Sometimes you fall in love with a fabulous new home that you can't possibly live without. The only problem is you haven't sold your current home.
There is a huge risk in buying before you sell.
Here are a few things you need to consider if you're in this situation:
Talk to a trusted real estate agent
Find out how the local market is performing, and if it's in a slump you may want to reconsider selling at that time. Take a look at what is selling in the area and compare it to your home. Consider the condition, the type of property, and the location when considering if your property will sell - and for the price you need!
A long settlement is a good settlement
Speak to the vendors of your dream home and see how long they are willing to extend it. The longer they are willing to make the settlement period - the more time you have to sell your property.
Consider a bridging loan
A bridging loan is a loan which funds the deposit on your new property while your current home sells. They can be more expensive than a regular mortgage but offer the benefit of time.