Category Archives: How Do Estate Sales Work

EstateSalesNews.com is a FREE estate sale resource for information

Estate Sales NewsDuring my many flights reporting on various estate sales I have met some wonderful people and the most frequent question I’m asked it was do you do.

I respond that I am the editor of an online news/magazine about estate sales and the personal property liquidation business. It amazes me that almost every time that person will say I know someone that needs an estate sale or they have a friend downsizing. 

I explained to her that if they had questions EstateSalesNews.com was a website devoted to providing information on what to look for when choosing an estate liquidator. This website is a free public resource from the beginning of the process when you realize you need to start eliminating items to the conclusion of the sale where it is time for a clean out, charitable donations or a final buy out.

On a recent trip from Florida I met an accountant who lives on the east coast of Florida near a retirement community with a great many retired military people. Many of them are getting to the point in their lives where they need to downsize and transition into a simpler lifestyle. This accountant spoke of the need for many of these individuals to find reputable companies that will have their best interest and not attempt to cherry pick them. I gave her my card and suggested she review this news/magazine and pass it on to her clients and friends.

Estate Sales News does not conduct estate sales. We welcome your questions.

Don’t have enough for a full estate sale. What to do?

As more and more baby boomers come of age what to do with a life time of household, collections, etc. is becoming a challenge.

In many cases the children of boomers will want some of their parents belongings either for sentiment or value, however, may children today are minimalists and this leaves boomer parents with decisions when downsizing time comes.

If your children have taken a great many items and furniture you may be left with what is known in the estate sale trade as a partial. Many estate sales companies will simply not deal with low contents. It does not cover their costs for the sale. Some estate liquidators look at this with other possibilities. They can offer to add to the contents from other minimal sales or in some instances if they are antiques dealers they may offer to add some of their unsold merchandise to the sale (this practice is referred to as seeding the sale). Every estate liquidator works differently, but if you find one you like and your contents are minimal ask them if there is a way for them to work with you. They may even want to increase their commission or fee.

The other choices left to you are consignment (not all consignment shops accept everything) or donations to local charities.

When choosing an estate sale company be sure to let the liquidators you are talking to know upfront if it isn’t a full contents and ask them how they work. Saves time and frustration for everyone.

Estate Sales – What effects them the most

money moversEstate Sales across the country can be effected by several things, but the most common are location, weather, and who is running the sale.

You can choose who runs your estate liquidation, but you cannot control the location (most of the time) and certainly not the weather.

Recently there have been some very nice estate sales that appeared to be well advertised and the weather was ok, however, the properties were located in areas where unemployment has been a continuing problem. As the result the sales proceeds weren’t not as high as they might have been in an area where unemployment is not a factor. That old real estate saying “location, location” even applies to estate sales.

The weather can also be a problem. If spring is suppose to be here and it’s snowing out, sales can be off. This also applies to heavy rain and windy conditions. Right now in April websites like EstateSales.net have thousands of sales posted for every weekend because the weather is reasonable, barring a few exceptions. January and February can be difficult in the Midwest and Northeast, but many times after being snow bound or frozen in time (so to speak) can bring the buyers flooding out to sales for relief.

The professional estate liquidation company you choose is also important. Please check out our pages on what to be listening and looking for from an estate sale company.

Well it’s Friday and there are so many sales, if you are in need of an estate sale company go check out a few sales in your area. Watch the company in action. Or, if you are on the hunt be it for furnishings, jewelry, artwork or even a car this is a great weekend to go shopping, go green and save over retail.

 

Looking For An Estate Sale Company? Check For Reviews

If you are looking for an estate sale company check out the internet for reviews, good or bad. Today the majority of people in the United States have access to the internet.

Google is a great source to look for reviews, however, Google only accepts reviews from people that use gmail. Another great source to check out is the BBB (Better Business Bureau). A serious complaint from a consumer can end up on the doorstep of the BBB.

You can also look at the yellow pages. Believe it or not people do leave reviews.

You can check social media such as Facebook, however, an estate sale company like anyone else on Facebook can remove unwanted comments.

One other internet source is Yelp.com.

If you do have internet access you may want to type in the name of the estate sale companies your are looking at and see what shows up.

Hiring an appraiser – USPAP by Judith Martin ISA CAPP

The Uniform Standards of Professional Appraisal Practice (USPAP)  is published by The Appraisal Foundation located in Washington DC.   This document is re-issued every two years and is the guidelines for Appraisers and the users of Appraisals.  USPAP involves real estate, personal property and business valuation.  

The document is broken into nine parts.  The first seven sections (Definitions, Preamble, Ethics Rule, Record Keeping, Competency, Scope of Work, and Jurisdictional Exception ) pertain to all those who use USPAP in their professional lives.   The following sections are The Standards which pertain to the development of an appraisal and the reporting of the findings.  The final section is the Statements which clarify, interpret, explain and elaborate the Standards.     

All  the parts of USPAP are important in an appraisers work.  However, USPAP does not state how reports are to be written.  The Standards only indicate what needs to be included in the report to be a USPAP compliant report.

Certified Relocation and Transition Specialist -CRTS

CRTS- logo

This article was contributed by CRTS and was written by Erin Kurimay

There comes a time when an elderly person can no longer manage their home or live alone, and the grown children begin to realize that their parents or aging loved ones need to either move to an assisted living residence, or downsize, remodel, and modify the design of the current home to age-in-place.

The aging parents have most likely lived in the home for 30 years or more, and with that have collected a lifetime full of memories and stuff.  Furniture, china, silver, collectibles, family heirlooms, art work precious photo albums, clothing, holiday decorations, the entire contents of the kitchen, medicines, hazardous household chemicals, gasoline cans, the lawn mower, snow thrower………the list goes on.

Florida estate sales – some things you should know

Florida homeEach state has it’s own laws pertaining to estate sales. Today we’ll discuss some things to expect in Florida. Perspective clients for estate liquidators should ask about these topics to be informed.

The state of Florida requires the collection of sales tax by estate liquidation companies unless you possess a resales tax certificate which a buyer will need to present to the liquidator. Florida requires the liquidator to keep a copy of this certificate on file.

In many areas of Florida you will find signs posted in highly visible locations on the front yard of the home (or where there isn’t a front yard near the entrance) where the sale is being held letting buyers know that no purses or large bags can be brought into the home. This is a security measure for the protection of the sale.

Especially on nice days you will find the check out for the sale in the garage, under a canopy or tent. Many Florida liquidation companies record their sales on computers. It is beneficial for keeping track of the sales tax collected that must be reported and turn into the state.

More and more local authorities are requiring estate sales companies to take out a local license for their estate liquidation business.

More discussion in the future.