| Estate sales are sometimes much like garage sales. | | | | sale (preferably by one or more of the companies |
| These types are best for liquidating a house full of | | | | being considered) and take notes on how the sale |
| furniture and other items that are somewhat | | | | was conducted. Things to note are security, customer |
| unremarkable and might be found in anyone's home. | | | | service, the fluidity of the event and overall |
| These sales typically do not include items of | | | | presentation. This will likewise help determine which |
| exceptional value such as jewelry and antiques. | | | | company offers the best service, regardless of their |
| However, when more valuable items are involved, | | | | commission or fees. |
| estate sales usually take the form of auctions. While | | | | Before and during the sale, the company will offer a |
| typically for liquidating the assets of a person who has | | | | number of services that are key to a well managed |
| passed on, these sales can also be held if the owner | | | | and successful event. These services can include |
| has a need to dispossess themselves of their personal | | | | targeted advertising, professionally organizing all the |
| property in order to relocate or raise cash. | | | | items, properly appraising them for fair market value |
| Formal estate sales are complex to plan and facilitate. | | | | (many people mistakenly throw away valuable items), |
| They require cataloging, organizing, appraising, and | | | | clearly labeling all prices, cleaning and displaying all items |
| auctioneering. These are far more complicated than | | | | to bring better prices, and the auctioneering and |
| garage or yard sales. For this reason, individuals usually | | | | collection of monies. Moreover, these services will be |
| hire a company that specializes in such sales. These | | | | able to determine the true value of known valuable |
| companies coordinate the efforts, inventory the | | | | and rare items. |
| property, value said items, promote the sale and | | | | The sale itself can run from a couple of weekends to |
| comply with legal issues such as probating assets. | | | | several days. You should expect there to be a presale |
| What's more, estate sale businesses have an | | | | for friends and family before the sale to the general |
| established following which practically guarantees | | | | public. On the last day of the sale, significant discounts |
| customers. | | | | might be offered to clear remaining items. If items still |
| In order to choose a reputable company to hold an | | | | remain unsold, many estate sale companies offer a |
| estate sale, online searches are helpful, as are | | | | "cash buyout" as part of their contract and it is usually |
| referrals from friends or relatives. You'll want to find a | | | | based on a percentage of the asking price. If there isn't |
| company that is both insured and bonded. Once you | | | | a buyout provision, consider donating the items to a |
| have two or three prospects, interview them and ask | | | | favorite charity, and don't forget to get a receipt. |
| if they will provide a detailed contract for your review. | | | | For sold items, the service should present an itemized |
| Typical commission for auction companies ranges | | | | accounting and monies will be settled at that time. Tax |
| from 20 to 35 percent. Alternately, they may charge a | | | | assessments on estates vary from year to year and |
| flat fee, or a combination of both. Also, ask for | | | | state to state, so consult with a tax professional for |
| references, and investigate their Better Business | | | | more information. Professional services will greatly |
| Bureau standing. | | | | benefit individuals both in planning and maximizing sales. |
| It's also a good idea to take the time to visit an estate | | | | |