Category Archives: Estate Sale Contracts
The top questions sellers ask about estate sales is based on our Google analytics. We offer this review with links to pages on our website to answer some of these questions.
#1 Estate sale contract – what to know and expect. Estate sale contracts.
#2 Downsizing or moving, estate sale or garage sale and what’s the difference.
#3 Estate sale costs. What you need to know.
#5 Estate sale clean outs – under estate sale contracts.
On this Thursday as estate sales begin for another weekend we hope these top five EstateSalesNews.com topics answer some major questions.
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.
Here is an updated checklist for estate sale contracts for estate sale companies and sellers.
We are not an attorney, but these items should be included and understood in the estate sale contract.
The estate sale contract should lay out in clear language.
- Name of the estate sales company
- Name of owner/s, heirs, or attorney
- Date of estate sale contract
- Address where the sale is to take place
- Dates the sale is to be held and time
- Dates the estate sale company will be given access to setup and price
- Any items excluded from sale on addendum when contract is signed
- Utilities – electric, plumbing, heating and air conditioning should be working
- Liability insurance for estate sale company
- Homeowner must have active homeowner insurance policy
- Ramifications of removal of items by sellers after contract is signed
- Fee or commission that will be charged if items removed or sold ahead by seller
- Cancellation clause of contract
- Party responsible for advertising and costs
- Who is responsible for obtaining and paying for any permits required
- Cost of sale, commission, fee, any additional sale related costs
- When seller will receive net proceeds and form of payment to be made
- Will seller receive written account of sold items and what it will or won’t include
- Who is responsible for the clean out when the estate sale is concluded
- If estate sale company cleans out any costs associated with clean out
- Any additional costs for appraisals or specific appraisals
- **If needed winter expenses and responsibility, i.e. plowing, shoveling, sand etc.
Visit the top of our front page for Choosing An Estate Sale Company.
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 sale experience counts for education information.
Whether you are writing a blog or a newspaper article, providing information on estate sales from sources with estate sale experience is essential.
This also applies to estate sale advertising websites that offer tips or help and those that hire bloggers to write for them. Actual life experience as an estate sale liquidator is invaluable.
The more popular estate sales become, the more bloggers, reporters and other websites try to provide informative estate sale information to help them financially and increase their website ranking.
What is required to make the information useful and assist perspective sellers. Have you conducted an estate sale or been part of the estate liquidation business for some time?
Nothing can replace experience in the estate sale industry. Understanding the contents and requirements that should be included in estate sale contracts, what to look for and expect from an estate sale company are important to your financial bottom line.
Sellers need to understand how estate sales work. Knowledge about estate sale company advertising, security, entrance control and pricing. They also need to understand what to expect at the end of the sale including receiving their net proceeds. That will depend on what forms of payments estate sale companies accept.
There are a lot of articles that have been written about estate sales, but before you make any decisions based on these articles, ask yourself if there is any authentic estate sale experience by the author or company providing them.
Become a knowledgeable consumer and choose the information you use wisely. Your results will depend on what you know and understand.