Are you planning to sell an estate property? Estate sales and auctions offer individuals, families, and professionals alike an opportunity to sell the content of a home or the home itself. The major differences between both options can be found in the procedures. Are you still confused about both? Sit back, relax, as we give a detailed explanation of both estate sales and auctions as well as the differences between them.
A quick definition to begin with…
What is an Estate Sale?
Estate sale, also referred to as tag sale, is the process of liquidating an estate property. Here, the asking price is written on a label and attached to the item on sale. Estate sale often occur due to factors such as downsizing, relocation, bankruptcy, divorce, or death of the property owner.
What is an Estate Auction?
In estate auction, the general public is invited to bid for an item. Bidders are responsible for determining the selling price. The highest bidder wins the auction sale and becomes the new owner of the item or property.
Estate Sales
Auctions
Item Preview
- At an estate sale, you may not have the time to thoroughly inspect or examine the item you intend to purchase. This is because another person might have bought the item while you are still examining it.
Item Preview
- Auction offers you an opportunity to have a closer look at what you are buying and check for its condition and authenticity.
Selection of Merchandise
- When it comes to the selection of merchandise, estate sales do not offer a fair advantage to everyone. In fact, some agencies use the first come first serve policy. Buyers available at the start of the sale often end up buying the best items. As the sale progresses, pickings get slimmer. In some cases, the seller may decide to hold back the best items until the later stages.
Selection of Merchandise
- In auctions, every buyer is offered the same purchase opportunity. Asides that, buyers do not have to wait for hours before the sale reach their turn.
Licensing or Regulation
- In the estate sale business, nothing like licensing or regulation exists. Which means that buyers may not be able to tender a complaint after an estate sale.
Licensing or Regulation
- Auction sales are often registered with local authorities. Whereas, the licensing and regulation contract often include the address for unresolved complaints.
There you have it!
The above are some of the differences between estate sales and auctions to help you decide which is best when trying to sell your home, estate, property, or item.Choose Us for Your Estate Sale or Auction
At Busy Beevers LLC, our aim is to help you sell your property as fast as possible. Whether you are moving, liquidating your assets, or selling your property or estate, we are the perfect fit to get the job done. We will ensure that all items are sold at the right price. With us, the item or property is as good as sold or auctioned.