Dear Dave, The closing date on our new house is very soon. The problem is that we still haven't sold our current home, and we're getting nervous. What can we do?
I'd be nervous, too, if I were in your shoes. Never, ever buy a new home without making the deal contingent upon the sale of your current home!
You've turned yourself into a desperate seller because you made some bad decisions. You may have to pay some Stupid Tax to fix this thing, and that might mean losing some cash and making other tough choices.
If there's any way to call off the deal honorably and without breaking your word to the other people involved, I'd do it. But if you're locked in you might try negotiating a deal to delay the closing or flat out restructuring the contract to make it contingent on the sale of your current home.
If the other party isn't agreeable to these ideas, then you need to drop the price on your current home and get it sold today!