If you have a booking request (rather than inquiry) and you're not on Instant Book you need to accept or decline within 24 hours.
If the guest needs to come back to you on some issues before you confirm the booking, you will need to wait and then maybe three or four ours before it expires remind them they have xxx hours left to come back to you so you can confirm the booking before it expires.
If they don't come back and it's a key point for you, you will need to decline and advise them to submit another request.