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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
"One of the things that I've heard from a handful of sources is that - with the Sixers for example - the initial offer that they made, the counter-offer was like, 'We need Ben Simmons in a deal,'" the Ringer's Kevin O'Connor (https://www.theringer.com/the-bill-simmons-podcast/2018/9/27/17911298/jimmy-butlers-trade-saga-with-kevin-oconnor-plus-johnny-bananas-on-the-challenge) said on "the Bill Simmons Podcast"  on Thursday.
So-called salary counter-offers are a growing trend - a measure increasingly used by employers to retain key staff who try to leave.
He believes counter-offers benefit only the employer.
* Counter-offers. You must be prepared to resist a counteroffer if one is made.