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.
So with that said, when dealing in real estate transactions, it is important to know what you want in a home and be able to react quickly when an offer is on the table. People want to sell a home and if another offer comes in and you haven't sealed the deal...they can rescind their counter and move on.
Hope this helps!
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!
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.