Counteroffer

A counteroffer is a response to a prior offer made on a home for sale. For example, if the buyer submits an offer for one amount, the seller can reply with a counteroffer for a different amount. Offers and counteroffers are typical in the negotiation phase of buying a home. Counteroffers do not necessarily only involve a change in selling price; the buyer or seller can add other terms to the offer while keeping the selling price the same as the previous offer. For example, a seller's counteroffer may agree on the buyer's selling price, but the seller may ask that the buyer pay their own closing costs. Either party has the opportunity to submit a counteroffer after receiving an offer, and the negotiation ends when the final counteroffer is agreeable and both parties accept.