What are the advantages (if any) of putting a property up for auction?

[harbinger]

Is it just a magnet for people looking for a bargain?

You get a quick sale. You might not get the best price.

Does it cost extra to have a reserve price? Is the reserve price private,ie the buyers can not see it?

Sold a property years ago by auction. Discussed my 'bottom line' price with the auctioneers which wasn't made known to prospective buyers. From what I remember when it had got above my bottom line price at auction the auctioneer announced something like we're definitely selling. This didn't seem to put people off bidding on it. From my point of view it was the best thing I did. Crap area and had been on the market for years. Wouldn't have sold it unless I'd gone to auction. Got slightly more than I was hoping for which was a bonus!

That's great to know Northern, thank you. The situation is rather different, good area, unique plot and house (+,+) but dated (-).