It is very important as an agent to explain to your buyer that when they reject a counter offer there are consequences. Most importantly, there is no acceptance and the seller is free to sell to someone else. Even though the seller put their counter offer in writing, if the buyer rejects it verbally but later wants to accept the seller’s counter, the seller does not have to honor their written counter. The buyer may have been trying to use the rejection as a sales tactic to get the seller to accept the offer, but this can be a double-edged sword. In the article below, the seller accepted another offer after the verbal rejection from this buyer and the buyer was disappointed.
This was a very good legal tip written by Peg Ritenour, OAR Vice President of Legal Services/Administration – See more at: http://www.ohiorealtors.org/2013/08/19/legally-speaking-can-an-offer-be-accepted-once-its-been-rejected/#sthash.eDqW2TJX.dpuf
Thanks for the legal tip Peg!
JZ

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