How to start a bidding war when selling your house?

[Tyler M]

Hello, hope everyone is doing well this summer.

Our family is in the process of trying to sell our home in Orange County, southern Ca. We used a flat fee listing company. We have had the house for sale for almost a year for around 450k. Not too many offers at that price. We got a couple for 400k. I believe the true value to be between 430k and 460k (the same model of home in inferior locations- near the train tracks) have sold for this much. Since we are trying to sell the house ourselves I have done some reading on how to start a bidding war when selling your property.
I was just looking for more feedback from all of you out there. It said often people price their homes low to attract attention from potential buyers.
If the true value is about 440k would it be wise to lower the listing price to 400k or even lower like 375k?

If we get any offers at this point would we tell the bidders that we got another offer for 440k? I believe 440k is more than a fair price for the property. We only have one month left for our listing then we have to pay the $500 fee again. How can we sell this house as quickly as possible for the best price? Also in about a month we have to go out of town for a few months so won't have time to sell it, so its crunch time.

Than you for any ideas,

Chris.