An estate auction is an exciting event where you can get items well below value. When attending one it’s important to understand how they work and have a strategy. You should also be familiar with how an estate auction is different then an estate sale. In this article we will discuss where to find local estate auctions, how they work, and how they differ from sales. I will also share my experience with the estate auctions near me.
Map of Estate Auctions Near Me
For “Estate Auctions Near Me” or Estate Sales Near Me”, see the map below…
What Is an Estate Auction?
An estate auction is a way of liquidating belongings of a family or estate. Similar to a yard sale, this is a process where someone needs to sell items either due to downsizing divorce, bankruptcy, or the owner of the estate has deceased. The public is invited into the home and can bid on any item listed for sale. The prices of the items are determined by the bidders. The auctioneers do not control the amount of the price at an estate auction.
Potential bidders can look up the items going up for bid before the sale to determine how much they want to offer. This process is perfect for people looking to acquire items that are beyond their budget. Predominantly, estate auctions can help people get bargains on items. Because the individual is either looking to get rid of their items quickly, or the family is keen to move on, it tends to be a very swift process. That can guarantee a bigger come away with a number of high-end items that they would not normally get, such as rare antiques, classic vehicles, artwork, land and property, sports memorabilia, etc.
How Do The Estate Auctions Near Me Work?
Estate auctions work similarly to a typical auction. An auction is a public event where items are sold to the highest bidder. When undertaking an estate auction, it gives you added benefits of knowing there are long-standing industry standards. Professional auctioneers tend to be reputable individuals who have served the industry for a long time.
In an estate auction, everyone attending gets the same chance to purchase items. The process involves the auction house letting bidders arrive early to review any merchandise going up for bid. If they do not arrive early, it is the responsibility of the auction house to provide an auction catalog, providing comprehensive pictures and information about each item.
When the bidders have looked at the items going up for auction, but they are unable to attend, they can leave an absentee bid. They leave an amount with one of the auctioneer’s staff so they can place the bid on the bidder’s behalf.
Have a Plan Before You Bid…
I find that when I attend the estate auctions near me, you can’t just go in without a plan. Without a plan you will overbid for items and possibly bid on items, you had no intention of owning. t’s easy to get caught up in the emotion of an auction, a good plan helps to curb that need to win something.
A plan involves getting the items catalog upfront or reviewing the online listings. Then looking the items you are interested in on Ebay and other classified sites that sell used items. You want to take notes about what a high and a low price are for each item you want to bid on. It really only matters what the value is to you, but you should write down the highest price you are willing to pay. That is your number and you don’t bid over it.
I also like to write down questions I have about the quality or descriptions of the items. So that when I go the preview event before the auction starts I can reference my notes. For example if I am bidding on an antique table, I want to check it for deep scratches and check underneath for the structural integrity. I like to write that as a note next to the item in the catalog.
Where to Find Estate Auctions Near Me
It is easy to find estate sales and auctions by going online. There are a variety of ways to search. You can conduct a simple Google search. But there are also reputable suppliers of information, such as EstateSales.org containing over 1 million registered members.
You can also find estate auctions through brokers and estate liquidators. There are many different estate sales websites and can provide relevant information based on your local state. You could also find estate auctions through social media platforms.
What’s The Difference Between an Estate Auction and an Estate Sale?
The differences between the two are notable. An estate sale is similar to a garage sale, it is performed by selling the entire contents of a home. Typically, estate sales are conducted by a professional seller that prices the items in the home and takes the percentage of the profits. Some estate auctions will alos include the home itself or other owner land and properties.
An estate sale tends to be held after a family member has deceased. It is a common approach to hiring someone to handle the sale of the contents while the family is in mourning.
During an estate sale, attendees can go through a property, and if they want an item, they can usually pick it up and carry it with them until they’re ready to check out. It is usually conducted on a first come, first serve basis. If an item is too large to carry, it can be marked “sold.” Typically, a line forms at the door when the sale is taking place, and some companies use a number system, complying with estate sale etiquette or using a ticketing system.
One of the biggest drawbacks of an estate sale is no industry standards. Therefore there is no regulation to the percentage the professional is running the sale adheres to.
One of the biggest benefits of an estate auction vs an estate sale is there’s a fair chance of bidding for an item. Some companies accept bids during an estate sale, but this is not across the board. Individuals could be taking a chance that someone else is willing to pay the market price before the end of the sale which is when bids are opened. Additionally, people could take advantage of the system . This happens when an estate sale uses a number system or sign-up sheets. That is why some estate auction companies allow limited access.
Estate Auctions Near Me – Conclusion
Estate auctions are a great opportunity to get items well below value. These auctions take place regularly and often in your local community. If you find the right estate you can come away with high end items like vehicles, stamp collections, antiques, furniture, art, and jewelry. You have better odds at an estate auction vs a sale, but you need to register early because of limited access. This is what I have learned from the estate auctions near me.