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The Counteroffer In Real Estate
What is a counteroffer? Do you have to accept a counteroffer?
Offers are made on properties, where the buyer tells a seller how much they would like to buy the property for. If the seller accepts the offer then great, but what happens if the seller doesn't want to accept the current offer? They can either do one of two things:
1) Reject the offer.
2) Counter the offer.
What is the difference between a rejection and a counter?
Well, while both of these options is technically where the seller is rejecting the original offer, the counter offer differs in that it extends an offer to the buyer that is acceptable by the seller. The counter is usually an altered form of the original offer. Using a counter, the seller could then raise the price of the agreement, or change some of the terms (like mineral rights, closing date, etc.). The counteroffer stage can go back and forth until an agreement is finally made or the offer is rejected without a counteroffer to follow it.