GLOSSARY — REAL ESTATE TERMS
Counteroffer
A counteroffer is a seller's or buyer's formal written response to an offer that changes one or more terms -- price, closing date, contingencies -- effectively rejecting the original offer and proposing new terms in its place.
How a counteroffer changes the negotiation
Once a counteroffer is issued, the original offer is legally off the table -- the counteroffer becomes the new proposal awaiting acceptance, rejection, or another counter. This can go back and forth multiple times before both sides agree on final terms.
What can be changed in a counteroffer
Any term is fair game: price, closing date, included appliances, contingency periods, or who pays for specific inspections and reports. A counteroffer typically specifies a deadline for response, after which it expires.
WHAT TO DO WHEN YOU RECEIVE A COUNTEROFFER
- Read every changed term carefully, not just the price
- Confirm the response deadline so you don't lose the opportunity
- Ask your agent to compare the counter against your original terms side by side
- Get any verbal agreement in writing before considering it final
Can I withdraw a counteroffer before the other side responds?
Generally yes, as long as the other party hasn't yet accepted it -- once accepted, it becomes a binding contract.
How many rounds of counteroffers are normal?
There's no fixed limit -- some deals close on the first counter, others go through several rounds before both sides agree.
Does a counteroffer have to address every term?
No -- a counteroffer can be narrow, changing just one term like price or closing date, while leaving everything else from the original offer intact.