Piece of the Pie
The biggest challenges right now are the seconds, who want 10 percent of what’s owed, but who are offered only $1,000 to $3,000 by the first mortgagors.
Lien Holders
There are also lien holders who, for whatever reason, opt to ignore the very phone calls, e-mails, and faxes that will get their deals to the closing table. Maybe they don’t want to settle for a lower cost, or maybe their departments are overwhelmed with distressed property sales. In many cases, lien holders fail to realistically consider what it would cost to do a short sale, versus having to foreclose, which is must more costly.
Paying Utilities
Some short sellers sellers stop payment of utilities, taxes, association dues, and any other necessities while they await the close of eviction.
