Auctioning House vs Selling Thru Realtor?
Hi all -
We're selling the house I grew up in. Mom is now living in a retirement community, Dad is deceased, my only sibling lives out of the country.
The house is about 140 years old, in decent shape but needs work (mostely cosmetically. Structurally great, typical house that older people have lived in for 50 years). It's over 1/2 acre of land in a nice community.
We're auctioning most of the furniture, etc., and the auctioneer has suggested auctioning the house. There is no requirement that we accept any bid (can refuse the highest bid if it's not acceptable). From what I'm thinking, we can put the house on the market and it might sell or it might sit for ages in this market, or we can auction it and potentially sell it that day.
The realtor would charge 4% commission. The auctioneer typically has a 10% premium, but told me he usually gives 1/2 to the seller.
What do any of you think of this? Have you had experience with it? We're in Massachusetts, by the way, if that helps to know how the market is (bad).