It will also be extremely expensive to buy a house contingent on the sale of your current home. Let’s say you want to buy a $800,000 home. To get a seller to accept an offer contingent on the sale of the home you’re in now you will have to offer at least $850,000. Now you are a motivated seller so if your current house is worth $600,000 you will probably have to sell it for $550,000 to get a quick sale.
So if you overpay $50,000 on your new house and undersell your present house by $50,000 that costs you a total of $100,000. It would be better to get your current house into escrow and then go out and look for a new home. Even if you had to move out of your sold house into a hotel for a month or two you could easily afford it with the $100,000 you would save.