For many, it’s an enviable situation: You own a house and have the ability to buy a new home before selling your current place.

But even if you have the cash — or can qualify for a second mortgage — you’ll want to consider a few pros and cons before making the offer. One big consideration: In a seller’s market where houses are going for (or even above) list price, making an offer that’s contingent on the sale of your current home can make it difficult to compete against first-time buyers.

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