Getting Paid Proceeds of Sale – Contracts and Questions

A recent report from a Houston television station reported a story in August about an estate sale company that had not paid the seller for an estate sale they conducted and the amount owed was also under dispute. According to information included in the station’s investigation there were two other estates that had also not been paid.

Occurrences such as this are more common than you know. Estate Sales News is researching the internet every week to learn about what is happening across the country. Many of these stories never reach outside their immediate area. Being an informed seller can help protect you from different situations that can arise. Most of the estate sale companies working across the country are honest, hard working people performing professional services, however, as in all types of services there is always a company that is not so reputable.

When hiring an estate liquidator let’s review some must do tasks and questions to ask.

  1. Search the internet for reviews.
  2. When you have chosen a company ask to speak to previous sellers and be sure you make the call.
  3. Reviewing the contract don’t just look at the commission. If it includes costs, but is not specific ask about the costs and consider an addendum with a cap on the expenses (ads, cleanout, etc.) You then know what is the maximum to expect at the end.
  4. If the company gives a time range to pay you the proceeds and it goes as far as 30 days ask why. Most companies like to settle within 2 weeks. If it does take 30 days you need to understand the reason.
  5. Do not agree to work with any estate sale company that does not have a contract for you. You will have no protection if things go wrong.

It is a perspective sellers’ responsibility to research and ask questions. Since the estate sale business has grown so dramatically over the last four plus years, it is incumbent upon you to be proactive when hiring a company. Even a company referred by a friend should be checked out. Past history of the company’s dealings are important and an indication of their business practices.

 

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