So I’m not buying and selling soon but hoping to in the next few years. Assuming the market is still competitive I wondered what the best strategy is when selling and using equity to buy. We have a lot of equity in our house but would want to put it right into the next house to afford more space for our growing family and still keep our mortgage low.
For the sake of having an offer accepted is it better to have a contingent offer with 50 percent cash and only 50 percent as a mortgage, or better to have a non-contingent offer with only 20 percent cash and 80 percent mortgage (which we would pay down after our current house sold)?
Also, all other things being equal is a 50 percent non-contingent cash offer more competitive than a non-contingent 20 percent cash offer? Or does cash only more competitive if you can cover the whole purchase amount? Just debating how important it would be to sell before buying to unlock the equity, or if we’d be okay doing them concurrently.