COUNTER OFFER
A response from seller to buyers offer. Its purpose is to modify the terms of the offer (could be to increase the price and/or other factors).
Buyer may accept sellers Counter Offer or may issue a new Counter Offer of his own. Negotiations proceed with buyer and seller making Counter Offers until agreement is reached or one party chooses to reject a Counter Offer.
If agreement is reached the Counter Offers are incorporated into the contract.
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345