counteroffer

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Counteroffer

A second or subsequent offer to purchase an asset. For example, if the asking price on a house is $150,000, a potential buyer may make an initial offer of $125,000. In such a case, the seller may make a counteroffer for $140,000. Counteroffers are only made if the price is subject to negotiation.

counteroffer

An offer that differs from the previous offer in some significant detail.A counteroffer rejects the prior offer by operation of law, and instead makes a new offer that must either be accepted or rejected by the other party.

Example: A seller offers to sell her home “as is” for $250,000.

• A buyer offers to buy the home for $240,000, but the seller must replace the roof and recar- pet the house (counteroffer).
• The seller replies that she will sell for $235,000 “as is” (another counteroffer).
• The buyer replies that he will pay $210,000 “as is” (another counteroffer).
• The seller sees things going downhill and says, “Wait, wait, I accept your first counteroffer of $240,000 and I will repair the roof and carpet.” However, the seller cannot do this, because that offer no longer exists and cannot be accepted.

References in periodicals archive ?
Counter-offers simply buy time for the employer to replace a member of staff and frequently, six months down the line, the employee who has been lured back with a counter-offer will find they no longer have a job.
Trading members are granted full trading privileges that include creating bids, making offers and counter-offers and requesting information on bids.
WebSwap, which uses a patent-pending technology to match buyer and seller listings and completely automates the offer and counter-offer process, gives consumers the option to buy, sell and swap items, including: no-cash swapping, all-cash purchases, or a blend of swapping and cash.
Dealers can either accept your offer on the spot or respond with counter-offers for your review.
WebSwap's technology automatically matches consumers' 'have' listings with 'want' listings and completely automates the process of making offers and counter-offers.
WebSwap's technology automatically matches consumers' haves and wants and completely automates the process of making offers and counter-offers.