You do not mention that the seller has signed or accepted the offer. If I proceed on the assumption that the seller has not yet signed or accepted, then my response is:
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.