Putting offer on a house when mortgage on another hasn't closed

[Bob Crane]

I've remodeled a house for BRRRR and I'm waiting for my close at the end of July. I'd paid cash for that house and I'm financing to get my $$$.

I now see a solid next purchase that will require a mortgage (I can't do a 100% cash purchase).  Have any of you gone to the bank and started another mortgage app while one was in flight?

Even as I type it the thing sounds crazy.  But figured I'd reach out rather than just let this one get away.

[Chris Mason]

Three possibilities:

1. You get the ball rolling with your (or another) lender before that loan in the works is actually closed, which is going to screw you up 5 ways from Sunday when (not if) the lender(s)/underwriter(s) find out. I have a story involving someone in South Korea scrambling to try and find a copy shop open at 3 AM local time that involves this, that I'll share another day.
2. For the new acquisition, you make it have a closing date far enough out that you can apply for the mortgage after the deal in the works funds and closes, and still have enough time to meet your deadline.
3. Concurrent closing. Both mortgages, with the same lender and underwriter, close at whatever point the slowest of the two is ready to close, at the exact same time. Usually this is a deal-breaker, but in your case one of the two is a refinance, so you might be willing to delay that closing.