I submitted my HTML template 3 days ago. Today I found a bug in banner section of one of the homepage in mobile version. So my question is will the reviewer hard reject my item because of this bug? Shall I wait for reviewer to send me feedback or shall I delete the item, fix bug and resubmit it? Please help.
If you take a look at Envato Review Turnaround for ThemeForest HTML templates, you will see that the review time is 12 days.
So if you submitted the item 3 days ago, my suggestion is to delete the item from queue, fix the problem and resubmit it.
Just in case you get hard rejected for that reason, then you will have to wait a bit more time.
Hope this makes sense for you 
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Thank you. Well then I guess I will have to delete the item.