Be Careful Before Submitting That Counter-Offer

Did you realize that submitting a counter-offer legally voids an offer? For example, if you are offered $1.5 million for your home and decide you are unwilling to accept that amount and counter at $1.6 million, the original offer is now legally void.

In effect, your counter-offer becomes the offer.  If the counter-offer is not accepted, you cannot accept the first offer because it has already terminated.  Many buyers and sellers submit offers and counter-offers quickly, especially in active markets, without considering the legal ramifications of their actions.

You must be very careful when altering any terms of an offer.  Alterations of any kind can constitute a counter-offer which terminates the original offer, making it incapable of acceptance.