Estrada,
It sounds like a "Short Sale" if so, you will be in for a wait to here back from the lender whether or not your offer price was approved, if there are 2 loans it could take longer it all depends on where the cycle is and if they have bank approval to do a Short Sale. If it is a regular sale or an Reo you should here back with in a few days to a week.
As always feel free to contact me with any questions.
Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256 - Wed Dec 2 2009, 11:44