I need some advice on what to do. My wife and I just had our offer to purchase a new home accepted. We are listing our existing house in the next couple weeks and should have no problem selling it in the current market here. The issue is we put a condition in the offer to purchase of getting approval of financing. (Stupid mistake on our part).

We may not be able to get CMHC approval of financing while we still own our current house as they would include our current housing costs in their calculations regardless of the fact that the house will be sold once we get the new house possession date and begin paying for the new mortgage. We are working with our bank to try and get CMHC to approve the new financing, but I am wondering if they won't if it is possible to withdraw the condition of financing on the accepted offer so then there are no conditions? If we had already sold our current house we would be accepted for financing easily as the housing costs with the new house are well within CMHC's guidelines. Does anyone have any experience with this or advice? Thank you!

Also should mention that I am in Canada, hence Canada Mortgage and Housing Corporation (CMHC). (They underwrite mortgages).

Nevermind.

We were able to obtain financing approval without completing the sale of our existing home so the transaction has been completed.

So much for all that worrying!

Glad that you got it straightened out but yes, in general there will be a waiver provision in any of your conditions allowing you to waive them even if you do not fulfill them.

Wow, that was quick . . . . or what do you mean by "transaction" ?

We use that word to mean the "conveyance" has Closed.

Just meant that the deal is done. The offer was accepted and all conditions have been met. Didn't have to worry about withdrawing the financing condition.

Thats Canadian talk aye.