Is it likely that a lender would accept a bid of 50% loan value?
Details on the Short Sale:
-House has been actively listed on the market for almost 6 months
-Loan is not in default
-Foreclosure risk is high

This is the first bid we've received and I don't want to go through the hassle of the paperwork if it's highly unlikely that the lender would approve. My hubby & I were just discussing the possibility of not renewing the realtor's contract & looking into a loan modification instead.
To clear up some misconceptions from a previously asked question:
I spoke to the lender; they're not able to give any advice because "all loans/situations are different". They did advise that they'll consider a short sale even though we aren't delinquent.

-We wouldn't owe the remainder of the money. We'd owe tax on it, if that.
-The lender sent out a 'short sale' package when we first listed, but refuses to negotiate an acceptable price range. They are standing their ground that they won't look further into our situation until they've received a bid.
-A loan modification is a restructuring of the loan terms. For example, they'll modify your loan to go from an interest only balloon to a 30 year fixed. And my lender already explained that they'll consider a short sale even if the loan is current.