Category Archives: How Do Estate Sales Work

Updated Checklist For Estate Sale Contracts

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.

Estate Sale Companies Use Research And Knowledge To Price

Estate sale companies use research and knowledge to price your estate sale items. It is amazing what is found in estate sales that require research and where and how to conduct that research.

An experienced and knowledgeable estate liquidator friend recently shared information about luggage labels and baggage tags that have become collectible. The take away is knowing where and how to research these collectibles.

 

 

 

 

 

 

Gaining knowledge and more importantly knowing how to research items is important to both estate sale companies and sellers.

The experienced estate liquidator will conduct research by book, computer, auction catalogue results and networking with other estate sale companies. They will also consult with certified appraisers. Many estate sale companies keep an appraiser on retainer. Especially a CAPP (Certified Appraiser Personal Property).

Having the knowledge to know where and how to research is an important reason for hiring a professional estate sale company. The average seller just isn’t equipped with the knowledge or know how to properly price and advertise their sales. Many times money is lost because of lack of experience or where to research. It’s more than just eBay.

When choosing the right company to conduct your estate liquidation or downsizing sale ask about their experience and how they research. It’s your $$$$ that are at stake.

Choose An Estate Sale Company By Reputation Not %

Today there are more than 15,000 estate sale companies working across America. Choosing an estate sale company should be about experience, reputation, reliability and integrity. The very last consideration should be commission or a fee.

Speaking with an estate sale company, asking to see referrals and conversing with them, reviewing their experience.

Seek out reviews on the internet and don’t hesitate to ask the estate liquidator about the reviews, especially those in question.

So many companies have come on line that it is now more important than ever to ask about their experience in the business, how they got into the business and why estate liquidations.

The very last question should be about commission and in the end this is not that important. If an estate sale company does a poor job a low commission won’t help you.

Like any other specialist, estate liquidators consider all their costs, plus the profit they need to make their living and the commission is usually based on that.

When choosing an estate sale company, choose by previous results with others, not what they want you to pay and make sure you sign an estate sale contract that covers everything. Success doesn’t just happened, it is earned and comes from knowledge. Be a savy consumer and choose wisely.

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.