LOL, someone unplugged my bat phone.
LTD is correct. Owner/Occupants get first crack at submitting a bid or offer. Fannie and Freddie is 15 days I think, HUD is 30 days. Sometimes there is a hold period where they will accept offers and the review all offers on a set time period, then the best offer (for them) is taken.
Offers usually have to be submitted by a real estate agent with access to the proper forms/contracts. (story for another time)
I want to encourage ANYONE looking to purchase a home, if you plan to finance, get your mortgage in place first BEFORE looking at any houses. A letter from a lender showing you have been approved it required now on almost all listings. In the time it takes to get this letter, you could loose your chance to place an offer.
Good properties are going in HOURS, not days or weeks (or months) anymore. Four weeks ago I had a client email me with a new listing that just went into the system within the hour, 30 minutes we were at the property and writing an offer within 3 hours of it going on the market. With a record low number of available properties right now, they are going quickly!