822 North Street, once listed at $7.250 million (snort), was supposedly put up for auction last weekend with a minimum reserve price of $3.750. Today it's still on the MLS, reporting a price reduction to $4.2, with a notation that "the reserve has been met". A genuine auction would have seen this house sold Saturday for $3.750 - the fact that the owners are holding that offer in pocket and trying for more says all you need to know about these so-called auctions: they're marketing ploys only, and not genuine.
If I were that bidder, I'd walk, and come back at $3.2 six months from now, if at all.
Shame on the listing broker who participated in this charade.