Category Archives: Estate Sale Contracts
We have published a page on what to look for in an estate sale contract and we have heard from readers that this has been helpful when interviewing estate sale companies.
The estate sale contract is so important. It is what determines everything from the date of the sale, time, location, costs, and how you receive your net proceeds.
It also addresses the obligation of the estate liquidator and your obligation as the seller, granting access to the premises, not removing items once the sale process is underway unless there is a clear written understanding.
It should also include who is paying for advertising, credit card fees (if used) and what the estate sale company will or will not do at the end of the sale.
In many states where the estate sale has very large collections that cannot be displayed properly for an effective sale in the residence (or in some cases the owner/heir does not wish to have their residence used for an on site sale) professional estate sales companies are relocating the collections to large open rooms (similar to what an auctioneer would use) to stage the quantity of items to be sold. If you have such a collection or collections, you should inquire on the interview if the estate sales company performs such a service and what it will cost you. It would be unusual for a professional liquidator to absorb the cost of the move. It is usually preferable to most estate sales companies to conduct the sale on site, however, not only can large collections present a challenge, but so can some gated communities where they will not allow an estate sale on site.
Another trend that for years has been little spoken about is what is referred to as seeding a sale. Sometimes when a sale does not have enough items to draw significant public attention some estate liquidators will bring in items from other small sales or if they also sell retail they may bring in merchandise of their own. If your contents are limited, be sure to ask during the interview whether the estate sale company will want to seed the sale, where the items are from, and how they will be tagged to differentiate their merchandise from your items. Accurate recording of items sold from others is needed to ensure all monies are distributed appropriately.