By Victoria Sharma

Most sellers judge an offer by the first number they see. That number is the least meaningful one in the calculation. What ultimately matters is what you net after the house is sold and every cost is paid. Two offers that look far apart can end up much closer once you do the math.

Here is a simple way to compare selling with an agent against selling directly, as-is.

Start With a Realistic Sale Price

For a direct sale, the price is the offer in front of you. For a listing, use what you can realistically expect based on recent sales of similar homes in your neighborhood, not the highest number you’ve seen online. Online estimates can be off by tens of thousands of dollars, especially for older homes or homes that need work.

Subtract the Costs of the Sale

With an agent, expect commissions (often several percent of the price when both sides are paid), plus escrow, title and recording fees and, in many areas, a transfer tax charged by the county or city. These costs vary a lot by location. In California, transfer taxes alone can range from a few hundred dollars to a large share of the price depending on the city, and this breakdown of California home selling costs shows how quickly the line items add up.

In a direct sale, there is usually no commission, and some buyers cover part or all of the closing costs. Ask for this in writing, because it changes the comparison.

Be Realistic About Repairs

This is where many sellers overestimate what they’ll walk away with. A traditional buyer will usually get a home inspection, and older homes almost always turn up something: an aging roof, outdated electrical, plumbing issues or foundation cracks. Even homes listed as-is often come back with repair requests or a request for a credit.

Selling as-is to a direct buyer takes repairs off the table, but it doesn’t erase your legal duties. This guide to disclosure requirements when selling as-is explains what sellers still owe a buyer even when they aren’t fixing anything.

Count the Months

Every month your home is on the market is another month of mortgage payments, property taxes, insurance, utilities and upkeep. Multiply your monthly carrying cost by the number of months you realistically expect between listing and closing. Two to four months is a fair estimate for many homes, and longer if repairs come first.

If the home is vacant, add a little more. Empty homes can be harder to insure and are more exposed to break-ins and unnoticed leaks.

Account for the Risk of a Deal Falling Through

A listing price is a hope, not a guarantee. Buyers back out over inspections, appraisals, financing and insurance costs. If a deal falls through, the house goes back on the market and the clock starts over. A direct sale with no financing contingency greatly reduces that risk. There’s no exact number for certainty, but when you’re working against a deadline, it can be worth a lot.

Special Situations Change the Math

Some sellers have more reason than most to value speed. Heirs may be paying to carry a house no one lives in while an estate is settled, and a long probate process makes that harder. This report on selling an inherited home in California walks through how probate timelines affect the decision. Landlords selling with tenants in place, people relocating for a job and couples going through a divorce often face similar trade-offs.

Put It All on One Page

Write down five numbers for each option: the sale price, the cost to sell, repairs or credits, carrying costs while you wait, and a rough allowance for the risk of the deal falling through. Subtract the last four from the first. The option with the higher result is usually the better choice, even if its headline price is lower.

For houses in good condition, listing with a strong agent will usually come out ahead. For houses that need a lot of work, sit empty or come with a deadline, a direct sale can close the gap more than many people expect. Either way, comparing net numbers instead of list prices is the only way to know for sure.

Victoria Sharma is the manager of Cash Home Buyers CA, a Woodland Hills company that works with homeowners across California.