Auction vs. Estate Sale for closing an Estate

jcamero

jcamero

Who are you people anyway?
As POA for my Mothers property, I have to sell her home and possessions. Mom is in a nursing home, and will never go home. I've contacted a Realtor for the property, so my question is about her possessions. Which would you chose? If you had experience with either, (Estate Sale or Auction), do you regret your choice? I told Mom of my intentions, she teared up, but then was ok with selling out.
 
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Lost both my parents in recent years. After my mom passed was faced with cleaning the house out after all the children and grandchildren took what they wanted. Opted to have an estate sale. The estate sale company got rid of everything and cleaned the house because they also listed it to sell. Didn’t make much money on the contents sales, but that was OK. My parents had lived in same place for 50 years and accumulated lots of stuff.
 
It's a hard thing to go through so good luck. I've sold at auction and have been to many estate sales. It all depends who your dealing with and how knowledgeable they are. Myself I'd go with an estate sale but I know what my stuff is worth and would be part of the pricing of stuff, that's if I'm still above ground. The last day cut prices steeply to move it on. Auctions you'll be bummed by what some stuff brings and very surprised what other stuff brings. Know you'll be giving up 25-35 % on everything sold.
 
I would say estate sale, because shipping is a nightmare. It is also way more expensive than it used to be.

I went to a sale of a deceased audiophile with serious stuff (WATT, Sequerra, on and on). The company auctioned it off on site down to the walls. It would have taken me two months of full-time work to sell just the audio gear.

Unless you are unemployed and the stuff is unusually valuable, delegate. That will also save you emotional wear and tear.

I sold on Ebay a bunch of dolls that my stepdaughter left behind when she moved out. I got $80 and up and barely came out ahead after shipping.

I would use www.estatesales.net to identify companies in your area, then cross-check them with Better Business Bureau and Yelp and Nextdoor. Keep in mind that some heirs will never be satisfied; it is basic human nature to believe your stuff is unusually valuable.

Best wishes going forward.
 
I think it depends on what you will be selling. If it is just the normal furniture and household items with maybe some tools and a few curios, an estate sale is the best and easiest way to go about it.

But if there are some very high-value collectibles and specialty items, an auction is better because it will attract more than just the local crowd.
 
Kinda sorta been there with my parents.

We chose a local estate sale outfit because they handled *everything* - picking the items they thought would sell, donating other items, and cleaning/tossing the rest.

We didn't have to worry about anything aside from selecting items the family wanted to keep before the estate outfit came in.

We were not trying eek out every last possible cent - there was enough to deal with.

Depends on what your situation is.
 
I've scheduled a consultation with an estate sale company for Monday the 18th. Free to talk with them. Over the phone, the person I spoke with gave off good vibes. My sister suggested we conduct our own sale, that's not going to work.
 
That's the way I did it for my Mom's estate. We moved her from her house to a Sr. living center and used an estate sale service like you are consulting. This was after all the family members had taken everything we wanted and needed to get rid of the rest. The sale went well. They combined it with another one and she got more for the left-over stuff than we expected. The nice part was we didn't have to lift a finger. They took care of everything.
 
The other thing about GOOD estate sale companies is that many of them have "followers" who will haul off everything that does not sell. Saves a lot of headaches.
 
Oh yes that's how it works. The stuff that didn't sell wasn't worth much. We didn't have to lift a finger. They setup the sale, moved all the stuff, etc. After that they sent the check. Mission accomplished.
 
jcamero said:
My sister suggested we conduct our own sale, that's not going to work.
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something I have discovered after a lot of years of doing all sorts of things myself once, you quickly figure out why having someone else come and handle it costs what it does. Almost everything is a whole lot more work than you expect it to be when you don't have the experience to know better.

Sorry to hear about your situation.
 
jcamero said:
I've scheduled a consultation with an estate sale company for Monday the 18th. Free to talk with them. Over the phone, the person I spoke with gave off good vibes. My sister suggested we conduct our own sale, that's not going to work.
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Siblings can be difficult while trying to settle an estate. I had to deal with one that wanted to argue about nearly every detail.
 
