I went through COB twice - once as a junior and once as a senior.
On the first occassion, I went to the all sorority COB information night and was offered a bid about two hours later.
...on the other hand...
The second time I went through COB I went to two separate events before the sisters started pulling girls aside to tell them if they were getting a bid or not.
Oddly enough, it was the same exact chapter both times! Looking back at my two different experiences, I guess there's no definite rule about how long you should be waiting for a bid. Generally there is a statement on the COB flyer which says that one must attend X number of events to qualify for a bid.
.....Kelly