Short Sale advice?

[purenergy]

Our "investment" home is with ASC; second with GMAC. We are in the LM dept. w/ASC, currently asking for Loan Mod. GMAC has offered to settle for about $10K on a $117K loan. Balance w/ ASC (w/o penalties, etc.) is $417K.

Tenant has moved out, but still has keys (i.e., legal possession) & vindictive attitude, so we are having to complete the UD process.

We put the house on the market about a week ago. We got an offer last night for full asking, short sale price: $399,950.

So today we will talk with agent. ASC rep told me to leave our paperwork in Loan Mod dept. until we got an offer in (just to prevent Trustee sale, etc. Date has been moved once and we will need to get it moved again -- new date is Oct. 29).

Any suggestions on how to best approach ASC? From others' experience, how do these numbers look?? I am assuming we will want to get the offer over to ASC today (Friday).

Thanks for feedback.