If a buyer receives a counteroffer from the owner, under what condition can the owner accept a second, better offer?

In real estate transactions, a counteroffer effectively replaces the original offer. When a seller makes a counteroffer to a buyer, it signifies that they are rejecting the initial offer while presenting new terms. If the owner wishes to accept a second, better offer, the essential condition is that the first counteroffer needs to be formally rejected.

By rejecting the initial counteroffer, the owner can freely engage with other offers, allowing them to consider more favorable terms without any legal obligation stemming from the previous counteroffer. Acceptance of the first counteroffer by the buyer would create a binding contract, thereby preventing the owner from pursuing other offers. The requirement for the counteroffer to have been signed is less pertinent, as acceptance or rejection is more crucial in determining the owner's rights to accept other offers.

Thus, the condition under which the owner can consider and accept a second, better offer hinges on have made the decision to reject the first counteroffer.