How long should it take to get the accepted offer or counter offer from the bank? 

you made a strong bid and they do counter offer All depends on demand and  in this case it appears you should have a good chance of success Good Luck!!

An $8,000 counter offer was made.

I agree with @Brian Pulaski for an all cash offer that's pretty good. as an agent I would've advised my client that your asking 169k and 155k is slightly low but I would've had him submit at 155k and hope for a counter offer at 160k to 162k.

Had someone given me an offer lower than I got them for, I probably would have accepted it and just renegotiated the asking price with the seller because I’ve built enough rapport with them and for me it wasn’t really about making the money for me it was about finishing the process and helping her with her situation but no offers to counter offer.

Here's what I have going on:  I placed a bid and got a counter-offer today (Wednesday). 

They even give you a chance to make a counter offer.

Listed at 225 the counter offer / bottom offer is 198k.

Well I put in my first offer on a 3 unit MFH this past week and it was rejected...without a counter offer...and was told my offer insulted the seller!

Advertised price - $125 K Offer Made - $77KCounter Offer - $105K  (Counteroffer accepted by buyer) Appraisal came at - $124KProperty is performing well - minus some tenant headaches of getting paid on time.