They priced it almost 100k lower on AUCTION.com - (To get Clicks to their website) "IN MY OPPINION"
It gives buyers false hope they can get this home at a crazy low price. When they already have an offer sitting around waiting for the process to end. List price on MLS was $180k Offer was $175k Auction.com put it at 80k for 14 days, required and Open house - NOONE WON THE BID.
SUCH A HUGE WASTE OF A REALTORS TIME ---- BUT THEY ARE GETTING MORE AND MORE CLICKS - making it seem like a REALISTIC AUCTION.
I will change this comment when my NEW EXPERIENCE, with them results in a TRUE AUCTION.
If the second decided to dig in their heels, then that's what they did. They believed that the home would sell for more if they were to see it pass through Auction.com and apparently they were right.
I don't know how much the first was and if there will be any money left over for the second mortgage holder on closing day.
As to there being "something not right" with the way things have played out...think of how the 2nd mortgage holder feels. Not only are they not going to be earning a profit on that loan but they are taking a loss of the principle that they originally extended to the seller when the loan was given.
If they read this thread they would probably feel that it's not right that the public believes that it should just be an accepted fact that any 2nd mortgage holder should just plan on accepting a $1,000 token amount at closing - and be grateful that they are even getting that.