Hi Grace,
This home is what we call a short sale, that means the mortage on the home is more than the home can sell for. So the seller with the help of their agent are trying to negociate with the lender to take a loss. They may have or have had offer's on the home already, sometimes it takes anywhere from three to six months to settle these. Alot of buyer's cannot wait this long, and they recind (withdraw) their offer and find another home. These homes can be an amazing value for the buyer who is willing to wait. The lender's are so backed up with these and cannot hire more staff to handle these because of the huge losses they are incurring. Hence the long negociating time.
I have several listings of short sales and can tell you some lenders are a little faster than others,but each case is different. If you are interested in these types of amazing value homes I would be more than happy to explain in detail the process to you. Feel free to give me a call anytime at
Rita Legan 440-227-4461 or my email at rlegan@kw.com
I also offer a free, nobligation search at http://www.getallMLShomes.com
Hope this helps,
Rita Legan ASP Staging Realtor and eagent