Category Archives: How Do Estate Sales Work
EstateSalesNews.com has written about estate sale contracts in the past, but there are topics that deserve review.
One of them is the final payout to sellers of the net proceeds. Every estate sale contract should have a paragraph that addresses the specifics of how and when you, as a seller, will receive your net proceeds. It should lay out either the number of days (and this should be business days – excluding weekends and holidays preferably) or weeks, but certainly within 30 days of the conclusion of the sale.
Each estate sale company has a process they go through, however, 30 days should be the maximum and if you have a contract that is not specific, do not sign it. You will not have any guarantee of when or even if you will be paid. Estate sale companies that have good business ethics (99.9%) want you to know when you will be paid. They also want you to know how your will receive your proceeds, either by check, cashiers check, or in cash. When you review the contract with your prospective estate sale company look for the payout clause and ask questions if you have any. Estate sale companies want to have a good working relationship with you as a client. It benefits both of you.
The majority of estate sale companies in the United State (99.9%) care about the public’s welfare and any event that casts a shadow for this service industry becomes a concern. Estate liquidators deeply care how this affects clients and abide by unwritten code of ethics based on their personal lives and how they do business. They are honest, hardworking people who have chosen this industry to make their living in and they want legal justice for a client from a dishonest company.
Most estate sale companies pay within days or a week of the end of the sale. Be sure if you are a seller that your estate sale contract clearly states when payment is due and don’t hesitate to discuss with your estate sale company. They want you to feel trust and confidence in them.
We are not discussing minor complaints that are primarily poor communication or unrealistic expectations about items not selling for what a seller wanted.
Recently, Estate Sales News had the opportunity to discuss with many estate sale companies from across the United States what they would advise sellers before the estate liquidation process begins. The advice we were given from estate sale companies is important for sellers and/or heirs to help make the estate sale successful.
Here are the items they feel strongly about and that are of great importance for both parties.
Don’t throw anything away until an estate liquidator has viewed the contents. You never know what might have value. The only exceptions should be perishable foods, used plastic food containers, medications, income tax or personal papers.
Be sure you leave the property air conditioned whether it is occupied or not. Heat and/or humidity can ruin many items. In the winter, be sure that the heat remains on too. Be sure that electricity to the property is on until the sale is over and the estate sale company has vacated the property.
It is a national holiday for Presidents day, however, estate sale companies are hard at work even today preparing estate sales for this coming weekend. Celebrate Presidents Day and the freedom it embodies with estate sales.
EstateSalesNews.com has written hundreds of articles about estate sale information, estate sales, and a variety of topics related to the liquidation business. We have featured a selection of guest authors too.
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Understanding estate sales and the process of liquidation, from where to find a company, how to buy a car, to final payout, and clean out are all valid important questions. We look forward to hearing from you.
There are many companies that handle estate sales from high dollar value to lower values while others may have a specific amount they look for in determining whether to accept an estate sale. Every company is different and what they look for and how they arrive at their decisions to accept or reject is based on a variety of factors. Today we look at some basics. Understanding how an estate sale company determines what sales they can or cannot accept is important for both prospective sellers and estate liquidators.
Staffing estate sales is different from what it use to be. So many liquidators now need to keep full time staff employed. Many must be at the constant ready to continually stage, price, and work their sales. Thousands of estate sale companies run a sale almost every weekend with limited time off. The once cottage industry of estate sales are now full time small businesses.