Foreclosure sales are no criterion of values 'for the following reasons:

First - Prospective bidders are well aware of the fact that the auction is not really an open one to the highest bona fide bidder, as the mortgagees and other lienors will, in all probability, bid up to the amount of their respective claims, which are only publicly advertised in the case of liens prior to that under which the sale is authorized, subsequent liens not being disclosed, whereas other judicial sales are almost invariably absolute, positive, peremptory and without reserve or upset price, thus encouraging buyers to bid against each other.

Second - In foreclosure sales the referee has to require payment in cash, while in partition, executors' and trustees' sales, it is very common to state in the advertisement that a large percentage can remain on bond and mortgage at a low rate of interest, if desired, and also to furnish title insurance policies free of cost.

Third - It is the general impression of the real estate fraternity that it is much easier to deal with a mortgagee after he has bid in the property, as time is allowed for negotiations, and easy terms can probably be arranged.