Second mortgage advice needed

[Allyson Marcil]

My spouse and I are in the market for a new primary residence. The area we live in is a HOT market with low, to no, inventory. We have the inside scoop on a property not yet listed on the MLS, but soon to be. The current owners are letting us see the property prior to listing. There is a high likelihood we will place an offer on the property. We have not yet listed our current residence. We are left with the option of trying to put forth an offer with contingency to sell our home or to try and pursue a second mortgage option and make an offer without contingency to sell our home. Our concern is that a second mortgage carries higher interest rates and may increase our monthly payment substantially compared to a conventional loan... something we do not wish to do/carry for the next few decades. It may also increase our monthly payment to the point of being unable to comfortably afford the second mortgage loan. How might you suggest we proceed?