What Is – An Online Auction? Estate Sales News Information
Estate Sales News provides information on various types of estate liquidations and selling services. We are starting a series on the various ways to liquidate personal contents and small businesses. Today we feature online auctions. Not all online auctions are for estate sales. We started this series based on the television report last week out of Ohio to clarify what an online auction is .
An online auction takes place on the Internet. Major auction houses such as Christies, Sothebys, and Bonhams condcut online auctions. Many lesser known auction houses do as well. Most people are familiar with Ebay, however, there are other sites as well such as Auction Zip, ubid.com, liveauctioneers.com, onlineauction.com and many others. Some estate sale listing services support them such as EstateSales.net, and Estatesales.org.
The length of the auction depends on the website hosting it and the terms the seller and auction company have reached. Most online auctions feature photos and descriptions which can include measurements or sizes.
There are some estate sale companies that will take the unsold items from an estate sale they conducted and put them up for auction on the internet to clear out the property inventory.
Terms and conditions vary from company to company. Some will feature a buyer’s premium (a commission based on the selling price) as well as a commission from the seller.
A contract should always be in writing and with specifics of the auction detailed. The same basics as an estate sale contract, with differences in terms, commissions/fees etc. A seller or auction consignor should not participate in any form of selling auction, estate sale, consignment or any other liquidation without a written contract that all parties involved have agreed to and signed.
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