Counteroffer

After you submit your initial offer, the seller will either accept your offer as it was made, or the more likely scenario, they will make a counteroffer. Most of the time the item changed will be the sales price, but the sellers can change any element of your offer and submit it back to you for you to accept, in essence making you a completely different offer. You can accept their offer, submit a counteroffer to theirs, or reject their counteroffer entirely. If you choose the latter, then they cannot go back and accept your initial offer unless it is resubmitted by you. This whole process is about finding a common ground on which to move forward with the transfer of property.