Tips For Participating In Government Auctions
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The general rule for auctions is that the highest bidder wins, and cancellation is not possible. Check with the auction site ahead of time to find out if you can cancel a bid.
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Each auction website operates differently. In some cases, the government agency itself runs the auctions. In other cases, the agency operates the shopping site, but a third-party company handles the auction itself.
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Find out what forms of payment auctions accept. There is no uniform payment policy across all the different auctions. Some auctions accept credit card payments or personal checks. Others, such as the Internal Revenue Service , don’t accept either of these. Most auctions accept cashier’s checks.
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For real estate auctions, you may need to work with a broker or real estate agent to bid or make the purchase. Also, for real estate auctions, find out if financing is permitted. Many times it is not and the full purchase price is due when you win the bid.
The Secret To Finding Estate Sales And Auctions In Your Area
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Tips for finding estate sales and auctions. You guys have seen a few of the things I buy at estate sales and auctions. I get some good deals. A lot of you comment that you cant find good shopping spots in your area. Thats sad.
Maybe I can help with some resources you may not know about. This information doesnt include garage and yard sale sources. I figure youre up on that.
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COVID-19 Important Auction Information
COVID-19 Important Auction Information
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Search Newspaper Ads For Estate Sales And Auctions
I bought the antique mirror at an estate sale several years ago. This estate sale was listed in the local newspaper and was being handled by the family, not a specialty company. Family ran estate sales are tricky. Usually the reason for the sale is the death of the homeowner. The relatives handling the sale may not have a clue about pricing and the prices will be way too high or way too low. When the prices are really low it makes me sad. The relative didnt do their homework or either they didnt care.
How Do You Get The Good Stuff
Get there as early as possible. The early bird definitely gets the worm in these situations, says Rodney. Specifically, Lauren recommends arriving an hour before the doors open if you must have an item youve seen in the photos: Otherwise arriving early on the first day provides the most opportunity to grab the best items, then attending towards the end of a sale is great for getting the best deals. If youre on an email list with one of the hosting companies like Lauren is, you might even be allowed to sign up via email in advance of the sale to secure a place in line.
Since prices for items in an estate sale are not posted in advance, you should do some research on any pieces you like in the photos to see how much they typically cost. Breuer chairs, the cane-and-chrome 50s staple by Marcel Breuer that have come back into vogue, are going nowadays for $300 on Etsy. So if you see some posted in an estate sale, you know what theyre worthso that you definitely get a deal and dont overspend.
Another trick from Lauren: Some sales allow you to bid on items. So I always ask the host if they accept bids. If so, I will place a bid on an item that is out of my price range on the first day. On the second day, if it hasnt sold, then I will win the item.
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How Do I Find Estate Auctions
You can find everything from antique furniture and rare books to artisan jewelry and collectors art at an estate auction, also known as an estate sale. Individuals who want to sell their personal belongings, known as liquidating their estate, will work with an estate sale company to oversee the auction and sale of these privately owned items. People may choose to liquidate their estates for many reasons, including an upcoming move or other major change in life circumstances. Whatever the reason, you can often find unique and valuable buys at an estate auction.
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Check the classified ads in your local daily newspaper or community weekly. Ian C. Ellis, in Book Finds: How to Find, Buy, and Sell Used and Rare Books, explains that estate sales are most frequently listed in the classified section of a newspaper. An ad for an estate sale often includes both the viewing dates and the auction dates for the sale.
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Canvas residential and suburban neighborhoods for estate sale signs during the week. Barbara Weltman and Malcom Katt, in The Complete Idiots Guide to Starting an Ebay Business, explain that estate sales will often be advertised through signs on lawns and at street corners. These signs will often include the date and time of the event as well.
References
Find Estate Sales And Auctions On Facebook
Another place to find estate sales is on . Just type estate sales and your city or nearby city in the Facebook search box and see what comes up. The above screenshot shows the listings that came up when I searched for estates sales Nashville. I like Michael Taylor Estate Sales. His prices are very reasonable.
