Dan,
Good question! If the Buyer has not signed the counter offer yet you can rescind the offer if put into writing. If the Buyer has signed the counteroffer you are technically under contract. If your working with a broker they should understand this. I would have your broker or you call the Buyers broker and ask if they have the counter signed and in their possession. If they don't, then write up a letter rescinding your counteroffer. If they say they do have them send it to you right away. Sometimes they might know their Buyer will be signing the counter, but do not have it signed yet. Good Luck!

Chris Gempeler

Dan: I agree with Mr. Walden's answer. The key is whether the other party has accepted (and communicated that acceptance to you). If you want to withdraw the counteroffer, you must do so in writing and get your withdrawal to the other party before that party accepts your counter. Good luck.

Dan, hopefully you have not had an "acceptance" of the counteroffer - if not, then I would immediately withdraw your counteroffer in writing - my sense, and I am not an attorney, is that the critical issue here is whether the counteroffer has been accepted and communicated back to you (or your agent if you are using one). The response date is only a date that causes your counteroffer to terminate if not accepted.

My observation and experience is that it is very difficult in Colorado for a Seller to terminate a contract unless the Buyer requests something new (for example during the inspection process - even then, the Buyer still has a right to move forward with the purchase even if the Seller does not repair the item)...so, if you do not want to sell under the terms you proposed, I would move quickly to withdraw (in writing) your counteroffer.

Let us know how it turns out - good luck.

All real estate is local but, I will go out on a limb on this one.

Until a contract is ratified by all parties to the contract, it can be cancelled. Until an acceptance is communicated, anything can happen. Can they effectively cancel prior to acceptance of the counter? I would certainly think so.