Mr. Beck is correct. The usual response time is 2 - 5 days. However, your real estate agent should work closely with the listing agent. Often times, the listing agent will have an answer before there is anything in writing. While it is best to wait for the written approval, it can be encouraging to learn something right away. Good luck with your first home purchase!
Banks typically take 2-5 business days to respond to initial offers. If the property was just listed in the past couple of days, they may take 5 days to answer (collecting other offers in the meantime). If that is the case, expect to submit your highest and best offer in a week, if there are multiple offers. If it's been sitting on the market for a couple of months, you will probably get a counter in a day or two.
Unfortunately they all work on their own timeline, so your request is just that...a request. Being that there is more than one offer, you may be asked for highest and best offer from all parties, depending on how close the other offer is to yours. Bank owned is all I do, so I see this every day! Good luck!
Thank you Mr. Beck, it has been on the market for close to 6 months, we are one of two current offers (we put in full asking price). Hoping we hear something soon, this is our first home and we didn't know how the process worked. It has been 2 business days, though our agent put in a request in our offer for a response in 24hrs.