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Don’t spend a great deal of time worrying about what will happen when you're selling one home and buying another. You're not alone. Bill, as well as lawyers, mortgage and title and escrow companies have had plenty of experience in arranging contracts and loans so that the two transactions dovetail smoothly.

It's best to list your present home for sale first. Selling and buying a home is a very emotional event and if you create a "race" by locating your replacement property before you sell your current home, you may lose it to another buyer, who does not need to sell in order to buy.

If you do find just the house you want, you can always put in a purchase offer contingent (dependent) on selling your present one. (However, in a hot market you will have difficulty getting the house you want this way.) Sometimes the seller will sign a contract agreeing to wait a certain period of time while you find a buyer for your house - sometimes not. What would you do if you were presented with such a proposal, from a buyer who also has a house to sell?

If you do find that you need to buy the next house before you've received the proceeds from the present one, lending institutions can sometimes make you a short-term "bridge" loan to tide you over between the two transactions. Make sure you fully understand the exposure and emotional investment before proceeding with this type of loan.

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