What Is Counteroffer?
Counteroffer: A response to an offer that changes one or more terms, replacing the original offer.
A counteroffer responds to an offer by changing one or more of its terms, such as price, credits, closing date or contingencies. It rejects the original offer and replaces it with a new one.
How it works
- You make an offer.
- The seller can accept, reject or counter.
- You can accept the counter, reject it or counter back.
- This continues until both sides sign the same terms, at which point the contract is ratified.
Things to know
- Once you counter, you can't go back and accept the earlier version unless the other side re-offers it.
- Counters usually have an expiration time.
- Either side can withdraw a counter before it's accepted.
Good to know
Unbeatable tracks each version of the offer so you can see what changed between rounds.