| By :
Stephen Daniels
Downsizing a household is often handled by holding a garage sale. Most people are familiar with this sale, where items are displayed outside on the lawn or the driveway. Bargain hunting is the norm and items often are sold for pennies on the dollar. On the other hand, estate liquidation after a death in the family, a major move or a total home remodel is often best handled by a business that specializes in estate sales. Generally, these are held as either estate auctions or at-home estate sales. There are pros and cons to both forms of liquidation. In general, auction houses try to limit the items to those that are either high dollar, rare and/or collectible. These professional auctions generally attract collectors and buyers who are familiar with the types of merchandise offered. The vendors usually do extensive advertising to attract buyers, which often includes photos of items to be auctioned. Many of these vendors have a substantial following, so all buyers on the mailing lists are potential attendees at any given auction. In some cases, they will auction off box lots, but sellers should be aware that an estate auction almost never brings what would be considered a fair market price. There are other potential downsides to auctions: * Sellers do not know the attendees * Even very rare or expensive items might be sold significantly below fair value if no minimum bid is established * Even if there is a minimum bid established, it is possible there will be no bidder or buyers When an in-home option is selected, the family should investigate the estate sale businesses in the area prior to signing any contracts. Most of these companies are very professional in the way they handle these "yard" sales. The downside, of course, is the invasion of your household by the estate sale business team, and the hordes of shoppers. In addition, you will share the proceeds with the business that handles all details on your behalf. Many believe that in this instance, it is better if the homeowners and family are not in attendance to spare emotions and to allow the professional team to do their job most efficiently. There are more pros than cons to this approach. All items (whether furniture, art pieces or jewelry) are displayed to their best advantage, and priced according to fair value. (Many of these businesses even have professional appraisers on their team, so they are able to spot real collectibles that should garner more cash). Their staff will arrive to organize the event several days before the event; careful inventories will be taken and records will be maintained during the sale. Advertising will be done professionally, as will preparation of the property to best protect both the owners and the buyers. Small valuable items are displayed in secure, locked cases to avoid theft. Sales usually last several days to accommodate more buyers and to allow gradual dropping of prices to better move all inventory. Most services will even haul away any unsold items, either to a charitable organization or another venue of your choice.
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