When a buyer is interested in your home, they will make you an offer, in which they will specify the price they are willing to pay along with other details, such as the closing date, making the offer contingent on a satisfactory home inspection or other contingencies, and other details of the purchase. Typically the buyer will make a deposit of “earnest money” to demonstrate that his offer is serious and in good faith.
You can accept an offer as is, reject it outright, or make a counter-offer. A counter-offer legally constitutes a rejection of the original offer, so if you make a counter-offer that the buyer then rejects, the buyer is also released from his original offer. It’s not uncommon for several rounds of counter-offers to take place as the buyer and seller each move toward the middle to arrive at an agreement.