The Highest Offer Isn’t Always the Best Offer. Here’s What Long Island Sellers Should Really Look At.

When multiple buyers want your house, the biggest number isn’t necessarily the one that puts the most money in your pocket.

By Jofran Perdomo

Licensed New York State Real Estate Salesperson

Patriot Real Properties

There’s a moment every home seller hopes for.

Your house is on the market.

The showings have gone well.

People are interested.

And then your agent calls with good news.

You have an offer.

Maybe even two or three.

Naturally, the first question is usually:

“How much?”

I understand that.

You’ve worked hard for your home. You’ve paid the mortgage, maintained the property, made improvements, and watched the market change over the years.

Of course you want to get the best possible price.

But here’s something I want homeowners throughout Nassau and Suffolk counties to understand.

The highest offer isn’t necessarily the strongest offer. And it isn’t always the offer that leaves you with the most money when everything is finished.

There are other things worth considering.

Financing. Timing. Contingencies. The buyer’s financial position. The condition of the property.

And sometimes, something as simple as whether the buyer can close when you need them to.

Let’s talk about what that actually means.

Imagine You Receive Two Offers

Let’s say you’re selling your home in Smithtown.

The asking price is $799,000.

After several showings, two buyers submit offers.

Buyer A offers $825,000.

Buyer B offers $810,000.

At first glance, the decision seems obvious.

Buyer A is offering $15,000 more.

Why wouldn’t you take it?

But then we look a little closer.

Buyer A plans to finance most of the purchase and needs to sell another property before completing the transaction.

Buyer B has a larger down payment, has provided appropriate financial documentation, and isn’t depending on selling another home.

Buyer A wants approximately 75 days to close.

Buyer B is proposing approximately 45 days.

Now the conversation becomes more interesting.

Does that mean Buyer B is automatically better?

Absolutely not.

Both buyers may be perfectly capable of completing the transaction.

But the terms create different considerations.

And before recommending that a seller accept either offer, I would want to understand those differences.

Price matters. But so does the likelihood of reaching closing on terms that work for you.

These figures and circumstances are hypothetical and do not represent an actual listing or transaction.

A Mortgage Preapproval Is Important. But It Isn’t a Guarantee.

When a buyer submits an offer involving mortgage financing, one of the first things sellers often want to know is whether the buyer has been preapproved.

That’s a reasonable question.

A mortgage preapproval can help demonstrate that a lender has reviewed certain financial information and is tentatively willing to lend up to a specified amount.

But the process isn’t finished.

The lender may still need to verify information, review the property, and complete additional underwriting requirements.

A preapproval isn’t a guarantee that the mortgage will receive final approval.

That distinction matters.

A buyer may be preapproved and still encounter financing complications.

Perhaps additional documentation is required.

Maybe the property presents an appraisal issue.

Or the lender identifies something that affects the final approval.

None of those possibilities automatically means the buyer is unqualified.

It means there are steps remaining.

As a seller, I would want you to understand what information is available about the buyer’s financing and what conditions still need to be satisfied.

I would also want you to understand that a larger down payment doesn’t eliminate every possible financing risk.

Every transaction deserves its own evaluation.

What Happens if the House Doesn’t Appraise for the Offer Price?

This is one of the biggest reasons sellers should look beyond the number on the offer.

Let’s return to our hypothetical $825,000 offer.

The buyer agrees to pay $825,000.

But the lender obtains an appraisal, and the property is valued at $800,000.

Now there’s a $25,000 difference between the agreed purchase price and the appraised value.

What happens?

That depends on the buyer’s financing, available funds, the lender’s requirements, and the purchase contract.

The buyer may be able to contribute additional money.

The parties may negotiate a different price.

Other financing arrangements may be possible.

Or the transaction may encounter a problem that cannot be resolved.

Here’s what I want sellers to understand.

An offer significantly above the asking price can be attractive.

But I would also want to look at the comparable sales and understand whether the proposed price appears supportable.

That doesn’t mean a home can’t sell above asking.

It certainly can.

And an appraisal is an independent professional opinion, not an absolute declaration of what every buyer would pay.

But an offer that creates substantial appraisal uncertainty deserves attention.

An impressive offer is only valuable if the transaction can actually be completed.

What About Cash Buyers?

Cash offers often get attention because they don’t depend on obtaining a mortgage.

That can remove certain financing-related steps and risks.

But here’s something important.

A cash offer doesn’t automatically mean a quick or uncomplicated closing.

