There is no set time for hearing back from a lender regarding an offer. Often you are at the mercy of the availability of the asset manager who is responsible for making the deal happen.
Another point is the asset manager and most REO listing agents don't work on weekends. Bank owned homes are a Monday - Friday business.
Source: http://www.zillow.com/advice-thread/Offer-submitted-on-a-Freddie-Mac-foreclosure-property-How-long-do-they-have-to-accept/452037/
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