How do I compare offers when selling a house in Virginia? Price is only the first line

What should I compare besides the price?

Start with the number that matters to you: what you would likely keep after the buyer’s requests are applied. For example, suppose one offer is $520,000 and asks for a $10,000 concession, and another is $512,000 and asks for nothing. They are not the same, and the second nets more. Put each offer’s price, concession request, repair requests and closing costs you would pay on one sheet, then work down to an estimated net.

That is the same arithmetic as a seller’s net sheet, and your listing agent can build one for each offer. Ask for it before you pick a favorite, because a favorite picked on instinct tends to be the one with the most exciting number.

Price is still a real factor. It just is not the only line.

How much does the buyer’s financing matter?

A great deal, and it is the part sellers see least. Cash, conventional, FHA and VA buyers all can close, but each brings different timelines and risks. The question is not whether one loan type is “better.” It is how likely this particular buyer is to reach the settlement table.

Ask whether the offer comes with a pre-approval letter from a lender, not just a pre-qualification, and whether your agent has spoken with that lender. A strong buyer with a modest down payment can be safer than a stretched buyer with a bigger one.

Appraisal is the other piece. If the buyer needs the home to appraise at the contract price and the price sits well above recent sales, there is a risk the numbers do not line up. Our post on appraisal gaps explains how that plays out. A buyer who has planned for a shortfall is a lower-risk offer than one who has not.

None of this means you should turn away a financed buyer for a cash buyer by reflex. It means you should know what each one is likely to need.

Which contingencies are worth worrying about?

Contingencies are the buyer’s ways out of the contract, and each one carries a different amount of risk for you.

An inspection contingency is normal. What matters is how long it lasts and what the buyer can ask for. A home sale contingency is a larger risk, because your sale depends on another house selling. A financing contingency, an appraisal contingency and a short window for each of them are all part of the same picture.

A simple way to compare is to ask, for each offer, how many things have to go right for it to close, and how many days each one has to fail. Fewer, shorter and better-defined contingencies mean less uncertainty for you.

Earnest money belongs here too. The amount matters less than the conditions under which the buyer can get it back. Our post on earnest money in Virginia covers the mechanics.

Does the closing date and possession matter?

It can matter as much as a few thousand dollars. If you are buying your next home, a closing date that lines up with yours is worth a lot, and one that does not may force a temporary move or a bridge plan. If you are not in a hurry, a buyer who needs a later date is not a problem, and may be willing to pay for flexibility.

Possession terms are worth reading closely. A rent-back after closing can help you bridge the gap, but it comes with its own terms, so it should be written in the contract, not promised in a phone call.

The point is to treat timing as value. A date that fits your plan has a real price tag, even though no one writes it on the offer.

What I tell my own clients

My advice is to rank offers on three questions, in this order. Which one is most likely to close? Which one nets me the most if it does? Which one fits my timing?

Price usually wins the second question, but the first often decides the outcome. I would rather see a seller take a slightly lower price with a strong buyer and clean terms than chase the top line and restart the process because the deal fell apart. That is my opinion, not a rule, and the right answer depends on how much risk you can absorb.

Do not decide alone on a deadline. Ask your agent to walk you through each offer line by line, ask your lender or a Virginia real estate attorney about anything in the contract you do not understand, and give yourself enough time to think. A rushed decision is how people end up with the offer that looked best for ten minutes.

What should I do next?

If you have offers in hand, or expect them soon, ask for a side-by-side comparison with an estimated net for each. If you are still planning to list, we can talk through how you would weigh offers before the first one arrives. You can start on our selling page or reach out to Daniel Keeton, and you can find your nearest Keeton & Co office for the Richmond area.