An estate sale is a way to liquidate the belongings of a family or an estate. Estate sale, A.K.A tag sale, usually has a larger scale than yard sale and garage sale. It is held usually because of when someone is in need of selling things while moving, bankruptcy, divorce or someone’s death.
So how does an estate sale work? Different from yard sale or garage sale, public is invited into the house. They are able to purchase anything they see that is marked in the house.
For most of the time, not all items will be marked since the seller may want to keep some memorable and valuable things, or some objects is listed in the contract with the new house owner. Estate Auctions are where everything is auctioned instead of being marked with a selling price.
There are several ways that you can buy the tagged items. The first method is to directly take it with you and pay until the very end of the auction. If the item is too large to carry, you can write your name on a MARKED SOLD sign and tag it.
After the sale, you just need to find a way to deliver the item to you. If you consider the price too high, some sellers might accept bid. However, once you decide to make a bid, you are also risking that someone else is willing to pay for the marked price, since the bid is usually opened in the end of the estate sale.
An estate sale is a sale where someone tries to get rid of a large amount of their possessions. It typically happens after one of two types of events: either (1) someone has passed away and their heirs would rather sell that person’s things than keep them or (2) someone is moving – often to another country – and needs to get rid of their things.
Either way, it is different from a typical sale because of the sheer volume of items and the kinds of things that are probably for sale. In addition to the typical things that one might put up for sale, such as clothes or gently used household items, an estate sale could include things like cars, beds and bed frames, sofas, televisions, and refrigerators.
These are things that a typical garage sale does not include.
Another characteristic of these types of sales is that the owner holds them and tries to sell them for relatively cheap. Because they need to get rid of the items, and not selling them would just be a waste, a buyer can typically find great deals at an estate sale.
If a fair price for a car that they own is $15,000, you might be able to get it for as little as $7,500 (half price!) at an estate sale. For the most part, the owner would rather take the guaranteed cash than wait for someone to make a “reasonable offer” because of the limited time they have.
In addition, you can get great deals because the owner (or you!) does not have to pay taxes or fees to an intermediary.