What is a counteroffer?
The Bankrate.com financial term of the day is: "Counteroffer"
When you're selling your home and get an offer that has you saying, "You've got to be kidding!" you can try to nudge the buyer toward something more to your liking by making a counteroffer. It's part of the buyer-seller negotiating process. With a counteroffer, you reject the previous offer by putting forth an alternative with different terms, such as a higher purchase price or quicker closing date.
A counteroffer is your way of saying, "No thanks -- but how about this instead?"
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See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in Los Angeles.
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