Look at how likely the offer is to close and what you would actually walk away with, not just the price. A higher offer with a lot of conditions attached can leave you with less money, or no sale at all.
What the price does not tell you
An offer is a price plus a list of conditions. Most sellers look at the price and skim the rest. I start with the conditions, because that is where the problems usually show up.
Say one buyer offers more but wants you to pay part of their closing costs. Another offers more but has to sell their own home first. Both look bigger on paper. Neither one is a sure thing.
How the buyer is paying
This is the first thing I look at. Cash, conventional, FHA and VA can all close fine. Each one just has its own steps and its own appraisal.
- Is there a pre-approval letter, and is it from a lender who will pick up the phone?
- How much is the buyer putting down?
- If it is cash, is there proof of funds?
If the lender is solid and the buyer has a real down payment, there is less chance a loan problem kills the deal.
The contingencies
In Las Vegas these are the things that let a buyer walk away or renegotiate: due diligence, appraisal, the loan, HOA documents, and sometimes the sale of the buyer’s current home.
Fewer of them, or shorter ones, usually means more certainty for you. The home sale one is the big one. If the buyer has to sell their house first, you are now waiting on a second deal you have no say in.
What you actually net
Look at what the buyer wants you to pay for. Part of their closing costs, a home warranty, repairs. All of it comes out of your proceeds.
Once you subtract it, two offers a few thousand dollars apart can switch places. Ask your agent for a net sheet on each offer so you can see the real numbers side by side.
Timing and earnest money
The closing date matters more than people think. If you need time to move, a three week close might not help you. An offer that lets you stay a little while after closing could be worth more to you than a slightly higher price.
And look at the earnest money. A buyer who puts real money into escrow usually plans to follow through.
Simple summary
Pick the offer that is most likely to close, on a timeline that works for you, with the most money left after the buyer’s requests come out. That is not always the highest price. Compare the financing, the contingencies, what they are asking you to pay, and the closing date before you decide.
If you want to know what your home would sell for in today’s Las Vegas market, you can request a free home value estimate here: Get a Free Home Value Estimate