Anyone who is a gambler, or has been successful in business, knows that, based on the hand that you are dealt, sometimes you have to hold them and sometimes you have to fold them. It all depends on circumstances, risk, consequences and throwing good money after bad.
This nail-biting gambling scenario often comes up during the course of a short sale or a foreclosure sale. I have seen times when the homeowner, realizing that the end was coming, managed to get a distressed property on the market and that person was able to come out okay -- at least minimizing losses or even making a small amount of money.
I have seen other circumstances when the seller, determined not to move out or let go, waited too long prior to looking at realistic options as to spin control. That person, by the time it was all over, ended up with no house, the bank had it, no money and all the person had left was a bad credit score.
Then, of course, do I dare go there, how about that one time when the seller, totally out of money, held out way too long. When it was all over, there was just not much left. The circumstances are too sad to describe, so a photo from the scene will have to suffice.