What is an estate sale?

What is an estate sale?

What is an estate sale? An estate sale is a potential opportunity for homeowners or beneficiaries to sell everything inside the estate.  This often arises from challenging circumstances such as chronic illness, death in the family, divorce, bankruptcy, or downsizing. You have the option to conduct the estate sale yourself or enlist the services of an estate sales company. Buyers are typically drawn to estate sales for the chance to purchase discounted items, antiques, or collectibles. The guidelines for the estate sale will vary depending on the circumstances. Some estate sales involve legal contingencies and attorneys, while others can be managed independently. 

Estate sale vs Estate Auction 

An action involves selling each item individually. People gather around, and items are auctioned off and sold to the highest bidder. During an estate sale, buyers tend to show up as early as they can. You can buy as many items as you want at the same time. They are typically sold based on whoever shows up first. 

Estate sale vs garage sale 

An estate sale and a garage sale may sound similar, but some key differences exist. During a garage sale, sellers typically gather all the items in their house that they no longer find useful. They then price items based on what they consider to be fair. Garage sales are a way to declutter your home while making a few extra bucks. During an estate sale, sellers are selling everything in the house. It is usually because of spontaneous and unexpected life events rather than just needing to declutter your home. Items are typically priced based on their market value. 

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How to do an estate auction yourself 

If you plan on doing an estate auction yourself, you’ll need to do a little research before you start so you don’t find yourself in hot water afterward. First, you can start by checking to see your state’s laws regarding sales tax and other taxes that may occur after the sale. Before proceeding, you’ll also need to know if you need any permits or licenses. After that, you’ll want to develop a marketing strategy. Determine how you are going to promote your estate auction. A few avenues you could go down for promoting your estate sale are Facebook ads, Craigslist ads, newspaper ads, bandit signs, and word of mouth, to name a few.

You’ll also want to compile a list of the items and determine their market value. Having appropriate pricing for your items is crucial because if you want to sell everything in the home, buyers are likely less willing to buy inappropriately priced items. After you have your strategies, list, and prices for each item, you must execute your plan and prepare for the buyers to arrive.

During your estate sale, you want to ensure you are friendly and courteous to your guests. Your goal is to make sure that everything in the house goes well. If items are not selling, you could discount them as the sale continues. It is better to be paid something for letting go of your prized possessions rather than being left with absolutely nothing.

Likely, you will only sell some of the items you have, so you have to plan on what you will do with the items that don’t sell. You could donate them to charity or attempt to sell them using other avenues such as online marketing or finding a store that buys the kinds of time that you have left over. If all those things fail, you’ll likely throw all your beautiful items into the nearest garbage bin. Throwing everything out won’t feel great, but hopefully, some of your items will be sold. After everything is said, remember to abide by your tax laws. The last thing you want is to get into trouble with the law after being forced to do an estate sale.

Estate sale companies 

Estate sale companies do all of the heavy lifting for you. They typically charge you a flat fee or 25-50% of the estate sale. Items get appraised by professional appraisers, and all the marketing and negotiations are done for you. Estate sale companies are an excellent option if tensions are high during the estate sale. You can sit back and relax while all the work is done.

If there are items that you don’t want to be included in the sale, you can add them to the contract. Some items in the estate sale may have beneficiaries, so you’ll want to ensure that those items are included in the contract stating that they are not a part of the sale. If you forget those, then you could run into some legal ramifications.  

Estate sales are used to sell everything in the home. They are typically caused by unusual circumstances such as bankruptcy, chronic illness, death, divorce, or downsizing. They are not the same as estate auctions or garage sales, although they do share some similarities. They can be performed on your own or by an estate sale company. Estate sales can be highly stressful for everyone involved, but if you take the right avenues for your specific situation, you can make it through with less emotional damage. Now you know if you were just wondering what an estate sale was. 

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