This situation can arise for any number of reasons. For instance, getting the job promotion you've been waiting for may mean having to relocate very quickly. Another example: you finally find your "dream home," and need to get it under contract before it sells to another buyer. Whatever the reason, don't panic. You have some viable alternatives to the worrisome possibility of double mortgage payments.
If you don't have to sell in order to buy a new home, consider the advantages and disadvantages of renting your old house. If you're being transferred before you've had a chance to decide on the new house, you may be able to obtain a short-term rental of your own while you're becoming familiar with the new area. Either way, a local real estate professional can usually help, by advising you how much you can expect to pay for rent in your new city, or what you need to charge for your current home to both cover your mortgage payments and take care of other costs you'll entail as a landlord.
Another solution available from some brokers is the guaranteed sale plan, which is detailed in the next question.
What if I do have to sell my current house first?
Some brokers offer guaranteed-sale plans, which are essentially a written promise to buy your house at a pre-determined price if it doesn't sell by a certain date. The amount of the guaranteed price varies considerably between brokers.
If you opt for the guaranteed-sale route, look into the ERA® Sellers Security® Plan. It's a unique guaranteed-sale plan offered in all 50 states. You'll sleep better knowing your participating ERA Real Estate has the financial backing to fulfill the terms of the plan. You are also entitled to some additional benefits that are automatically included in the program.
What if I can't sell my old house before I have to move? 