How do you protect yourself from paying 2 mortgages if you are trying to sell and buy at the same time?

Asked by Anita, New Jersey Sun Mar 30, 2008

I have made an offer to purchase a house, with a closing date of May 10. I also have buyers who have made an offer to purchase my house, with a closing date of May 15. If the buyer backs out on the purchase of my house, how do I protect myself from paying 2 mortgages? At this time, the buyers have received preapproval for their loan, and we have gone through the attorney review.

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