The results of the foreclosure this weekend seem to validate the lenders behavior as well. We have already seen plenty of evidence of short sales nd REOs posted on line and lenders not being very negotiable at all with the pricing and nixing many offers IN the advertised price range. It all depends on what the loss mitigation department thinks. As we saw this weekend, the foreclosure auction lifted alot of homes from the REO departments these lenders have AND at pretty good prices. SDR called it perfectly, the low advertised price is an attempt to stimulate a bidding war.