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You can also find auction houses on Facebook. My friend Greg has a weekly auction and the Facebook page is Red River Auctions. The auctions are live and online. You can live in another state but still bid and have your items shipped straight to you.
estate sale mirror
Estate Sale Mirror
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Estate Auction Vs Estate Sale: Which Is Better
With all this information in mind, its time to determine which type of event is better: estate sale vs. auction.
In reality, either type of event can be a godsend during a time of grieving. A team of professionals specializing in either estate auctions or estate sales can be hired and handle most aspects of your sale. They will help guide you during the preparations, determining minimum price points, marketing, and the actual day of the event. You also typically do not attend the event itself, as it can be quite emotional to watch your loved ones belongings get sold to strangers. Instead, you can stay home and focus on the grieving and healing in mind.
The most important consideration when choosing between the two is what fits your needs. How valuable are the items belonging to your loved ones estate? Do they have any historical or cultural significance? How many items do you have, and what would transport look like? Is it more important to get the highest possible value for each item, or is it more important to sell as many items as possible?
If you have articles of belongings that are significant in history or value, then you may want to opt for an auction. This is also true if revenue is important to you, as an auction can help create bidding wars. In contrast, if you have an enormous estate to sell and are interested in selling as many items as possible, then an estate sale may be the better option.
How An Estate Sale Works
Every weekend, estate liquidators host estate sales in every state across the country, from northern New York to Southern California.
These events are often called tag sales because items have individual price tags.Estate sales differ from garage sales because, at an estate sale, everything in the home and across the property is for sale. Although you may not agree with every price tag, a reputable estate sale company endeavors to price items near market value.
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Search Estate Sales Online
I found the estate sales in Florida on EstateSales.net. I use this site to search sales near our home too. All you do is put your zip code in the box and a list of cities in your state will come up. Just click on the one nearest you and hope for good results! The estate sales are held in the home of the person downsizing or moving or whatever. There will be photos of some of the items for sale under the individual listings.
For the most part the estate sales listed on this site are run by professional estate sale companies. They go in to the home and price everything. Usually the first day everything is full price, the second day everything is 50% off. This is what Ive found. It may not be true for every sale.
Craigslist is another online source for finding estate sales, auctions, yard sales, and freebies. Check your local listings for upcoming sales.
Garagesalefinder is another great online resource. Just type in your zip code and find estate sales, garage sales, etc. in your area.
Ive visited enough estate sales in my area to know some estate sale companies price things reasonably and some are a bit high. There is a learning curve to these sales. Also if the estate sale starts at 9 a.m. there will be a line of people at the door waiting to get in at 8:45 or earlier.
Estate Sale Listings From Facebook Search
How To Bid Online Our New Format
On the platform Live Auctioneers, Invaluable or Our Own Platform you can leave bids now and they bid for you, live during the sale. We can never see your high bid, it is confidential. The sale will begin at 11:00am on most sale days. We start with item number one and go in order to the end of the sale. At that time, if you left bids prior to the sale, the platform will bid for you. You can also bid live while the sale is happening and watch the sale live. The Platforms feature a live feed of the auction during the sale where we broadcast our staff running the sale with descriptions and live face-paced auctioneers to keep it alive!
So basically, you register to bid on the platform and click bid now live during the sale. Once the sale is over, we invoice you and arrange shipping or pick up. We are handling most shipping in house so you dont have to find a third-party shipper. If you want to pick it up, you can.
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Tips For Finding Estate Sales And Auctions
I bought the pretty little nosegays at an estate sale when we were in Florida last month taking care of our grandson. The nosegays were only $2 each. Thats a steal. Look at those pretty flowers, they look real. Now I just have to find vases or plant containers for them. I tried out a few things I had in the shop but nothing worked. I saw a bouquet of flowers similar to the size and style of these on TV the other day and they were in short square containers. Im on the hunt!
I bought this antique wood wrench holder box at another estate sale in Florida. It was $1. I need to clean it up. There was a bit of wood missing on the bottom edge but for a buck I can live with that.
Auctions And Estate Sales In My Area
It’s easy to find local estate sales and auctions on our site.
- Type in your city or zip code to pull up estate sales in your area.
- Navigate to estate sales near you via the easy-to-read US map
- Find estate sales by searching for an estate sale company you love
- Browse featured and regional estate sales to find ones near you.
