Counteroffer
Categories: Banking, Company Management
You put your house up for sale and list it for $300,000. A couple comes in and offers you $200,000. You reply, “No way, Jose” and come back at them with a counteroffer of $295,000.
A counteroffer is a secondary proposal that comes in the wake of an offer that doesn’t meet your terms or conditions.
It’s worth noting, however, that once you’ve made a counteroffer, you are now engaged in the legal process of negotiation. You can’t just take a better deal. That’s why you need to put terms on the counteroffer, and say that they have a certain amount of time to accept or counter your offer.