After that it's counteroffer or yes.

Every counter offer can then be verbal until an agreement is reached.

We are planning to counter offer with $490,000 with a 5% down payment, 5% interest amortized over 30 years with a 10 year balloon payment.

In section 3 (Time For Acceptance of Offer and Counter-Offers; Effective Date:) of offer A, there is no date given for the contract to be signed by all parties, but Offer B has a 24 hr stipulation for the response.  

The banks don’t want to be dealing with counter offers so they request a “highest & bestâ€, which they will either accept or reject.

Waiting on the bank to accept or counter offer.

I agree with Daniel, maybe if you show him your numbers he will begin counter offers rather than dig in his heels.  

Received a counter offer asking for $215,000.

(Possibly the attorneys on the forums might care to provide their opinions on the above questions for clarification or further discussion)When the bank counters the offer, if it is opposed to assigning the contract, there will be a clause in the counter offer stating that the property cannot be re-assigned.

There should have been mutiple O's done by this time, with either a counter offer or an acceptance, a long time ago.