An estate sale is a way to sell most, or all, of the items in a house. These sales usually happen when the owner has passed away or needs to leave the home quickly. Estate sales are often managed by professionals on behalf of the family and can last for a few days. They’re open to the public, allowing anyone to come and purchase the items.
An estate sale, sometimes called a tag sale, is a way to sell a person’s belongings in an organized manner. Unlike a regular yard sale everything in the estate sale has a price tag and almost all items are available for purchase. The term “estate sale” simply refers to the sale of someone’s entire property or possessions.
Is Everything for Sale?
Usually, yes. Most of the items in the home are up for sale, though the family might choose to keep a few personal or sentimental items. If the house is also being sold, the new owners may request certain items and these will be included in the sale contract. Otherwise, everything in the estate will have a price tag which is why estate sales are sometimes called “tag sales.”
Why Have an Estate Sale?
Estate sales happen for various reasons. Often, they are held when the person who lived in the home has passed away and the family needs to sell off the belongings. However, estate sales can also occur for other reasons such as moving due to health issues, a job relocation or divorce.
In simple terms, an estate sale is done when someone needs to sell or clear out the possessions in a home.
Role of an Estate Sale Company
Organizing an estate sale requires a lot of effort and planning. It can be challenging for family members who may have emotional attachments to the items being sold. This is where a professional estate sale company or estate liquidator, comes in. They handle everything from start to finish, ensuring the process is managed smoothly and objectively.
Estate Sale vs Garage Sale
While estate sales and garage sales may seem similar since they both take place at home and are open to the public, there are key differences.
At an estate sale, people often line up early to be among the first to enter, as entry is usually on a first-come, first-served basis. This differs from a garage sale which is more casual and usually takes place in the yard or driveway. Estate sales on the other hand, happen throughout the entire home which is why they are called “estate sales.”
Garage sales typically feature only selected items the homeowner wants to get rid of, while estate sales often include nearly everything in the home.
Estate Sale vs. Estate Auction
People often mix up the terms “estate sale” and “estate auction.” While both aim to sell most, if not all, of someone’s belongings, there are key differences.
In an estate auction, items are sold one by one to the highest bidder. An auction company and a skilled auctioneer manage the event. The auctioneer follows a strict code of ethics and calls out each item which goes to the person who offers the most.
In contrast, an estate sale is more relaxed. Shoppers can browse through the home and buy items at set prices without needing to bid against others. There’s no auctioneer involved in an estate sale.
How an Estate Sale Works
Here’s a simple explanation of how an estate sale operates:
First, the estate sale organizer sorts the items into different categories and determines their value based on current market prices. A few days before the sale, they label each item with a price tag. On the day of the sale, the organizer will do a final check before opening the doors to buyers.
If there’s a line of people waiting, buyers are usually let in on a first-come, first-served basis. Some organizers use a numbering system where each buyer gets a number representing their place in line, while others may randomly select who enters first.
During the sale, shoppers can walk around the home looking at the marked items. If they want to buy something, they simply take it and pay as they leave.
Shoppers can often pay with cash, checks, credit cards or debit cards. Allowing credit card payments can encourage people to purchase higher-priced items. The specific payment methods accepted are decided by the estate sale company.
Throughout the event, the estate organizer makes sure everything runs smoothly, managing the crowd and handling any pricing questions. Most estate sale companies don’t allow family members to be present during the sale, as it can be emotional to see others going through personal belongings. However, if you want to be there, you can choose a company that allows family access.
Types of Items Sold at Estate Sales
Estate sales often feature a wide variety of items including furniture, home decor and everyday household goods. Shoppers can also find artwork, fine jewelry and collectibles. Antique dealers and collectors are drawn to these sales for unique items from different time periods. Tools, automotive gear and specialty items are also commonly found at estate sales.
Estate Sale Pricing Techniques
The prices at an estate sale are usually set by the organizer who determines the value of most items based on current market rates. This is how price tags are assigned to each item.
Sometimes, the organizer may adjust prices on the spot for certain items. After the first day of the sale, discounts are often applied to encourage more sales, with reductions reaching up to 75% off the original price.
What Happens After the Sale?
Once the sale is over, the organizer decides what to do with any unsold items. If they run an antique store or sell items online, they may take antiques and collectibles to sell in those venues. Other options might include listing items on online platforms like Craigslist or eBay.
Some estate sale companies work with charities that are willing to collect leftover items. While most of the valuable items will likely be sold, there could still be household goods left. If no other options are available, the remaining items may be disposed of in a dumpster on-site.
How to Find an Estate Sale Company
Finding a reliable estate sale company is important for a successful sale. Here are two key things to consider:
Sources
If you’re selling the home, your real estate agent may know estate sale companies they trust. You can also search online for estate sale companies in your area.
Credibility
When choosing a company, make sure they are bonded and insured. Although there is no official governing body for estate sales, some professional associations help establish trust. The Better Business Bureau is also a good resource and recommendations from past customers can be very helpful.
FAQs
What to bring to an estate sale?
It’s a good idea to bring cash, as some estate sales may not accept credit or debit cards. Also, bring reusable shopping bags or boxes to carry purchased items. If you’re looking for furniture or large items, be sure to bring a vehicle or arrange transport.
What is an estate sale in real estate?
In real estate, an estate sale refers to selling the belongings of a deceased homeowner or a homeowner who needs to move quickly. The contents of the home are sold and sometimes the home itself is put on the market.
What is an estate sale vs garage sale?
An estate sale involves selling most or all items in a home, often after a death or relocation and takes place inside the house. A garage sale typically involves selling only selected items, usually in the yard or garage and the prices are often lower.
What does an estate sale mean?
An estate sale is a way to sell the belongings of someone who has passed away or needs to move. It involves selling most or all items in the home, usually through a professional organizer.
What is an estate tag sale?
An estate tag sale is another name for an estate sale where each item is labeled with a price tag. Shoppers can browse the items and purchase them at the set price.
What is an estate sale and how does it work?
An estate sale is organized to sell most or all items in a home. A professional usually handles the sale and the items are priced and displayed throughout the house. Shoppers browse the home, select items and pay for them as they leave.
What does an estate sale mean when buying a house?
When buying a house, an estate sale refers to the sale of the home’s contents and sometimes the property itself. The family or estate executor may be liquidating the assets after the previous owner has passed away or moved.
