They may also be donated. Many donation companies will pick up larger items if requested. If you are planning an estate sale, there are a few tips to keep in mind that can help you create a successful and well organized event. The more you understand about how estate sales work, the more you can make from your sale. Be clear about how much you expect to make from an estate sale. Estate sales can take a lot of work to plan and put on, especially if you are doing so on your own.
If you have a lot of high price items you'd like to liquidate, you can consider setting up a free consultation meeting with an estate sale service to see if having an estate sale is the best course of action.
There's no right answer about timing, and depending on the circumstances, you may not have a choice. Some argue that the best time to hold an estate sale is in the winter time, when there's less competition with yard and garage sales.
Others note that there is no right or wrong way to hold an estate sale. With solid advertising, great pictures, and good staging, attracting a crowd can happen any time of year. Estate sales will sell differently depending on location, as well as types of items available.
Trends can also influence what sells at one sale versus another sale held later on. Items that tend to sell well include:. If you ask too much for items, they won't sell.
Price items correctly by checking on similar products on eBay and other bidding sites. Make sure your pricing is competitive and not overly high. You can also speak with an antique specialist , or hire an estate sale company to help you with pricing. Make sure items have an easy-to-read and large price tag. If you are interested in selling certain difficult-to-sell pieces, mark the prices down on the second and third day. You need to get the word out about an estate sale.
There are several ways to do this, and it makes sense to work with more than one:. Estate sales may take up to three weeks to plan, and can require a lot of organization and research to finalize. Making a to-do list for yourself can help you handle everything in an organized way. These are some of the tasks you may want to include on a checklist:. It can be daunting to hold an estate sale on your own, and there are companies that specialize in helping you. Good estate sales companies are typically licensed, bonded, and have good references for you to review prior to hiring.
These companies take a percentage of the total sales usually about percent and assist with pricing, set up, staging, sales, clean up, and handling unsold items. Hiring an estate sale company usually takes a lot of the burden off of the individual in charge of liquidating the estate, but it isn't always worth it for a smaller sale or if you need to make a certain amount of money from the sale. Estate sales present a great opportunity to buy and sell unique items that are already staged in a home.
Whether you are shopping at an estate sale or planning your own estate sale, your knowledge of how the estate sale process works will help you navigate this type of sale with success. A Basic Guide Learning how estate sales work can help you be a smart shopper or even hold an estate sale of your own. What Are Estate Sales? Reasons for Having an Estate Sale Understanding how estate sales work means having a sense of the reasons behind them.
Estate sales may take place for several reasons: Because of a death in the family Due to a divorce Because a family or individual wants to redo their home Because a family or individual is planning on moving Because a home was inherited from a family member who has passed away, moved into an end-of-life care facility, or has been hospitalized long-term. What to Expect When Shopping at an Estate Sale An estate sale will have a larger inventory than a garage, yard, or tag sale, and items may be slightly pricier, although cheaper than buying retail.
Estate Sale Etiquette and Rules Different estate sales will have unique rules and regulations. Other times, you might be able to take an unsold item to a specialty shop or consignment shop. This is often the case with large or expensive items such as a piano or valuable artwork. This is the question most people worry about when they want to know how estate sales work.
Unfortunately, there is no easy answer. It depends on what the probate judge has mandated. For example, if the proceeds from the sale are to be divided among several beneficiaries or heirs, then you will have to wait to get your share. However, if all of the proceeds are yours, then the company will pay you right away, minus their commission and any expenses in the contract i. Once the sale is completed, you can move on to the next item: selling the property.
Your best bet is to find a local Realtor using UpNest. You will receive competitive proposals from the top real estate agents in your local market. They can help you stage, market, and sell the home. Primary Menu UpNest. Search for: Search.
What is an estate sale? The most common reasons for an estate sale are: The homeowner passed away without an heir, and the court has ordered the liquidation and division of assets among beneficiaries The heirs of an estate cannot decide what to do with it and the court orders liquidation and division of assets The heirs of an estate are not interested in keeping it The deceased stipulated in their will that an estate sale take place Occasionally, a homeowner will have an estate sale because they wish to liquidate all of their assets to downsize or to move to another country, but these are a very small percentage of estate sales.
Agents Compete, You Win. What Hurts a Home Appraisal? Jeff is an expert in the field with a decade of experience. Some companies use a Number System , and they usually have some sort of policy concerning this, so be sure to check with the individual companies for their rules.
There are also companies that use the Self Start Number System. This type of system is vulnerable to many abuses, and companies that use this system usually do have a strict policy on how they are handled. Sign-up Sheets are also used and are similar to self-start numbering.
Again, there is a chance of abuse here too. Some companies allow everyone in line to enter the sale, and others have limited access. Please enable JavaScript to use key features of the site. If you need help, please contact our customer support. What is an Estate Sale and How does it work?
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