Assuming your client wants to buy a house PRIOR to selling their current home, this is how we would look at the deal:

Option 1: If there is down payment available from another source, we can convert the existing home into a rental and try to debt service BOTH houses, forgoing the need to sell prior to possession. If it does happen to sell, I just convert the deal to being sold.

Option 2: As long as there is an accepted offer without conditions on their existing house, MOST (but not all) lenders will Bridge the dates from 30-90 days (depending on the lender). Cost is Prime +4 with fees running from $300 – $2500. Broker Advantage – we know who does, and who doesn’t, offer bridge financing and where to save money.

Option 3: House is listed but no accepted offer has been obtained: Bridge Financing is therefore NOT available, we will instead look for enough equity in the current home to CARRY both properties. Have them call me as there is a formula we have to follow to determine if this scenario will work.