Category Archives: How Do Estate Sales Work

Estate Sales Help For 2017

EstateSalesNews.com for 2017 has offered estate sales help for almost four years now.

We have covered almost any topic you could think of.

As we enter the winter season for much of the country let’s do a general review.

Sellers – How to choose a estate liquidator, do your own due diligence, what to expect and what not to expect, estate sale contracts. Over 100 topics to think about and consider as a seller.

Buyers- Buyers etiquette, where to find estate sales, how to enter an estate sale.  Having an estate sale kit and what to bring to an estate sale, and how to negotiate to with estate liquidators in an unoffensive and successful way.

Estate sale companies – What to include in an estate sale contract, how to work with sellers that don’t understand the liquidation process. Where to advertise your estate sales. Using social media to be found and get your message out. Working and networking with other liquidators and appraisers. Where to list your estate sales. Working with a website.

We have also covered estate sales of the rich and famous.

All this information is in our archives along with videos and is free to assist you.

Our goal is and has been to educate and inform you without cost and provide answers and solutions. Liquidating personal property is a stressful experience whether you are downsizing or selling off a loved ones belongings.

Estate sale companies wear many hats and the experienced companies that have great reputations understand what is required for success for all parties.

We hope that as the number one internet source for estate sale information we provide you with the estate sale help you need. We no longer liquidate estates, but we use our twenty plus years of experience to hopefully guide you in the liquidation process.

We welcome your thoughts, comments and suggestions. Please email us at carol@estatesalesnews.com. We will respond as soon as possible.

 

A New Challenge For Estate Sale Companies In 2017

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 Educational Information

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.

Estate Sale Etiquette Is Important Any Time Of The Year

Estate sale etiquette is important any time of the year.

Buyers are what makes an estate sale a financial success or bust, however, buyers  should follow some basic etiquette for estate sales.

EstateSalesNews.com hears often from estate sales liquidators from across the country. All of them agree that during that over the last few years, the buyers showing up at estate sales have become increasingly demanding and on occasion difficult to work with or satisfy.

Buyers become argumentative in lining up for entrance into estate sales.

All most all estate sale companies post their terms and conditions on estate sale listing advertising websites. Please read. See what entrance system, if any they are using. Don’t create chaos.

Know Before You Go – Read Estate Sale Info And Terms

Before you go to any estate sales be sure to read the ads on the internet.

Advertising listing websites such as EstateSale.com provide information about the terms, conditions, entrance system, and contents of the sale as provided by the estate sale company.

The estate sale company also includes photos of the sale, but just looking at photos isn’t sufficient.

Understanding what is being sold or not is key to your success at the sale.

Being aware and knowledgeable about the terms and conditions of the estate sale is very important.

The ad should contain information about the sale, parking, forms of payment accepted. If you are buying furniture do you need to bring your own assistance. It should also include if they will be discounting on the first day or if they have any discount policy.

Going to any estate sale that you have seen on the internet without reading the ad and the terms and conditions can become a problem for both the estate sale company and buyers.

Most estate liquidators are extremely busy during the estate sale. Having to explain details that were available on advertising sites takes up valuable time and can be irritating. Estate sale companies are trying to sell, prevent theft, and assist buyers that may have questions pertaining to age or working condition.

So know before you go to the estate sale is good estate sale etiquette and can be a valuable benefit.

Selling Before The Estate Sale Can Cost Sellers Commission

Selling before an estate sale can cost sellers a commission.

Sellers, understand that when you sign an estate sale contract you have signed and agreed to the terms in the contract. It is just like any other legal document.

Have signed a contract with an estate sale company? If your home is for sale and your buyers want to buy any of the contents this should be done through the estate sale company. 99% of estate sale contracts include a clause that specifies that any items not excluded from the sale prior to signing the contract will be subject to the commission amount charged at the sale.

Estate sale companies do this as a business. They make their living and pay their bills through this.

Sellers, you leave yourself open to going to court if you start pre-selling or withdrawing items after signing the contract. Estate liquidators determine whether to accept a sale based on what will be sold by them.

Realtors should not encourage sellers to buy without the estate sale company either. The Realtors also cannot and should not receive a commission for this. They can only be paid by their Brokers.

Sellers you should also not ask for a reduced commission. If you want to sell to your buyers prior to the sale with a signed contract expect to pay a commission.

Sellers Protect yourself from legal action and respect the estate sale company.

Estate Sale Companies Cannot Be Biased

Estate sale companies cannot be biased.

It is against federal law for an estate liquidator to not permit people based on their race, ethnicity, religion or sexual preference from attending your estate sale.

Estate liquidators that encounter such bias will likely excuse themselves from the interview and exit the property.

Federal law does not permit this kind of discrimination in any business including real estate and estate sales.

