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 ?
It should do -- most employees who accept counter offers leave within six to 12 months.
European Union charter operators are only eligible for traffic rights from Switzerland to destinations outside of the EU if non Swiss operator is prepared and able to provide a counter offer.
The salad counter offers plenty of greens and veggies as well as an assortment of breads and the colourful ice cream bar provides the perfect finish for a hearty eating out experience.
A retail counter offers takeout wine bottles, gelato, and a stunning dessert case with everything from cinnamon-basil chocolate truffles to a pistachio-lime tart.
Beware of counter offers -- it is a well-known fact that employees who accept counter offers are back on the market within six months.
Any broker insulted by these low offers needs to readjust and learn to present them, and encourage sellers to make counter offers.

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