How to Sell Estate Household Goods by an Auction
- 1). Prior to contacting an auctioneer, it would be wise to meet with the heirs of the estate to determine which items will be divided up among them rather than being sold at auction. This meeting of the executor with the heirs should be private and only include those who are in the will. For example, items with sentimental value that had been given to the deceased by family members would probably want to be kept by them. Other favorite possessions could also be divided up among the heirs, if amicable agreements can be reached among them. For example, "I'd be glad to have you keep that, if I can have this!" It should be noted that items sold at auction receive only a fraction of their original value.
- 2). All of the remaining items can then be sold at auction. Contact at least three local auctioneers, so that you can negotiate the best deal. Look up and review their web sites. Ask them about their advertising practices. If they are interested in your estate, they should arrange for an representative to meet with you at the house and survey the property. If the estate property is immense (like 8 bedrooms and/or multiple antiques), the auction would likely occur on site. If it is more modest (3 bedrooms with average furnishings) it would best be auctioned off at the auctioneer's own site. His site can have real advantages, as there will be a bigger crowd of buyers, there will be no neighborhood parking issues, better security against shoplifters and no one tracking their dirty shoes on the carpets.
- 3). Next, compare the potential auction companies. They will each make a percent of the proceeds, and should offer free pickup and transport of the goods to their auction site. You should not allow the auction company to pick and choose what they will take; they should agree to pack up and transport everything in the household, except for clothing, paint or chemicals. Less valuable items are grouped together into lots that are auctioned off together, sometimes just before the main auction begins. Once you narrow your choice down to two, you should attend a local auction of each of them, to get a feel for crowd size that attends, whether the kinds of buyers they attract are a good fit for your merchandise, and witness their skill and conscientiousness in getting a good return.
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Inventory List
You should take extensive digital photos of as much of the inventory as you can before it is picked up (or auctioned on site). You should make lists and take photos of any valuable items, especially of coins and jewelry. When they come to load everything up for transport, you should be present. You can visit the auction house prior to your estate auction, to assure that your things are properly tagged. - 5). Once you choose an auctioneer and they schedule the auction, notify the heirs and other interested parties of the date and time of the auction. They can certainly register and bid on the items themselves. Some items may not be sold on the first auction date due to low bids or lack of interest, but will be added to the next scheduled auction, probably a week later. The auction house will then issue one or more checks to the estate executor, with a detailed list of the items sold and their prices.
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