Is an Estate Sale similar to a garage sale?
No! An estate sale is held for the purpose of liquidating all the personal property and items of one household, not just selling items that you don’t want any more. It may indeed be treasured items or it may just be everyday useful items, but the sale is usually held to settle an estate. Often a sale is needed to clear out a house before it is sold.
There are many reasons for deciding to have an estate sale:
- A loved one has passed away.
- A close relative or acquaintance has relocated to a retirement community or a care facility.
- There is a need to downsize to a smaller home or apartment.
- The owner is simply moving and wishes to refurnish the new home.
Because estate sales are often held on behalf of others and the income from the sale is to settle an estate, usually only items from that household are included and the sales are held in the home where the owner lived.
A moving sale often includes larger items that are difficult to move or are just as easy to purchase at the destination. Persons who are moving may take most of their possessions while an estate sale would sell off just about everything.
In any case, an estate sales’ purpose is to bring the best possible value for each items while getting the house emptied of its contents. The items should be appraised and priced for the proper fair market value, and the sale itself should be well-planned for the best outcome.