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Buying on Contingency (Central Valley CA)

Hi everyone. My wife and I are exploring buying a bigger house for our growing family. Pertinent info: Annual salary ~ $140,000 combined Credit score ~ both over 750 I am a service connected veteran at 10% (plan on using VA loan) Car debt ~ $30,000 CC/Student loan debt ~ $30,000

We have approximately $140,000 dollars in equity in our current house. We plan on paying off the car loan and using the rest on the new house we are looking at. The new house we really like is priced at a little under $485,000 (bringing it down to ~ $385,000 after the down payment). We were told that it is not uncommon to buy a house on contingency of selling our current house. Is this true or are we looking at a difficult process? Does our plan make sense to you experienced folks? Please let me know if you need any further explanation. I don't usually comment much less start any threads. Thank you all in advance.

submitted by /u/91w209
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source https://www.reddit.com/r/RealEstate/comments/eh10os/buying_on_contingency_central_valley_ca/
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