Recently this happened to an estate sale company and they immediately left the home.

The only persons not allowed at estate sales are known thieves, persistent trouble makers, people that tend to be physically threatening and those that have passed bad checks or commit credit card fraud.

Although there isn’t any federal regulation on estate sales, there is federal law about discrimination and that affects all businesses.

Having a broad attendance at your estate sale increases the likely hood of achieving success. It doesn’t matter who spends, the important thing is that they spend.

EstateSalesNews.com has not addressed this issue before and we want this to be the only time.

Wishing you a happy Monday.

Where Does Estate Sale Experience Come From?

Time to ask the question where does estate sale experience come from?

More organizations, associations and societies are entering the estate sale field.

The question arises, where do they get their expertise in the estate sale field from? Some of the owners of estate sale companies are members of appraisal organizations such as ISA, CAGA or ASA. They have completed courses of study by these associations. Have met their requirements including experience, years in the business and a code of ethics and professional conduct they adhere to.

Many estate liquidators started out as helpers or apprenticed at estate sales. A great way to acquire knowledge about personal property, antiques, and art.

Others have taken courses such as the Fine Art course offered by NYU.

Each of these estate sale associations, societies and organizations has written their own code of ethics. There isn’t a national code of ethics or a state code of ethics.

Sales Tax State By State – Does Your State Charge Sales Tax At Estate Sales

 EstateSalesNews.com is providing the sales taxes charged by the 50 states.  Not all states charge sales tax on estate sales. It depends on the county, city or town. Check with your state to learn if your state requires sales tax be charged at estate sales. Do not expect cash payment to evade paying sales tax. Retail stores charge it and states are alert to estate sale companies failing to charge it.

Currently there are only 4 states that do not require sales tax at estate sales.

Be kind to the estate sale company. They are doing what is required and this is extra paperwork for them that they are not compensated for.

Alabama 4% – 12%, Alaska 0%, Arizona 2% -6.6%, Arkansas 6.5%

California 7.5% -10.0%, Colorado 2.9% – 8.0%, Connecticut 6.35%

Delaware 0%, District of Columbia 5% – 7.5%

Florida 6% – 7%

Georgia 4% – 6%

Hawaii Gross receipts and use tax 4% +

Idaho 6.0%, Illinois 6.25% -9.0%, Indiana 7.0%, Iowa 6.0% -7.0%

Kansas 6.15% – 11.15%, Kentucky 6.0%

Louisiana 4.0% – 9.0%

Maine 5.5%, Maryland 6.%, Massachusetts 6.25%, Michigan 6.0%, Minnesota 6.0%, Missouri 4.225% – 9.6%, Montana 0%

Nebraska 5.5% – 7.0%, Nevada 6.85% – 7.25%, New Hampshire 0%, New Jersey 7.0% enterprise zone 3.5%, New Mexico 5.0% – 8.8625%, New York 7.0% – 8.75%, North Carolina 4.75% – 7.0%, North Dakota 2.0% – 7.0%

Ohio 5.75% – 8.0%, Oklahoma 4.5% – cities 7.5% – 8.5%, Oregon 0%

Pennsylvania 6.0% Philadelphia 8.0%

South Carolina 6.0% – 10.5%, South Dakota 4.0%

Tennessee 7.0% – 9.25%, Texas 6.25% – 8.25%

 Utah 5.95%

Vermont 6.0%, Virginia 5.3% – 6.5%

Washington 6.5%, West Virginia 6.0%, Wisconsin 5.0% – 5.5%, Wyoming 4.0% – 7.0%

Understanding The Estate Sale Process

Understanding the estate sale process is very important as the liquidation business continues to grow.

Estate sale companies cannot commit until they have seen everything you are selling. The company needs to decide if there is enough in the sale to make it profitable for them.

Estate liquidators have many expenses such as insurance, staff, supplies, security and the time needed to prepare the sale. Liquidators have to include their advertising costs to compete with the growing number of estate sales.

Sellers hiring an estate sale company should recognize that they have a multitude of expenses. Working to create a successful sale for you to the best of their ability requires knowledge and marketing experience.

Estate liquidators also need empathy in many cases for clients.

A strong estate sale contract that protects and explains the estate sale company obligations and the sellers obligations is very important in the process. Many estate sale companies have their contracts prepared by attorneys.

The estate sale company may have a membership in associations such as the NAOEL. These associations and societies charge a fee to join and a yearly fee for membership. They also provide education that they charge the estate liquidator for.

The estate sale company incurs the cost of excepting charge cards. Fees are accessed and each company decides whether to charge them to a seller or absorb them. This may be part of their commission. Each estate sale company is different.

Sellers should understand what is required to prepare and conduct a sale. Reviewing the estate sale process with any estate sale company you are interviewing is important to avoid future misunderstandings.