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Estate Auction Vs Estate Sale: Pros And Cons
Estate sales and auctions are good options for selling a loved one’s possessions after their death, but whats the difference? Get the pros and cons here.
Head of Legal, Trust & Will
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When losing a loved one, it can be difficult to navigate what to do with their belongings. This is especially so if you were left with little to no instructions on how to divide up their property. Another pain point arises when you or your family members have little use for what was bequeathed to them.
If youre looking to liquidate and downsize your loved ones estate, holding an estate auction or estate sale are viable options. They are both great methods of selling property quickly and effectively. The tough part is knowing which one to go with. In this guide, well help explain the differences between an estate auction vs. estate sale, plus the pros and cons for each. By the end, youll have a better understanding of which option might be best for you.
Look For Local Advertising Circulars
We also have a advertising paper that comes out weekly and has lists of estate sales and auctions. The paper is free and can be found in stands at the drugstore, local restaurants, etc. Maybe your area has something similar. Local antique shops and flea markets are a good source for estate or auction listings too. They often have flyers on upcoming sales that people have dropped off.
I bought the blue metal cabinet at an auction while in Arkansas several months ago. The cabinet is still sitting under my Dads shed. I need to get it home.
Find Auction Listings
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What Is The Difference Between An Estate Sale And An Auction
While estate sales and auctions share the same objective of selling property from a deceased persons estate, they are quite different in nature.
The first key difference is in the way prices are determined. In an auction, the group of bidders determine the price based on demand. The family of the deceased may set a minimum price, but otherwise the bidders will place bids until there is a winning bidder. An in-demand item may sell for much more than expected. The opposite could happen, where an item doesnt sell at all.
In contrast, the estate selling company sets the prices of items in advance. Prices are reduced with each passing day. This means that there is no opportunity for a price war. Further, buyers might even try to haggle for a lower price.
The second key difference is time frame. An auction typically takes place over a few hours, and items are auctioned off efficiently. Even the most heated bidding war over a particular item will only take a few minutes. In contrast, an estate sale may take over a few days.
Frequently Asked Questions About Estate Auctions
What are some key benefits of an estate auction? One key benefit to the seller is time. The auction company will save the owner hours upon hours. The seller is often acting in the role of executor, executrix and even counsellor to other family members and heirs. Especially out of town heirs will benefit by having someone else prepare for the auction. Another benefit is you can sell all house hold or business merchandise, real estate or other assets at one time. This eliminates what is often months of marketing or selling assets a few at a time. It is common for heirs to look at the good assets, the bad and even the ugly and feel overwhelmed.
What does the auction company do?
What are the sellers responsibilities in an estate auction? The sellers responsibilities will be similar to those in any real estate transaction. Examples are:
Why do auctions work? One factor is auctions have a deadline. Thats right, a deadline. The deadline creates urgency. A FOR SALE sign does not have a time line for potential buyers to submit offers. The deadline or auction date and time mean that if a buyer has any interest in purchasing your property or merchandise. They must do so at the designated date, time and place that the sellers choose!
How long will it take to prepare for my auction? In most cases 4 to 8 weeks are needed.
When will I get my money if I sell at auction? This is determined in the auction listing contract but it will typically be 2 to 4 weeks after your auction sale.
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Create Your Estate Plan Today To Ensure Your Assets Are Property Distributed
Holding an estate auction or estate sale can be quite the ordeal. The cost of hiring a professional team must be factored in, and holding a sale or auction can also take an emotional toll.
Estate sales and auctions often become necessary when there is no game plan in place. For instance, in the absence of an estate plan, the probate court can order an executor to liquidate the estate to pay off debts and fees. In another instance, the deceased could have left behind a confusing Will that forces heirs to liquidate the estate so they can divide up their inheritances more efficiently.
Creating a solid Estate Plan is the solution to avoiding these pains altogether. By implementing a Will and a Trust, you can clearly designate how your assets and property should be distributed, and to whom. This can also help quell any worries about significant family heirlooms and sentimental items being sold off to strangers by default. You may even consider downsizing and liquidating your own estate in advance so that funds can be distributed more easily to your loved ones. At the end of the day, getting your assets in order can save both you and your loved ones a world of worry.
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