Michigan Estate Sale Blog

Heres What You Need To Know Before You Have An Estate Auction

Estate auctions are a great way to move a large number of items and property at once in a quick sale when someone passes. Though they are useful, there are a few things you should know before you get into an estate sale.

The first is that each estate seller or company that you work with is going to take a percentage of the overall sale proceeds to cover the cost of their services. This cost is going to entail things like paying the auctioneer, paying those that help price items, paying those that help move items, and any consignment fees if items are moved to a showroom or other sales floor. This is going to be the fastest and perhaps easiest way to deal with moving an estate if you do not want to do it on your own but it is also going to reduce the overall amount that you can make with the estate auction.

Another thing you want to keep in mind is that estate auctions are often nearly entirely out of the hands of the family. This means that you can suggest prices for things, but in many cases, the estate auction company that you work with is going to try to get the most money out of items while moving them as quickly as possible so you may not get what you feel the property is worth. In some cases, estate auction services encourage the homeowner or the next of kin to be at the auction and it may be difficult to watch family heirlooms go for less than you wanted to see them sell for. 

On top of the fees for the sale itself, you are also going to have to keep tax laws for your particular state in mind. Some states require what is called an estate tax before the property can transfer to the next of kin so you want to keep this expense in mind when hiring an auction company.

For more information on estate sale listings or if you need a licensed appraiser, contact the team at Avene Estate Sales today. 

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