Estate Sale Contracts Are Commitments
Many people moving, downsizing, or selling off a family home, fail to realize that once you have signed an estate sale contract it is binding just like any other contract. You have committed to an estate sale company and they have committed with you. For this reason it is important to you as a seller that you understand the contract and ask any questions. Do not feel hesitant or intimidated to say I don’t understand this clause. The estate liquidator wants a clear understanding between you both and a good working relationship.
Estate sale companies are discovering (especially in packed homes) that sellers are coming in after they begin their setup, and remove items they hadn’t seen in years. This is not the way it works and most estate liquidators have a clause in their estate sale contract that says they may charge you a full commission on any items removed.
Sellers – before you sign up for an estate sale it is “your” obligation to go through and remove or put in one area any items that will not be included in the sale. When the estate liquidator comes to be interviewed and review the contents you want to sell, you should have any items taken out so they can be excluded in the contract and this should be discussed and shown to the estate liquidator. Estate sale companies decide whether they can handle your sale based on the contents to be sold and their expectations of what the proceeds will be. They have costs to be met as well as a profit. It is a business.
If their contract says they can charge a full commission on items removed after the contract is signed or set-up has begun, do not be surprised to see the commission charges for these items on the final accounting and deducted from your net proceeds.
Preparing for an estate sale includes you taking the time to sort and remove items that have a value or sentiment to you.
Estate sales are a financial business and as sellers you need to consider this.
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