The Counter Offer may be used by either the Buyer or the Seller in response to an offer or a previous Counter Offer. Typically the counter offer is a chance for the buyer and seller to negotiate terms. In a strong market it is important to present your highest and best offer for the greatest likelihood of an accepted offer. A competitive market can, and may, eliminate negotiations between the buyer and seller. Once a counter offer is received, the buyer or seller has the right to accept the proposed terms, cancel the agreement, or issue another counter offer to the other party.