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No. Not necessarily...it depends on timing and what has happened
That is, to answer your question
Can buyers or sellers pull out anytime during the offer/counter offer process?
It depends on timing
IF there is a contract ?
Then both sides are bound by the terms of the contract.
But if there is no contract? Then there is not contract (and either side can walk with no legal recourse)
SO it depends on if there was a contract
I offer to pay you $5 for the shoes on your feet. You say OK? We have a contract.
But I offer the $5 and you say, no $6. If I say OK, we have a contract...otherwise there is no contract
Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.