Town will not accept drawings from any other architect as we found the hard way.

Either you get to an acceptable net price to the seller, or you dont....just like any other offer.Love the response.

We received and accepted an offer for $225,000. 

@Remington Lyman@Remington LymanWe made an offer and it got accepted, now we are nerviously excited :D @Remington Lyman@Remington Lyman Nice!

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For example, if their lender drags things out and ends up offering mortgage conditions that are wildly different than what we have discussed then I would be forced to accept those conditions or lose $50k.I have also asked if they could lower their earnest money deposit demand to something more reasonable, which they have refused.

Now, we are out of the identification window so we are left with either trying to save the current deal (which involves accepting terms that weren't initially part of the deal or call it quits and pay the capital tax gains on half of the proceeds from the sale.Are there any other options that would be worth considering?

What are some of the challenges an owner would have accepting this type of deal.  

The whole reason FHA developed a short sale method is to reduce the loan balance down to reality, down to what the home is worth, down to the value of the collateral at the bank accepted. if they had the cash, they wouldn’t be behind on their monthly payments.You're right I overlooked that part.

Then, if the amount is less than the asking price, advise you on the chances your offer may be accepted.