Great Question! Generally everything with the bank takes 10-15 days to even process a contract that has been submitted. For example, when you submitted your offer to the listing agent, the listing agent should have submitted that offer to the bank via fax or email(only if they have been assigned a negotiator). If they have not been assigned a negotiator for the property, then the offer was faxed in. Once you fax an offer to the bank it generally takes anywhere from 5-10 days for the bank to receive it. At that point, your offer will be randomly assigned to a negotiator. The negotiator may request multiple BPO to be done on the property by other agents to determine the current market value of the property (this can take anywhere from 5-10 days).
You should also ask the listing agent if they only present one offer at a time to the bank. Some listing agents continue to send in offers to the bank and this only slows down the process for everyone.
After that, the negotiator will decide whether or not to accept the offer or reject the offer. If they accept the offer, this speed up substantially after that. They usually like to try and close near or around the same initial date you put on the offer to close by. That means that inspections and other contingency items placed on the offer need to happen very quickly.
The process can be long, but if accepted will be worth it...hope this helps! Have a great day!