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.
Tag sale is another name for estate sale.
Estate sales are usually managed by a professional company, and the entire contents of the home are up for sale.
The fee is usually 25 to 35 percent of the total sales.
Estate sales are usually advertised. Look for ads in newspapers, online and neighborhood signs.
Jewelry and other small valuables may be displayed in a secure fashion.
Liquidation sales are estate sales held to pay off debt.
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.
To protect yourself make sure the professional you hire is licensed and bonded.
A bond is a type of insurance. The insurer guarantees that the estate sale company will honor all the contracts and agreements.
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.
Usually an estate sale is open to the public.
Normally the item has a price tag.
You may try to bargain for a lower price.
Estate sales may have everything and anything. High end items such as cars, boats or jewelry may be found at an estate auction.
To participative in a silent auction, you submit a written bid and the highest bidder buys the item.
Appraisal companies are experts at valuing the worth of an item. Some estate sale companies my also be known as appraisal companies.
The first meeting should not cost any 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.
Donating items to charity is an option for any leftover items. If you donate, take advantage of the charitable deduction on your income taxes.
If you have hired a company, leaving the home clean and orderly is their responsibility.