An estate sale is a process where most or all of a person's personal belongings are sold, usually after their death, through a public sale held at their home, often organized by a professional company who appraises items, sets prices, and displays them for buyers to browse and purchase over a few days; this allows for the liquidation of an estate's possessions, including furniture, clothing, artwork, and other household items, with the proceeds going to the estate owner or their beneficiaries.
Purpose:
To sell off a large quantity of personal belongings, usually due to a significant life event like a death, relocation, or downsizing.
Professional involvement:
Many estate sales are managed by professional companies who handle the appraisal, pricing, and organization of the sale.
What's sold:
A wide range of items can be included, from everyday household goods to valuable antiques, artwork, jewelry, and even vehicles.
Sale format:
Items are usually displayed within the home, with clear pricing, and buyers can browse and select what they want to purchase.
Duration:
Estate sales typically last a few days to a week, with potential price reductions on the final day to encourage sales.
Commission structure:
Estate sale companies typically charge a percentage of the total sales as their fee.
How an estate sale is conducted:
1. Contact with the estate:
The estate executor or family contacts an estate sale company to discuss the process and arrange a walkthrough of the property.
2. Appraisal and pricing:
The company appraises the items and determines their market value, assigning prices to each item.
3. Set up and display:
The items are categorized, organized, and attractively displayed throughout the home.
4. Advertising the sale:
The estate sale company publicizes the sale through online listings, flyers, and local media.
5. Sale days:
Buyers visit the home during designated hours to browse and purchase items.