You have some options.
1. You can buy, contingent on the sale of your home. This would require you to sell quickly to maintian the sellers interest. You lose some negotiating ability because a contingency like this can be like asking for a discount.
2. You can list your home for sale and keep an eye out for what you want to buy once yours sells. This would give you the maximum potential for getting the most out of your home. If yours sells, and you don't see what you want to buy right away, do a short term rental.
3. You can likely qualify for a mortgage, since you don't have one already. Find the home you want, buy it and move into it then sell yours. Once yours is sold, pay off the mortgage, or invest the proceeds from your sale in a safe place and enjoy the low rates and tax deduction. The only downside is the lender fees and the interest you'll pay until you sell.
I hope this helps.
It is perfect to buy all cash because in more cases than not you will command a discount of up to 20% as long as you find the right seller who wants out expeditiously.
By the time the dust settles you may be able to take back out all of the funds that you are working with. Even if you cant be convinced to invest the funds, cash is king. you never know when your next door neighbor may suddenly decide to leave you a bargain that you cant refuse if you have cash. By the way when you are refinancing out all the money that you placed in the house, you certainly will not volunteer that you have removed it all, this is none of their business. Although they can find out if they take the time to dig.
I have acquired a label of being "deceptive" so my detractors will have a field day with this tomorrow. However when your lawyer orchestrate the deed on your new property, it is likely to say that you paid $10 and other valuable considerations. Some could say that is so deceptive, because you are hiding what you paid. My aphorism: "be careful when you make rules for others to follow, the exceptions may come back to bite you".
The best advice for you is to get recommendations for a Realtor in your area (I can do some research for one for you if you would like a referral). Interview the agents. Your situation and goals are not apparent here in order to answer effectively. This is best done on a one-to-one with the agent. Questions will come up and based on your answers will determine what advice you receive.
I also recommend you talk with a financial adviser (not one who specializes in selling securities) but one who will look at your situation from a financial picture.
Congratulations on have a zero mortgage. This gives you a lot of options.
Or talk to the owner of your "new" house about seller-financing and skip the traditional mortgage all together, and keep your payments sickeningly low until you sell your old house, then pay off the seller?
My two cents.
If you would like a Comparative Market Analysis I would be happy to do one for you. Depending on the location, size, and condition of your current home it may sell quickly.
I look forward to hearing from you.
Realty Hub, Inc.