If you need to sell your home but can’t decide how to do it, check out this blog on estate sale vs auction to find out which is best for you.
An estate sale vs auction are two different ways to sell the contents of your home when you’re planning a move or selling a family home.
Sometimes these circumstances arise when the death of a loved one occurs. Typically the easiest way to take care of the family members personal items is to hire a team to manage an estate sale or auction for the home.
Buyers get the opportunity to preview the items in the home and get a quote on the pieces to see if the sale is right for them.
Estate Sale VS Auction
What is the best option for your selling needs? We will review what the difference between an estate sale vs auction is and how they can benefit you.
What is an Estate Sale?
An estate sale is a “garage sale” of sorts that is performed by selling the entire contents of a home. These sales are usually conducted by a professional seller that prices all the items in your home and take a percentage of the profits.
Estate sales are usually held after the death of a family member. Hiring a professional to handle the sale of the home’s contents while the family mourns is popular.
There are some drawbacks to holding an estate sale.
Among many issues with estate sales like not being allowed to attend the sale, possibly having many items not be sold in the sale, and shoddy haggling, the biggest concern for most when holding an estate sale is that there are no industry standards. That means that there is no regulation to the percentage that the professional running the estate sale adheres to or even a code of ethics.
What is an Auction?
Many are familiar with what a typical auction is. An auction is a public event where items are sold to the highest bidder.
Because an auction is open to the public, you are guaranteed a fair market price for whatever you are trying to sell. Professional auctioneers also tend to be more reputable individuals that have been serving the industry for many years.
Along with knowing that you are working with a professional when auctioning your items, you also gave an added benefits of knowing that there are long-standing industry standards with auctions known as the National Auctioneers Association.
While using an auction seems to be a more reputable route to take, there are also some drawbacks. Unlike an estate sale where the estate sale professional handles the sale of the assets in a home, you must go through all the items and present them to an auctioneer yourself.
Another drawback when using an auction is that you run a potential risk of not knowing the value of what you are selling until it is too late.
Next Steps
There are many benefits and drawbacks of an estate sale vs auction, but the biggest consideration is what fits your needs.
If you are in need of having a professional take the stress out of selling a family member’s belongings, then it may be worth your while to do the extra research to find a trustworthy estate sale professional. If you have a few valuables in need of selling, then an auction may be a great idea.
Always make sure you do your research and the real estate professionals at Sudduth Realty can walk you through every step of the way. Contact them today for information on an estate sale vs auction and how they can help.
