A sellers response to an offer to purchase when the offer contains conditions not acceptable to the seller. Agency - Describes the relationship that exists between a Realtor and the buyer and /or seller.
A status of a credit request that results when a lender does not approve credit under the originally requested terms. The lender requires some other action by the applicant such as accepting a lesser dollar amount on the loan, arranging for a co signer or guarantor, or the presentation of additional collateral.
An answer to an offer. If a prospective Purchaser presents an offer to purchase a property to the owner of the property, that owner may accept the offer as it stands, reject it outright or respond with a "counteroffer" which changes certain terms of the original offer. Upon receipt of a counter offer, the buyer may answer the counteroffer with a counter offer #2, and so on.
If an Offer to Purchase is NOT accepted by the seller, the seller may alter some of the terms and then present a Counter Offer to the buyer. The buyer must then look at the alterations made and decide whether or not to accept them. The buyer also has the option to further Counter Offer the seller.
A response to an offer - occurs when either party in a real estate transaction alters the contract's terms before the final signing. Typically, the counter offer is the seller's response to the buyer's initial offer.
An offer in response to an offer. 'A' offers to by 'B's' house for $20,000 which is listed for $22,000. 'B' counter offers 'A's' offer by stating that he will sell the house to 'A" for $21,000. The $21,000 is the counter offer.