Becky,
I have never auctioned off a house, but I have bought things at auction. I think that selling your house that way could create new interest in your house. You could even end up with a bidding war...a possibility but not a guarantee.
Some things to consider if you decide to do this...
- I think auctioneers usually take 10% of the final bidding price. Who will pay that commission? The seller or the buyer?
- If it were me I would certainly set a minimum reserve price that I would go no lower than ??????? whatever.
- Is there a commission to be paid if the house doesn't sell? What is it?
- Are the improvments that you are making really necessary in order to sell in this market? Or are they making it impossible for you to lower your selling price?
- Have been on the market for a really, really long time?
- Have you been getting the exposure to the internet that is required in today's world of real estate?
So many more questions to ask. My uneducated opinion...it is mostly bargain sub, sub, sub, basement hunters who buy at auction, in this type of market.