Category Archives: Appraisals for Estate Sales USPAP
EstateSalesNews.com has been honored by asking to speak at this years International Association of Appraisers conference.
We will be speaking about selling out the house and how to avoid the pitfalls of estate sales.
The conference this year is in Chicago, IL.
We will be addressing that conducting estates sales are a business, not a hobby.
Understanding the estate sale contract.
Why ISA (International Society of Appraisers).
What to do with left overs from estate sales and wearing three hats for one client.
We are excited to have this opportunity to speak about a subject we embrace and encourage and to such a prestigious group as the ISA.
Today is the start of another weekend of estate sales and their are thousands taking place across the country.
Please look at these websites for estate sales in your area.
2017 is ushering in new challenges for estate sale companies.
New liquidation firms (auction houses) in particular are expanding to meet the constantly changing requirements of liquidating personal property.
Many auction companies have been servicing the public selling their personal property, however, bigger auction houses are now becoming engaged with liquidating personal property that they otherwise would not auction off.
Once again the term vetted is being used, but the question is who sets the vetting requirements and standards? With no national requirements it is important that sellers ask in depth how a company determines what vetting requirements they have and how they arrived at them.
Many associations require specific requirements from their members, however, this is not a national or state regulation. USPAP – used in appraisal (mainly real estate, but also for appraisers of personal property) is one of the few regulated requirements. Please see the USPAP article in our archives by Judy Martin, ISA, CAPP. Just type in USPAP in the search area on the left side of the front page.
Estate sale companies are challenged by these new firms entering the market place. Established estate liquidators have a working knowledge of personal property and the many needs for a successful sale. Auction companies that also sell personal property on a regular basis also understand what is required for them to succeed.
Sellers as recommended several times here on EstateSalesNews.com be sure you do your own due diligence. Take responsibility before you sign a contract with a company that you are satisfied you have asked all the appropriate questions and feel trust and confidence in the liquidator you are hiring. It’s your financial bottom line.
Estate Sales News is excited to share the new features and advertisers joining us starting tomorrow, April 1st here on the Front Page.
Our newest advertiser is Estatesale.com a website that lists over 3500 estate sale companies (and growing) and advertises estate sale companies, estate sales, tag sales, and moving sales. They offer free email notifications of the estate sales on their website and are based out of Roaring Spring, Pennsylvania.
Our new monthly guest author is Judy Martin, ISA CAPP from Wheaton, IL. Judy wrote the article that is part of Estate Sales News about what is USPAP! She is the past President of the International Society of Appraisers (ISA), a nationally known appraiser and speaker and she along with her daughter Kate offer ISA appraisals, estate liquidations and own a high end consignment shop, The Perfect Thing in Wheaton.
Estate Sales News will also be offering estate sale companies only SEO consultation and a tab to access this information needed is on the top right side of our Front Page.
You can subscribe or register with us on the upper left side of the Front Page to receive newly published articles and you can follow us on Facebook, Twitter, Google+, Pinterest, and YouTube.
We are passionate about estate sales and the estate sale industry and we thank you for being part of our audience.
As the estate sale industry continues to enlarge by leaps and bounds estate liquidators are choosing to what types of sales they want to handle. This applies from the east coast to the west coast and from the north to the south.
Some estate liquidators prefer to handle only high value estates (designer furniture, gold and silver jewelry, listed art and glass etc.). It means they handle fewer sales, but they expect greater financial returns for the seller and their commissions. Many other estate sale companies work with the average house contents (furniture, kitchenware, lawn and garden, clothing etc.) They may hold more sales, but they too provide a much needed service. Then there are companies that will work from a 1 day sale (usually a partial contents) to a 3 or 4 day sale including a hoarders house.
Whatever company you choose, ask how they obtained their experience and knowledge.
Remember that retail prices do not apply to estate sales. It’s like buying a car, once it leaves the lot the price declines. Unless it is a one of a kind, extremely unique or a rare antique, it will not bring the price you purchased it for.
How your items are priced will determine how successful your sale is (that is not to suggest anything be given away in price), but it is important to price right. That also does not mean that eBay is the only source for prices. There is a host of available data on the internet to assist with pricing not the least of which are professionally trained certified personal property appraisers.
If you have just a general contents home or property find the estate sale company that will be competent, knowledgeable, and excited to bring you financial success.
Remember it isn’t what a company sells, it is how well they succeed at what they are selling.
When an estate sale company has a face to face interview with a seller this is the time to ask them about pricing. How do they arrive at the prices placed on merchandise, do they need the assistance of a certified appraiser, and what if the estate sale company and seller disagree on prices for various items.
An experienced estate liquidator should be familiar with the selling prices of most items in their local area. If there are unique or highly valuable items will they bring in a certified appraiser or research on the internet. An appraiser can provide insurable value, replacement value or market value. Each is different.
An estate sale company cannot give you an accurate value of the estate without spending a considerable amount of time (which most would or should charge for) because not only is research required, but time must be spent going through every cupboard, box, and drawer to ascertain there aren’t any hidden gems they are unaware of. Time is a valuable commodity for an estate liquidator and an accurate assessment requires time and that costs money in many instances. The best answer a seller should expect is that the estate or moving sale will produce financial results, but until the company is hired and working they can’t give an evaluation and even then factors such as weather, the local economy and other area activities and sales on the same weekend can also have a part in the economic outcome of the liquidation.