If the property is a short sale you could wait months - I'm not kidding. If it's REO (real estate owned) you could wait days or weeks. Hopefully your agents actually has experience dealing with these situations and working them accordingly.

You can not get banks or government agencies to respond that quickly. If it is a private seller, they should be able to respond quickly unless they are out of state or they need to get other parties who also have an ownershiip interest in the property to agree to the terms. If it is a group of individuals (not bank or government) they should be able to give you a verbal answer in 24 hours. Even if they give verbal approval, it is not binding on them until you or your agent receives a signed agreement back from the sellers. Asking for a response from a private seller in 24 hours, but banks take longer.

If you are working with a regular seller, not a Bank or some other form of corporate entity, you could expect a more immediate response but not necessarily. Its a busy time and sometimes the agent cannot contact the seller, no fax machine or email available, older seller and he want a relative to help them response. On an REO (real estate owned) a bank needs more time than a typical seller but 24 hours will generally not work. If you have chosen professional and knowledgable realtor, she will be working in your best interest. After all she doesn't earn a commission unless you close escrow. However, arrogant seems a little strong to use with a client. A good explanation of why its necessary should suffice.

You haven't stated what the answer period was when you put the offer in. Personally, I wouldn't call it arrogance to wish for a 24 hour. Aggressive, yes. 72 hours is the normal wait time for normal transactions. However, you mentioned "bank". I assume that this means that you are trying to acquire a foreclosed home, correct? You can be waiting for months to get an answer if your agent does not get on the listing agent on a daily basis.

If you are pasted the "answer" date, then you should not be legally bound to purchase the home even if they signed off on your offer. I am sure your agent has discussed this with you. You need to have a serious talk with your agent about this and figure out what you want to do. Buying foreclosed homes is a long dragged out process, if this is what you are doing, and can be very nerve wracking. Your agent should have talked about this in length with you.

Hope that helps,

Terrence Charest, e-Pro