Estate Sale
What is an estate sale?
I saw in the paper that there is an estate sale in my area this weekend. I was wondering what to expect when I go…so what exactly is an estate sale? Is it like a garage sale? Are there always a lot of people? Are all items marked with a price? Can anyone that already has been to an estate sale tell me a little more about them and what exactly to expect? Thanks!
I have been attending estate sales/auctions for many years. Estate sales are usually auction type sales. They are held for a number of reasons including the death of the owner, moving out of town, or bankruptcy. Prices are determined by a bidding process. All sales are final and it is the responsibility of the buyer to remove the items purchased on the day of the sale.
There are fantastic bargains to be found at estate sales. My favorite examples are appliances, vacuum sweepers, and shop tools. It is not unusual to see new looking freezers, washing machines, dryers, etc, to sell at very low prices. I bought a two year old refrigerator for my garage for only $30.00. Have you ever sat through an Electrolux, Kirby, or Rainbow vacuum sweeper presentation? These are very expensive items that often sell upwards of $1,000.00. It seems that every estate sale has one of these items that sell for $25.00 or less. Make sure you get the attachments that go with them. I have bought many tools at these sales over the years. Again, it seems that every estate sale has a table saw that sells for under $50.00. I once bought a large Delta table saw that was in perfect condition for only $60.00. It sold for over $1,000.00 when new.
Many auctioneers maintain websites and feature lots of photos of the items in upcoming auctions. This can save you a lot of time if you are looking for specific items. Content listings are usually pretty comprehensive when posted in the newspaper, but keep in mind that there will always be a lot more stuff than can be listed. Estate auctions are usually held on Saturdays and there is usually a couple of hours of “preview” time before the actual auction starts.
If you preview the auction contents and see items you might like to bid on, the next step is to register as a bidder. There will be a registration table set up somewhere in the vicinity. You will need to provide a picture ID and they will record your name, address, and phone number. They will then issue you a bidder number that identifies you to the auctioneer. Once you have made a successful bid on an item, the auctioneer will record the price and your registered bidder number. When you are finished with all of your purchased, you need to settle up your account. Auction companies will always accept cash and usually accept in state checks. They rarely accept out of state checks since chasing down an out of state check for insufficient funds is difficult. Some, but not many, accept credit cards. Ask for details when you register for your bidder number.
As you make your purchases, it pays to secure your items right away. If you are making a lot of purchases, or are purchasing large items, you can always put all of your items in one place on the auction floor. Many people immediately take their items to their vehicles. It is perfectly acceptable to do this before settling up after you are done buying. It also pays to park as close to the auction site as possible or you may find yourself making lots of treks to your vehicle with your purchases.
One other thing to be aware of is the “terms of the auction”. These will be posted at the registration table and need to be read. Auction companies earn a percentage of the sales price of the items sold. The most common situation is where the auction company earns it’s commission via a “seller’s premium”, maybe 10% of the selling price. In this case, if you buy an item for $100, the owner receives only $90 from the auction company with the $10 commission essentially being paid by the seller. You bid $100 and you pay $100.
Another less common situation is where the auction company earns it’s commission via a “buyer’s premium, again maybe 10% of the sales price. In this case, if you buy an item for $100, the owner receives $100 from the auction company and $10 is added to the final bid price that you pay. Essentially, the $10 commission is paid by the buyer. In this case, if you buy an item for $100, you will pay $110 when you settle up.
The least common type of estate auction is a situation where there is both a “seller’s” and a “buyer’s” premium, perhaps 5% each way. In this case, for an item that sells for $100, the buyer pays $105 and the seller receives $95 with the auction company keeping a $10 commission.
As you can see, it pays to know the deal before you begin bidding. The only downside to an auction is the time you might have to wait for the items you want to come up for bid, but the wait is usually worthwhile. I’m betting that you will enjoy the auction experience very much.
Good luck with your auction bidding!
Cheryl Wheeler – Estate Sale
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