Is an Estate Sale similar to a garage sale? Why have an Estate sale?
An estate sale’s main objective is the orderly Liquidation of tangible personal property in a relatively short period of time for the highest possible proceeds. It may include fine Antiques and Collectibles or everyday household items. the sale is usually held to settle an estate, assist those who have downsized and relocated or to sell the contents of a home 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. The sale is held in the home where the owner had lived. Once the owners/Family have removed the personal items they need to keep, all items in the household would be sold.
It is important NOT to throw away items if you are having an estate sale. Since the goal is to realize the best possible value for the items, they should be assessed, appraised and priced for the proper “Fair Market Value” by the Estate specialist(Certified appraiser).
PROPER PLANNING= THE BEST OUTCOME
3 thoughts on “What is an Estate Sale?”
I think it’s interesting that an estate sale is often needed to clear our a house before it is sold. When my grandma died, my grandpa insisted we have an estate sale before we took him to the retirement home. I think that it is a good opportunity to make a bad situation better.
My grandmother recently passed away. She had a lot of valuable belongings in her home, and the family isn’t sure how they are going to split them up evenly. I didn’t realize estate sales are able to help get the best possible value for each item by having the items appraised. This seems like it would really help my family sort things out.
Most Estate Sale Liquidators are also Personal property appraisers and this service complements the estate sale process.
We must also keep up with the ever changing market and be aware of which items have diminished in value as well as those that have risen.