If you can get financed on another home while having your current loan and afford the down payment, I would buy the new house, move in and then sell the other place. This is how I have done it multiple times. However, each time I didn’t have a mortgage as I had already paid off the house. If you aren’t able to get new financing, then your 2 options would be what you mentioned, or having the contingency while your home sells. Good luck.
DRhodes8940 t1_j6lsnhg wrote
Reply to I'm considering selling my home, renting for a year, then buying my second home in order to avoid some of the stress of trying to sell and buy at the same time. Is this a bad idea? by youAtExample
If you can get financed on another home while having your current loan and afford the down payment, I would buy the new house, move in and then sell the other place. This is how I have done it multiple times. However, each time I didn’t have a mortgage as I had already paid off the house. If you aren’t able to get new financing, then your 2 options would be what you mentioned, or having the contingency while your home sells. Good luck.