Generally, the contract will go to the attorney for both buyer and seller. One of the attorney generates a letter and the other responds. Once both attorneys agree on the terms of the contracts and the addendums with any changes made by the attorneys, you are considered out of attorney review. It can take hours, days, or even weeks.
However, if either party does not have attorney representation, the contract is considered out of attorney review within the 3 days indicated on the contract.
A seller is not required to accept any offer.. An offer at full price may not be compelling to the seller if the terms, financing, and time frame do not meet the seller's expectations.
Even if an offer is cash, here's our proof of funds, we'll put it 100% in escrow within 48 hours and we will close whenever you want.....a seller is still not bound to go into contract with the buyer who made that offer.
Sometimes a seller will price very low as a strategy to generate multiple offers and encourage buyers to offer their highest price and best terms. Sometimes it isn't a seller's strategy to generate multiple offers, but the market responds with several offers.
If the seller on the property which interests has been told there is the possibility of another offer coming, the seller may wish to review that offer before responding to you...if he/she has not already responded.
Once a seller and buyer both sign a contract, the REALTORS will forward to the respective attorneys on the same day, or the next day. REALTORS are generally quick to send off an offer to the attorneys. Once the contract is hands of both attorneys and all parties are notified of same and in receipt of a signed copy themselves, or via their attorney, then attorney review begins. It can sometimes be a bit hair splitting to quote the exact time attorney review begins. Rarely, is that an issue. REALTORS are generally very quick to get the signed contracts in the hands of all parties.
As long as both parties have received a fully executed contract (signed by all buyers and sellers) attorney review is under way.