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Define Counteroffer in Real Estate

Counteroffer: 

A counteroffer is a response to an offer that changes some of the terms of the original offer. It's like a negotiation where both parties make different offers until they reach an agreement.

Example: 

For example, if someone offers to buy a house for $200,000, but the seller wants $250,000, the seller can make a counteroffer of $250,000. If the buyer agrees to the new terms, it becomes a legally binding agreement.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

A counteroffer is like a game of give and take,
Where two parties negotiate, make an offer, and wait.
If one party says "no" and wants to change the deal,
They can make a counteroffer that they feel is more ideal.

For instance, if someone wants to buy a house,
And offers $200,000 but the seller says "No, mouse!",
The seller can make a new offer that they prefer,
Like $250,000, and the buyer can decide to concur.