A counteroffer is a response to an offer that has been made for a property. When someone makes an offer to buy a property, the seller has the option to accept the offer, reject it, or make a counteroffer. A counteroffer can involve changing the terms of the original offer, such as the price, the closing date, or the contingencies. If the buyer accepts the counteroffer, it becomes a new and binding agreement. If the buyer rejects the counteroffer, the negotiation process can continue or come to an end.