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So I got some more info last night which I think will be helpful. According to the listing agent, there is only one mortgage on the property and they owe $260k on it. It sounds like the bank will clear the seller's debt when / if the property sells, now it's just a matter of how low of an offer the bank will accept.
The less back and forth you have to do with a short sale the better. The approval process for the actual sale can be cumbersome and every time there is a change most lenders do a complete re review of all information which can delay the sale. Your USDA loan has an expiration on the guarantee so why waste the time?
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