If you need the proceeds from your current home you will have to either get your home sold to get the proceeds or possibly do a bridge loan (check with your lender on this). Either way if you need your proceeds you need to get your house sold first.
The best seneario is to get your home sold (possibly move into temporary quarters). This makes you a much better purchaser on the house you want to by. You won't have any pressure to find a home and you will be able to make a better offer.
Ask yourself, would you be willing to accept a contract contingent on your buyer selling their current property?
You can certainly buy with a contingency to sell your home. The issue with that is whether person you are buying from will accept that type of agreement. It is a gamble on their part to accept that type of agreement. Usually there is a time period that you would extend. For Example... you would write up the agreement contingent on your home selling in 30-60 days and then if your home does not sell then you and the seller have the option to extend the dates or void the contract. Either way, your offer has to be pretty strong for the seller to accept that vs. an agreement that does not have this contingency attached to it. So you will have to pay pretty close to asking price or find a home that has been on the market for a while and so perhaps the seller is extremely motivated.
If you have any questions with regards to this please feel free to contact me. I work in this area and would love to help you if you have not found a realtor as yet.
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