FOUR WAYS TO ORDER TWO CLOSINGS, AND THE LENDER'S RULES DECIDE WHICH ONES YOU CAN AFFORD.

The Commission's residential contract includes Section 10.7, which makes the contract conditional upon the sale and closing of a named property owned by the buyer (VERIFIED). The buyer must deliver a notice to terminate on or before the conditional sale deadline, listed in the Section 3.1 dates table, or the right to terminate under that section is waived (VERIFIED). It is the cleanest order and the weakest offer: a seller comparing offers sees a purchase that depends on a sale that has not happened.

A bridge or swing loan taken to close on the new home before the old one sells is ordinarily a contingent liability in the buyer's debt ratio; Fannie Mae waives that only if the lender documents a fully executed sales contract on the current residence and confirmation that any financing contingencies have been cleared (Selling Guide B3-6-05, VERIFIED). The CFPB defines the temporary bridge loan as a loan of twelve months or less to finance a new dwelling where the consumer plans to sell a current dwelling within twelve months (VERIFIED). A HELOC on the current home is a second mortgage paid in addition to the first (CFPB, VERIFIED), and its required monthly payment is counted in recurring debt (Fannie Mae B3-6-05, VERIFIED).

The Commission's forms include a separate post-closing occupancy agreement, and the contract's possession section defers to it: possession transfers on the possession date unless the parties have signed that agreement, in which case it controls, and a seller who overstays after closing is liable for a per day amount and subject to eviction (Section 17, VERIFIED). Selling first turns the move-up into a cash buyer's purchase with the proceeds verified, at the price of a move date set by someone else.