When my mom passed a brother thought he was the executor. I knew he wasn't because it was me. Could have been awkward but we get along well. My wife and I were on the road traveling at the time so had the attorney transfer executorship to that brother. Everything went smoothly.
 
Talked to the Estate Sale Co. They seem to answer with what I need to hear. Not sure if this is customary, but I will be charged a setup fee, (pricing, arranging, etc., and some cleanout for accessibility). As far as the "take". It is a 60/40 split. Talking with my Sister, I don't want a money grab, the idea is just to rehome my Mothers possessions.
 
KiM3Ce said:
I would use www.estatesales.net to identify companies in your area, then cross-check them with Better Business Bureau and Yelp and Nextdoor. Keep in mind that some heirs will never be satisfied; it is basic human nature to believe your stuff is unusually valuable.
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I use this site all the time. I would recommend getting a quote from more than one company if you can.

Myself and my daughters, who are looking for the old glass and unique items have gotten to know some of the people who run these sales. It takes them weeks to get all the items in order. My biggest suggestion if you want it to be successful is to make sure that the company organizes, advertises (on estate sales.net) and cleans the items not just put out dirty dusty stuff.

Many people go to estate sales because there are items that they have seen listed online.

Just my 2 cents.
 
jcamero said:
Talked to the Estate Sale Co. They seem to answer with what I need to hear. Not sure if this is customary, but I will be charged a setup fee, (pricing, arranging, etc., and some cleanout for accessibility). As far as the "take". It is a 60/40 split. Talking with my Sister, I don't want a money grab, the idea is just to rehome my Mothers possessions.
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A minimum fee or percentage is normal and is taken from the estate sale proceeds many times per my one experience.
 
My mom has done a bunch of estate sales for people and the way it typically goes is

1. those items ear marked for someone in the family are removed
2. Items members of the family want but have not been earmarked get a chance to fight over what they want
3. Special value items are pulled and sold via a local auction or more common eBay
4. The house is then organized and priced either by family (the way to see the most profit) and sold at a garage or Estate sale what ever you want to call it. or an Estate sale co is called in to handle the sale. Some will agree to removing everything from the house and there are various arrangements that can be made with the co. This is the easiest on the family from a work point of view but also sees the least return. Other options are to donate left over items and taking the tax receipt.
 
This guy posts videos on Facebook of homes where people left burdensome estates. Mostly excessive collections, a few hoarders. If you need motivation, watch them! Nick Fox
 
Mark W. said:
My mom has done a bunch of estate sales for people and the way it typically goes is

1. those items ear marked for someone in the family are removed
2. Items members of the family want but have not been earmarked get a chance to fight over what they want
3. Special value items are pulled and sold via a local auction or more common eBay
4. The house is then organized and priced either by family (the way to see the most profit) and sold at a garage or Estate sale what ever you want to call it. or an Estate sale co is called in to handle the sale. Some will agree to removing everything from the house and there are various arrangements that can be made with the co. This is the easiest on the family from a work point of view but also sees the least return. Other options are to donate left over items and taking the tax receipt.
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My cousin had to rehome his Mothers possessions, so I have someone close for advise. At the end of the sale, many things were left, and a local Habitat for Humanity ReHome store came and took them. He did advise for liability issues, they only would take items on the first floor. He did end up getting a dumpster.
 
So I contacted a Co. to conduct an Estate sale. 2 people came over and assessed my Mom's possessions. They quoted me a setup fee, fine. I am trying to coordinate
the Estate sale, with my Realtor. So I contacted the Co. set up another meeting to discuss setup, timeframe, etc. The setup fee doubled during the second meeting. The next day, I got a call from the Co. Now, the setup fee TRIPLED from the original quote. Talking with the setup manager, she said based on her fees, I would be upside down on sales and suggested we just do a whole house cleanout! Except for a few odds and ends, Mom doesn't have junk. How can an Estate Sale Company tell the family of a loved one you are better off tossing her life in a dumpster. I contacted another Company the same day and have a meeting next week. Time is running out for me. It's not about making cash, it's getting Mom's possessions to a new home as well as clearing the home.
 
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