Tell me about buying a new house while selling

[LonArcvarden]

The old one. I’m having a deep seated panic party this morning. Old and busted townhouse in a great location is what we want to get rid of. Needs updates. But it is the most affordable home in a fabulous location. Neighbor who owns its twin could potentially buy it and have a fucking fantastic lot. Large lots in this hood are $750k to start for tear downs. Found new house in a decent location, exact size and updating we want. But we hadn’t really made moves on selling the old one and didn’t think we would find something so damn fast. So I’m panicking at the idea of trying to get rid this townhouse. Maybe I should just take my time and not put in an offer on this new house and work towards getting rid of this fucking thing? Should we be bold and trust the universe won’t buttfuck us if we carry 2 mortgages? Should we put less down on new house in case we are stuck carrying 2 mortgages for 6 months or more? Will a hurricane come and fuck up both houses at the same time? Thereby bankrupting us and we have to go live with my ILs? Do I give up on my dreams and live in squalor like I did growing up? (Sorry - having lots of childhood trauma come up as a parent passed a couple weeks ago and having lots of feeeeeelings).

[MichaelSavan]

The answers you’re going to get will vary hugely based on everyone’s physical location and the state of the real estate market where they live.

[princemeraj]

I was in the same boat last year and timing was the trickiest part. We got lucky with a flexible buyer, so we were able to rent back for two months after closing. Looking into new developments like El Bosque helped too since their timelines were a bit more predictable, and we could budget better knowing their prices up front without bidding wars.