Definition
A response to a purchase offer in which the seller proposes different terms like price, financing, or closing timeline. Counter-offers are the primary negotiation mechanism in real estate.
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When a seller receives an offer, they can accept, reject, or counter with different terms. Each counter-offer resets the contingency clock and extends deadlines for the responding party. Negotiations typically involve multiple counter-offers before parties reach agreement or negotiations fail.
Pro Tip
When receiving a counter-offer, take time to evaluate before responding. Rushing into acceptance can be costly.
Example
The seller countered the $435,000 offer at $450,000 with a 7-day inspection period and closing in 30 days.