I'm headed to an auction of a home in Novato

I'm leaving shortly to attend an auction of a home in Novato. This is a 4BR/2BA listed since January for $448,000. I spoke with the listing agent (from San Francisco) who says that when a previous buyer backed out, she decided to co-list it with the auction company. They re-listed it on the MLS for $199,888, which is a ridiculously low price for such a home. This attracts hordes of interest and a good turnout for the auction, but the home would never sell at that price, since they have an unpublished reserve, and unless it's met, it won't sell. If bidding stops short of the reserve, only the high bidder will be notified of the reserve.

This type of auction is unusual in Marin County. I've been to a couple of these before and will go to this one prepared to bid, but expecting that the price will be at least $375,000. Stay tuned and I'll tell you how it turned out.

Peter Nielsen, Peter@MarinRealtyExperts.com