financing contingency would be more likely to be accepted, but any seller with options would pick the no contingencies offer if all else is the same. The last home we sold, we insisted on no contingencies at all. Pre-inspection then contract with no contingencies. The market allowed us to do that, so of course we did.

One other option is if you have the down payment and you qualify for the loan without selling your current home, then you could just not put the home sale contingency or financing contingency in the offer and do a pre-inspection. It would be riskier for you and it still wouldn't be a cash offer, but at least it would have no contingencies. It depends on your risk tolerance and how competitive the market is where you're looking to buy. Good luck OP!

Anonymous wrote:bridge loan, or they (or their parents) have the cash, or they sell first and rent until the perfect house comes up.

You can also get a HELOC on your current house and use that for the down payment on the next house.

Yeah, this is a harsh reality of the housing market here. It’s just too big a hit to your competitiveness to have a house sale contingency on your offer. You have to figure out a work around. Talk to your lender.

You can think of it this way: a sale contingent offer has always had to be higher to beat a cash offer. The seller of your new house assumed the risk for that higher cost. But there were fewer cash offers, so it didn’t always matter. The landscape has changed quite a bit. So now, you and/or a financial institution need to assume that risk, so the way you pay for it has changed too.

Anonymous wrote:They have more money than you. Life isn’t fair.

F fair. Dh and I both grew up with frugal parents with too many kids and not enough money. We both worked our asses off - I paid for college with loans and some scholarship money then once we got jobs, we were crazy about saving.

Anonymous wrote:We are looking to move school districts. We are downsizing to get into our desired, more expensive, district. But how can we have no contingencies in our offer if we need to sell our house? Does this mean everyone that's buying is selling their current place first? How does that work?

We could afford it. I hate to be the typical obnoxious dcumer wrt money but you wouldn't have a clue how much spouse and I have saved. We live below whatever means the rest of you think is normal. We bought our house and didn't need a special loan. We sold our house several months later.

They are paying cash…
Either cash in hand
Or loan against assets which provides them essentially cash
Or they are doing a very expensive bridge loan
OR they have sold their house and rent it back for x months until a new house is found.

Unless you are number 1 or 2 above you will be putting yourself in a stressful situation.

They have more money than you. Life isn’t fair.

bridge loan, or they (or their parents) have the cash, or they sell first and rent until the perfect house comes up.

Bridge loan.

We’d just have to be ready to list as soon as we find a new house and offer is accepted.

Do you have $$$ for the downpayment if you don't sell your home? Do you qualify for the mortgage without selling your home?

We are looking to move school districts. We are downsizing to get into our desired, more expensive, district. But how can we have no contingencies in our offer if we need to sell our house? Does this mean everyone that's buying is selling their current place first? How does that work?