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Recruiter here, yes first mentally process and prepare for counter. It's typical for a second call.
Unless it's a laughably low offer, I will usually wait a little while. I want them to think that I did my due diligence, even if I know I'm going to counter.
I agree with principal recruiter 1. I always process it and prepare for a counter offer. I usually come back with a counter offer later that day or early the next day.
Mentor
Immediately if it won’t work otherwise I wait about a day