Buyers are typically the first party to make an offer.  That purchaser would like to avoid any delays in finding out whether his offer has been accepted by the seller.  If the offer is rejected, the seller’s broker will draft a counteroffer and must do so within the time limit provided by the buyer in the original offer.  In other words, the buyer puts a time limit on how long the offer will remain open to the seller.  If the offer is not accepted or countered on, the offer will automatically terminate and the buyer is entitled to the full refund of his/her earnest money.