How to avoid getting stuck with two mortgages during a move

(InvestigateTV) — Buying a new home before selling a current one can leave homeowners juggling two mortgages, or without a place to move into right away. A current home could sell quickly, while finding and closing on the next one may take longer in a competitive market.Kate Wood, with NerdWallet, said lining up a sale and purchase perfectly is difficult in an imbalanced market, but there are ways to manage the overlap.One option is a sale contingency, which ties the purchase of a new home to the successful sale of the current one.“A sale contingency basically states some aspect of the purchase is contingent on, relies on you having successfully sold your home,” Wood said. “So when you are approaching a seller with this, saying, ‘Hey, in order for me to buy your home, I need to have sold my home,’ it’s a good idea to be working with a real estate agent that’s going to help you craft a really compelling offer.”Wood noted that a sale contingency can make it harder to compete against cash