What can happen to an offer once it has been made but before acceptance?

Once an offer has been made but before it is accepted, it can indeed be revoked. At this stage of the process, the offeror retains the right to withdraw the offer at any time prior to the other party's acceptance. This principle is fundamental in contract law, as it recognizes that an offer does not create a binding agreement until it has been accepted by the offeree.

Revocation must be communicated to the offeree effectively and can occur for various reasons, such as a change in the offeror's circumstances or a better opportunity arising. While an offer can also be countered—in which case a new offer is presented by the offeree—it does not assert the same immediacy as revocation regarding the current standing of the original offer.

Understanding that an offer can be revoked helps clarify the dynamic nature of negotiations in real estate and underscores the need for both parties to act within a timely manner if they wish to solidify a contract.