The burden is on the offer. In real estate you list price X, potential offers Y, you counter Z. Potential declines or simply doesn’t sign/respond to the counter offer... back to zero. Negotiation over for that offer “cycle”.
Offer / counter-offer? Audiogon rules
I am a seller. I receive an offer. I immediately counter-offer. The potential buyer declines it. Is the buyer still bound to his original offer for the orignal 48 hrs.?