Adam,
Normally I think 24-48 hours is standard however if you are dealing with an estate situation or a bank foreclosure it make take longer as more people may be involved in the decision making process. The best way to ensure that negotiations happen as quickly as possible is to ensure that you provide all information up front with the offer such as you pre-approval letter from your mortgage broker. Best of luck to you! I hope you are able to settle on a price so you can move into your new home soon;)

Adam, This is the ruling as a Standard of Practice 1.6 Realtors shall submit offers and counter-offers objectively and as quickly as possible. If you are working with a full time agent they will be looking out for you. Gigi Finan

Hi Adam! It would depend on how low the offer was especially if recently listed. It doesn't matter what kind of market you are in, when a new listing comes on, the seller expects full or close to full price if priced correctly. In this area, you are just putting an offer in, there is no expiration date-I have never seen an offer come in with one. Out of courtesy we always have an answer within 24hrs, sooner if the numbers are close and it's a solid, serious buyer. If you are working with a Buyer Agent, they should be on top of it.
Noreen & Wayne, Associate Brokers
Certified Buyer Representatives
Better Homes & Gardens Rand Realty
914-406-5291

I usually ask my sellers to give the courtesy of a reply within 24 hours. Sooner if possible.

I usually try to get an answer as soon as possible for the buyer. If your offer doesn't expire, he can take as long as he wants and as long as you are patient enough to wait for an answer. Hope that makes sense. Also he may want to compare it to other offers coming in for price and terms.
TJ