The Real Estate Encyclopedia
How Do Counteroffers Affect The Original Offer?
Category - Home Buying Questions - General Home Buying FAQ's

If any change is made in an offer or a counteroffer is submitted, the original offer is void and the counteroffer includes the new terms of the contract.  At this time, the legal positions of the parties to the contract are reversed.  Sellers and buyers must be aware of this fact, since a counteroffer provides the party holding the legal rights to walk by not responding to the counteroffer.  Many negotiations have been terminated by one or the other side taking advantage of this opportunity.  Thus, counteroffers should never be taken lightly and must be viewed as a potential deal breaker or risk to the completion of the transaction. 

 
Category(s)
Home Selling Questions - Agent, Offer & Commissions FAQ's
Home Buying Questions - General Home Buying FAQ's
Home Selling Questions - General Home Selling FAQ's
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