What is a counter offer in real estate?

Counter offers are typically handled between real estate agents and are time-sensitive. A counter offer is one of three responses a seller can give to a potential bid — the other two are to accept the buyer's initial offer or reject it outright. The point of a counter offer is to negotiate the best terms and best price for both parties.

Can a buyer accept a counter offer?

If the seller issues the offer, the buyer can accept the counter offer. You should be ready to move quickly in this situation because counter offers expire, just like purchase offers. A seller cannot accept another offer until they reject a counter offer or the buyer doesn’t accept their counter offer.

How much is a counter offer for a home sale?

The seller provides a counter offer of $190,000 with a deadline in three days. The buyer accepts with home inspection and financing contingencies. Then, the sale moves forward. Quick Tip: Expect a lot of back and forth. Everything in real estate is a negotiation. It’s not just the counter offer... Post-inspection updates and repairs. Closing costs.