A cash buyer may still want inspections.

They may need time to complete due diligence.

There may be title issues.

The buyer may have other contractual conditions.

And the seller still needs to understand the proposed closing arrangements.

I would also want appropriate verification that the buyer has the funds needed to complete the purchase.

Cash can be an attractive feature of an offer.

But it isn’t the only feature that matters.

A well-qualified financed buyer may present a strong offer, too.

The goal isn’t to favor one financing method automatically.

It’s to understand the actual terms.

The Closing Date Can Be Worth More Than You Think

Let’s talk about something sellers sometimes overlook.

Timing.

Suppose you’ve already found the home you want to purchase next.

You need the proceeds from your current house to complete that purchase.

Or perhaps you’re relocating for work.

Maybe you’re moving closer to relatives.

Or you’ve already committed to a rental while waiting for your new home to be ready.

Suddenly, the closing date matters.

A lot.

Let’s imagine two offers.

One is $10,000 higher but proposes a closing date that creates a significant problem for your next move.

The other is slightly lower but offers timing that fits your plans.

Which is better?

That depends on the circumstances.

You may decide the additional money is worth adjusting your schedule.

Or you may decide the smoother transition is more valuable.

But you should understand the potential expenses associated with either choice.

Would you need temporary housing?

Storage?

Additional moving arrangements?

Could you be carrying expenses on two properties?

What happens if your next purchase is delayed?

And what flexibility exists in the proposed contract?

Your attorney should review the legal obligations and timing provisions.

But these are conversations I believe sellers should have before choosing an offer.

The best closing date isn’t always the fastest one. It’s the one that works with your actual plans.

What If the Buyer Has to Sell Their House First?

This is another situation that deserves careful consideration.

A buyer may love your home and have every intention of purchasing it.

But they need to sell their existing property before they can complete the transaction.

That doesn’t automatically make them a poor buyer.

Plenty of real estate transactions involve people selling one home and purchasing another.

But it introduces another moving part.

Has the buyer’s current property been listed?

Is it already under contract?

Are there unresolved conditions?

How does that sale affect the buyer’s ability to close?

And what happens if their transaction is delayed?

Those questions matter.

If the buyer’s offer includes a home-sale contingency, the specific terms should be reviewed by the attorneys.

The seller needs to understand what they’re agreeing to and what happens if the buyer’s other transaction doesn’t proceed as expected.

I wouldn’t automatically dismiss an offer because someone needs to sell a home.

But I also wouldn’t ignore the additional uncertainty.

Don’t Forget About Credits and Concessions

Here’s another reason the highest offer may not produce the highest net proceeds.

Suppose a buyer offers $825,000.

But the offer also requests a $15,000 seller credit toward eligible closing expenses.

Compare that with another buyer offering $815,000 without requesting a credit.

Before considering other transaction costs, the first offer would produce $810,000 after the proposed credit.

The second would produce $815,000.

Now the lower purchase-price offer may actually leave the seller with more money.

Of course, the details matter.

Not every requested credit is permitted under every financing program.

And the parties need to understand how concessions are structured and disclosed.

But the principle is simple.

The offer price and the seller’s net proceeds are not necessarily the same number.

That’s why I believe sellers should review an estimated net-proceeds calculation when comparing offers.

Not just the headline price.

Inspection Terms Matter Too

A home inspection can identify conditions that weren’t obvious during a showing.

Sometimes the issues are minor.

Sometimes they’re more significant.

And sometimes an inspection leads to additional questions or negotiations.

A buyer may submit an offer with inspection-related conditions.

Another buyer may propose different terms.

Those differences can affect the transaction.

But I don’t believe sellers should assume that an offer with fewer inspection conditions is automatically better in every situation.

There may be other financial or contractual risks.

And buyers should have the opportunity to make informed decisions about property conditions.

The important thing is understanding what each offer actually requires.

What inspections are contemplated?

What deadlines apply?

What rights do the parties have if an issue is discovered?

Those are questions for the attorneys to address in the contract.

My role is to help keep the conversation organized and make sure the seller understands the practical differences between the proposals.

A Larger Deposit Doesn’t Mean You Automatically Get to Keep It

Sometimes sellers look at the proposed contract deposit and assume that a larger deposit means the buyer is more committed.

A deposit can be relevant.

But it shouldn’t be misunderstood.

In New York transactions, the deposit arrangements and the parties’ rights depend on the actual contract and applicable law.

A buyer may be entitled to the return of a deposit under certain contractual circumstances.

