Cash is King! That is, if you're at a flea market. A good solid fully approved mortgage loan is just as good as cash in a real estate transaction.
Usually sellers that are banks will give a response in 2 - 5 days. However, it depends on if this is a foreclosure or a Short Sale. If it 's a Short Sale, then it may take several weeks up to several months before the bank will provide an acceptance through the Realtors involved.
What answers and/or advice is your Realtor giving you on this subject?
Keep pressing your agent to get an update.
As far as the timing of an acceptance it might take 3weeks to several months. I assume that this is a short sale. A straight foreclosure sale actually takes less time. The banks are swamped right now with these deals. In addition, the bank might not accept either offer. The bank will do an appraisal of the home and if the bank doesn't think the offer is reasonable they will take the house into inventory (foreclosure) and either put it on the market themselves or sell it at auction.
Go to our website as we have an information section on short sales and foreclosures.