Category Archives: Estate Sales Costs
Here are a few ways of paying out the net proceeds
- Counting out the cash right after the end of the sale, taking any costs, fees, or commissions agreed to and remanding the net proceeds to the seller.
- Taking 3- 30 days after the sale ends to let checks and/or credit cards process and payout and then giving the seller a check for the net proceeds.
There are no set rules about payout, however, it should be in your estate sale contract and if it isn’t a seller should be concerned. Every estate sale company works based on what works for them and you, but making sure you are in agreement before beginning the estate liquidation process is paramount.
Sellers should research the estate sale company you are considering on Google, Yext, Yellow Pages etc. as mentioned in other articles (September 23, 2013 for one) to ascertain that they do payout without problems. If you find reviews that indicate otherwise rethink your decision or ask them directly about what you have read before you sign a contract.
If your estate sale company does accept credit cards and/or checks they need time for them to process and pay you. You should also ask about whether a fee for the credit card is charged separately (generally they do, but some may have it factored into their commission or fee for the sale) and that should also be included in your estate sale contract.
Protection for sellers and estate sale companies is important to keep the estate liquidation process as smooth as possible without misunderstandings.
Twenty years ago most estate sales companies accepted cash or personal checks.
Since the industry has grown and evolved many companies no longer accept checks, but now accept charge cards. This is helpful on large ticket items especially, however, if the companies you are considering accept credit cards be sure to ask if you will be paying a percentage (usually between 1%-5%) of the amount charged that will be deducted from your proceeds of the sale. Some companies will only accept credit cards over a specific dollar amount. In any case you should inquire of settlement is done at the end of each day of the sale or just at the conclusion of the last day of the sale will you be paid immediately for any amounts charged. Also you may want to ask if there is a dispute on the payment who will be responsible for the resolution.
In some areas personal checks are no longer accepted. Again, check with your liquidator.
Estate Sales News is always looking for interesting estate news and providing informative articles. We would like our readers (sellers, buyers, and estate sales companies) to email us about what you want to know more about or discuss. Please share your ideas and questions. We look forward to hearing from you soon.
Please email me at firstname.lastname@example.org and let me know.
Estate Sales News frequently encounters people considering having an estate sale and asking that question.
When you hire an estate sale company you should be hiring a professional liquidator. A company with an experienced owner and staff, knowledgeable and reputable . An estate sale professional should know how and where to research items, how to promote and advertise your sale. Are their staff trained and do they work with them on a regular basis should be considered. A question to be asked is where do you get your audience from? Do they have followers from the Internet, newspapers or email sign-ups.
Whether you are paying a commission or a fee you should be getting an estate sale company that is worth what you are being charged. In many places across the United States the competition for estate sales has become a competition in who can charge the least or to put it bluntly the cheapest. This begs the question if they are cutting their commission or fee to the bone what else are they cutting? Are they understaffed to save costs, will your sale be poorly advertised, are they using untrained or inexperienced staff?
Conducting an estate sale properly is a profession and requires professionals. You should not ever choose the company based on just the commission or fee charged.