In other situations, a buyer who defaults may risk losing the deposit.

That means sellers shouldn’t assume a deposit automatically becomes theirs if the buyer doesn’t close.

The contract matters.

The circumstances matter.

And the attorneys should explain the legal implications.

A larger deposit may be one consideration when evaluating an offer.

But it isn’t a substitute for understanding the rest of the transaction.

What About the Buyer Who Loves Your House?

This is something I want to address because selling a home is emotional.

Sometimes a buyer writes a beautiful letter.

They talk about how much they love the property.

They describe their plans.

And they make the seller feel wonderful about the home they’ve cared for.

I understand why that can be meaningful.

But when evaluating offers, I encourage sellers to focus on objective transaction terms rather than personal information about prospective buyers.

Purchase price.

Financing.

Contingencies.

Timing.

And other legitimate contractual considerations.

Fair-housing protections apply to real estate transactions, and decisions should not be based on protected personal characteristics.

You can appreciate someone’s enthusiasm without allowing personal circumstances to determine which offer receives consideration.

A good offer should stand on its financial and contractual merits.

Here’s Where Having a Strategy Matters

Let’s say you receive three offers.

One has the highest price.

One has favorable financing terms.

One offers the closing schedule you prefer.

There may not be an obvious winner.

And that’s okay.

This is where I believe your real estate agent should do more than forward offers and ask which number you like best.

We should be discussing the differences.

Looking at the comparable sales.

Understanding the proposed financing.

Reviewing the timing.

Identifying questions that need answers.

And communicating with the appropriate parties.

There may be an opportunity to negotiate.

Perhaps one buyer can improve the closing schedule.

Maybe another can clarify a financing condition.

Or perhaps the highest bidder is willing to adjust certain terms.

The seller decides which offer to accept, subject to applicable obligations.

The agent’s responsibility is to provide useful information and representation.

And the attorney addresses the legal terms and protections.

That’s how I believe the process should work.

What I Would Want You to Know Before Making the Decision

If you’re selling your Long Island home, I don’t want you to feel pressured simply because offers are coming in.

I want you to understand what you’re considering.

What is the proposed purchase price?

What are the expected net proceeds?

How is the buyer financing the purchase?

What contingencies are involved?

What is the proposed closing date?

Does the buyer need to sell another property?

Are there requested credits or concessions?

And what aspects of the offer still require clarification?

Those questions don’t guarantee a successful closing.

Nothing can eliminate every risk in a real estate transaction.

But understanding the answers can help you make a more informed decision.

And that’s important when you’re making a decision involving one of your most valuable assets.

My Final Advice

When you’re selling your home, I want you to understand more than just the price someone is offering.

I want you to know what you’ll actually walk away with, what conditions could affect the sale, and whether the closing timeline works for you.

I’ve always believed that good real estate decisions start with understanding the whole picture.

Sometimes the highest offer really is the best one. Other times, a slightly lower offer may provide terms that better fit your situation.

My job is to help you understand those differences so you can make the decision that’s right for you.

Because at the end of the day, it’s not about celebrating the biggest offer.

It’s about getting to the closing table with an agreement that makes sense for you.

If you’re thinking about selling your home in Queens, Nassau or Suffolk County, I’d be happy to talk through the process with you, explain what to expect, and help you prepare for the decisions ahead.

— Jofran Perdomo

About the Author

Jofran Perdomo

Licensed New York State Real Estate Salesperson

Patriot Real Properties

Jofran Perdomo helps buyers and sellers throughout Long Island navigate real estate decisions with a focus on education, clear communication, and understanding the complete financial picture.

Whether you’re preparing to sell, comparing purchase offers, or beginning your search for a new home, Jofran believes you should have the information you need to make decisions with confidence.

Contact Jofran Perdomo

Phone: 516.813.3867

Email: Jofran@PatriotKeys.com

Patriot Real Properties

34 East Main St. #346

Smithtown, NY 11787

Website: PatriotRealProperties.com

Equal Housing Opportunity

Patriot Real Properties conducts business in accordance with applicable federal, New York State, and local fair-housing laws.

Disclaimer: This article is intended for general real estate education and does not constitute legal, financial, tax, or mortgage advice. Purchase offers, financing, appraisals, contingencies, deposits, and contractual obligations vary by transaction. Buyers and sellers should consult their attorneys, mortgage professionals, and other appropriately qualified advisers before making decisions. No sale price, financing approval, closing date, or transaction outcome is guaranteed.

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