The Ultimate Estate Sales Quiz

By: Staff

What is another name for an estate sale?

Tag sale is another name for estate sale.

How are estate sales different from garage sales?

Estate sales are usually managed by a professional company, and the entire contents of the home are up for sale.

What is the fee to use a company?

The fee is usually 25 to 35 percent of the total sales.

How can you locate an estate sale?

Estate sales are usually advertised. Look for ads in newspapers, online and neighborhood signs.

How does an estate sales professional show precious jewels?

Jewelry and other small valuables may be displayed in a secure fashion.

What is a liquidation sale?

Liquidation sales are estate sales held to pay off debt.

Why should you hire a professional?

Organizing the sale of an entire home's contents may be an overwhelming task. Just a few of the necessary tasks are taking inventory, selecting items to keep and pricing.

What should I require from an estate sale company?

To protect yourself make sure the professional you hire is licensed and bonded.

What does bonded mean?

A bond is a type of insurance. The insurer guarantees that the estate sale company will honor all the contracts and agreements.

Other than a death, why might someone hold an estate sale?

Divorce, bankruptcy or a far away move are all reasons for estate sales. In the case of a far away move, sometimes the moving costs exceed the worth of the valuables, so owners choose to have an estate sale.

Who may attend an estate sale?

Usually an estate sale is open to the public.

How will you know the price of an item?

Normally the item has a price tag.

Is it an acceptable practice to offer a lower price for an item?

You may try to bargain for a lower price.

Do estate sales offer high end items?

Estate sales may have everything and anything. High end items such as cars, boats or jewelry may be found at an estate auction.

What is a silent auction?

To participative in a silent auction, you submit a written bid and the highest bidder buys the item.

What is an appraisal company?

Appraisal companies are experts at valuing the worth of an item. Some estate sale companies my also be known as appraisal companies.

How much does it cost to meet with an estate sales company and a professional look at the items you have to sell?

The first meeting should not cost any money.

If I hire a company that charges a lower commission, why does this not guarantee I will make more money?

Paying a lower commission does not guarantee that you will make more money. Ask questions about the advertising and presentation plans of both companies and consider this information when making a selection.

What should you do with the leftover items?

Donating items to charity is an option for any leftover items. If you donate, take advantage of the charitable deduction on your income taxes.

Who cleans up after the estate sale?

If you have hired a company, leaving the home clean and orderly is their responsibility.

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About This Quiz

Regardless of the circumstances, disposing of a lifetime's worth of possessions is an enormous task. Take this quiz and see how much you know about estate sales.

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