What must an owner do to accept a better offer after making a counteroffer?

To accept a better offer after making a counteroffer, the owner must withdraw the initial counteroffer before they can accept the new offer. Once a counteroffer is made, it effectively nullifies the original offer from the buyer. Therefore, for the owner to move forward with a more favorable offer, they must first communicate the decision to withdraw the counteroffer, which allows them the freedom to accept the new deal. This notion is rooted in contract law, where once a counteroffer is on the table, it takes precedence over the original offer and must be rescinded to explore new options.

The other options do not align with the correct process. Simply notifying the buyer of the new offer does not grant the owner the right to then accept it without first withdrawing their counteroffer. Waiting for the buyer to respond keeps the original counteroffer active and doesn't facilitate accepting a better deal. Offering a different price to the first buyer might confuse the negotiation dynamics and does not adequately address the need to resolve the existing counteroffer before assessing new possibilities.