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How Do You Conduct An Estate Sale?

18 October 2021

Jackie Watts

An estate sale can seem like an unusual event. These sorts of sales usually occur after someone has died, and the process involves selling their possessions. If you're preparing for one, it's a good idea to think ahead. You should pay attention to the four concerns on this list.

Understand the Legal Ramifications

Some of the ways estate sales happen have specific legal implications. Especially if the court has ordered the sale of items to settle debts and taxes, the estate has a duty to maximize the value return. The same logic applies even if the estate is liquidating assets and dividing proceeds among the beneficiaries. If you're conducting an estate sale under these circumstances, it's prudent to learn what the court expects of you.

Also, you should itemize everything and keep receipts. You may have to prove to the court where items went and how much value came from their sale.

Embrace the Situation

The reality of an estate sale is that someone passed. Some of the items may not have been anything appealing to some of the beneficiaries of the estate. By selling the items, you're giving people who have an interest in them a chance to enjoy them.

Likewise, accept that it's a sale. The goal is to part with items at respectable prices. However, don't treat it as a giant yard sale. Typically, estates have valuable items, and you shouldn't be quick to throw a $1 price tag on everything. If you know there are particularly valuable items in the pile, take the time to have a professional place valuations on them.

Check the Items' Conditions

Some items may need a little attention. However, that bit of attention might be the difference between something going for a few bucks or much more. If something needs a quick fix or a bit of polishing, take a minute and clean it up. Even if it doesn't yield money right then and there, it will make the entire estate sale look better because you've shown some attention.

Ask for Professional Help

Especially if you're dealing with a large estate or one with several high-value items, you may want to ask a professional to conduct the sale. They can help you identify potentially interested buyers, advertise the estate sale, and deal with the big-ticket items.

A professional also can lend a hand with organizing sale items. For example, there might be a large collection that could fetch more value as a lot. Someone familiar with the process can help you organize and catalog lots for sale.

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