Contracts
A Maine seller's property is listed at $450,000. A buyer submits an offer at $430,000 with a 10-day financing contingency. The seller makes a counteroffer at $445,000 but changes the financing contingency to 7 days. The buyer's options are:
AAccept the original $430,000 offer
BAccept, reject, or counter the seller's counteroffer✓ Correct
CDemand the seller accept the original offer
DEscalate to the MREC for arbitration
Explanation
Once a counteroffer is made, the original offer is terminated. The buyer can accept the counteroffer at $445,000 with 7 days, reject it, or make another counteroffer.
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