Estate sales are a great opportunity to snag up some amazing deals. Many have compared them to tag sales on steroids. They normally take place when a person or a family is selling off virtually everything in their home, perhaps because of the passing of a family member, a company has gone under or that same company has had to close a branch. They could even be moving across the country. Because of this, I am going to give you some ideas as to how you can find some of these amazing estate sales.
Going to auctions is a great way to find a big bulk of estate sales. An estate auction involves an auction company and a set time and place in which the assets will be auctioned. Often, the estate works with an auction company that either goes to the home to sort through items and hold the auction there or transports the property to an auction house where the auction will take place.
Unlike estate sales, which we will cover later in the article, auctions do not include list prices with the items being sold. Also, when you are at an auction, a buyer’s or bidder’s premium is added to each item sold, this is usually as a percentage of the final price. For example, if an auction has a 20% buyer’s premium and you win an item for $100, the total price will be $120, and state or local sales taxes where they apply.
A few terms that are worth noting when you enter one of these auctions find great deals are as follows:
- Absolute Items. Most estate auction items sell absolutely, regardless of the final price. When selling absolute items, the auctioneer opens the bidding by stating an asking price. If you want, you are welcomed to bid that price. If no bids are offered, the auctioneer will bring the asking price down and this keeps happening till it is sold.
- Reserve Prices. When auctioning an item, the auctioneer has a value in mind but will not reveal it to the bidders. If the bid does not match the reserve as a minimum, then it will not be sold.
- Choice Bids. Often, choice bids apply to multiple similar items or many items in a defined area. When you are the high bidder on a choice bid, you can take as many items from the lot as you like with each being priced at the winning bid.
Most places with their own auction house so make sure that you do your research to find your local auction house so you can grab some fantastic deals.
Many people think of an estate sale as a better-organized garage sale. They would not be wrong with that comparison but there are some key differences. Some estate sales are run privately by the relative of the decedent, while others are run by a team of professionals who specialise in estate sales. The sale often takes place in the decedent’s home or near their home. It can run for two to three days. With the seller commonly discounting items. These last days are the right opportunity to swoop in and find some fantastic deals.
To summarize, there are a couple of different ways you can get your hands on some exceptional estate bargains. Estate sales and estate auctions both offer unique ways to snag a fantastic deal that you could either use or sell on to make a profit. Many people enjoy going to these kinds of sales because some of the bargains are so legendary that there are TV shows made about them so get out there and do your best to find an amazing bargain.