How would you feel if you owned two homes, with two sets of monthly mortgage payments, two sets of taxes, utilities, and insurance, and the responsibility for maintenance on both?

When you're ready to buy your next home, it could happen. Let's take a look at why. More often than not, buyers begin looking at prospective new homes before they have sold their existing home. When they find a home that suits their needs, a potentially painful dilemma may arise. How do they make a commitment to purchase the second home when they have not yet sold the first one?

One common solution is to sign an agreement to purchase the second home that is made contingent upon the sale of their existing home. In other words, if the first home doesn't sell, the buyers will not be able to purchase the second home.

This buyer might also get bumped out of the way by a buyer who does not have a home to sell or has already found a buyer for their home. The first buyer is usually given 24, 48, or 72 hours to remove their contingency on the sale of their home after being notified that the seller has accepted an offer from a "non-contingent" buyer.

You can make the most of this situation by remembering one very important rule: work exclusively with the same real estate professional on both homes. Here's why. When you decide on the new home you plan to buy, your agent will help structure the purchase contract, taking into account your existing home.

By letting the same agent market your present home, both the purchase and the sale can be coordinated to your benefit by lining up the closing and possession dates. They can keep you advised about the progress along the way. It will avoid miscommunications and result in a smooth transaction.