SSorDIL with close to pay off cash offer 30 day close as is

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My home in Hawaii has been vacant and on the market since June 2006 after living in it for three years to then execute a Civil Service transfer to benefit my disabled wife by living closer to family. We tried to avoid tennants to expedites the sale. At the 12th hour a lease to buy arrangement came in May 07 with the perspective buyer making $20K woth of improvements prior to moving in. No one forsaw that the buyer would eventually not qualify for a loan with little down after his property on another island sold for less than he expected. Our funds finally ran out, budgeted for a Dec close, we haave not made a payment since last Dec. The home remains on the market today with the foreclousure take over of the home in Oct. Last week out of no where someone throws my agent a $475K CASH offer, 30 day close, sold as-is. Wow. The escrow contract is drafted up and ready for me to sign as the buyer already has. I finaly get someone to talk to me at the bank, the short sale mitigation department, to find out the offer is a full pay-off that that being as it may they could not help me. After subtracting closing costs agent fees (6%) etc the house is slight short of the a full pay-off, I'm guessing $25K-$35K. To the best of my calculations we owe ed around $460K last Dec tack on lawyer and late fees, I'm not sure what it is now, the bank won't tell us. My agent has not dealt with a situation as this and informed me my conditions not to seek a defiency of judgement on the remaining deficit the bank will lose on the short sale is up to me to negotiate with the bank tomorrow. I gave up on the home last month and just now learned about about defiency judgements, short sales and today DIL, all over the last three days on line researching. A cash offer as this is powerfull leverage. There is no time to hire any type of attorney tax or real estate, or hire another agent. The buyer is patient but wants to know asap. Should I offer the bank a DIL or short sale or both. Floating the home for so long has me scrambling to get out of a mountain of debt. I'm currently settling a $30K unsecured debt with 70% of the debt forgiven by the bank itself not a debt settlement company, which has me tapped for the next three months. This was before I knew that Hawii allowed deficiency judgments which at this point taking on another 20K would almost certainly create a Chapter 13 situation for my family, if this happens I will withdraw the settlement offer with the other bank. Living now in Calif the advise from people at work who dable in RE informed I could just walk away to discover Hawaii law is to the contrary, HELP!!! A DIL I would assume would expedite the sale and close of the home as the bank could deal with the Cash buyer directly to either settle my mortgage debt completely or small enough the bank would easily forgive. I have a few hours to make a decision. Sorry for the spelling and fat fingered typing. Thanks Bart


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(Source: mortgagefit.com)