One of the most important tips when having an estate sale is to understand the value of what you have. Unless you are a professional appraiser, you are likely to have trouble determining the worth of everything in your relative’s home. It is common for people to overvalue some things and undervalue others. Estate sales are most often completed by an auctioneer when it involves liquidating possessions and a real estate agent when it comes to the actual home sale. The words “estate sale” can mean different things to different people. There are indeed multiple ways to interpret the definition of an estate sale. Ask if a security guard will be present to protect valuable items such as jewelry, furniture, and fine collectibles.
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It’s a delicate balance and a good estate sale company knows how to walk that line. Determine whether the estate sale company is insured for sale-related incidents, such as a shopper’s injury while navigating through the house on the sale day. Ask if the company has a liability insurance policy, and request to see a copy of the policy’s Declarations Page. This will help ensure you’re covered in case of an accident. If the company does not have liability insurance, and a shopper is injured during the sale, you could be held liable for their expenses. Finally, the company will request that you have an active homeowner’s insurance policy until the house is sold. After the sale, there will be leftover furniture and household items.
Check Your Estate Sale Pros Qualifications and References
You can trust that the sale managers will try hard to sell your items, because the more money you make, the more money they make. The managers will also take care of publicizing the sale — advertising in newspapers and online, and putting up signs in the neighborhood. Our nationwide directory of estate sale companies helps people find estate liquidators near their area.
STEP 2: Form a legal entity
You never know what you’ll uncover at an estate sale, and that’s part of the thrill. But how do you know if you’re getting a good deal or spending money on junk? Blankenship says one of the perks of an estate sale is that you can see the items in person and get a good idea of their quality and condition before committing to buying them. “Pick up an item, inspect how it is made, and its condition,” she says.
Does the Company Also Operate a Consignment Shop?
The company must spend considerable time to make the home presentable. Estate sale liquidators gauge the amount of effort they’ll put forth, and also the return they’ll receive from their hard work.