5 Hints On Attending An Estate Auction

auctionEstate auctions can be a fantastic place to shop for new furniture, antiques, one-of-a-kind home decor, and even priceless treasures. However, before you attend an estate auction for the very first time, it’s important to know what to expect and how the process will unfold. Here are some helpful hints regarding estate auctions.

1.READ THE ENTIRE CATALOG
if there is one. (Many smaller estate auctions are not cataloged.)
This is basically just common sense, but it’s critical to read through the terms of the auction catalog before showing up and being surprised by purchase removal or identification requirements. If there is a catalog there will be important information about the item such as size and condition.

2.INSPECT ITEMS THOUGHLY
Most auctions are sold “As Is, Where Is, With Any And All Faults Noted Or Not Noted.” Professional auction companies do their best to point out notable flaws; however the buyer is expected to take responsibility for their bidding.

3.YOU CAN SCRATCH YOUR NOSE
It will not take you long to learn to bid at a live auction as the process is simple. Often the auctioneer is speaking at a very rapid pace, however you will find that he or she is simply telling the bid they have and the bid they want. Just listen for the numbers and if the “ASK” is at a level you are comfortable with; just raise your bidder card in the air so the auctioneer can see it. Professional auctioneers know the familiar patrons in the crowd who use signals other than a bidders card, however they will not confuse your inadvertent movement as a bid.

4.SET A BID LIMIT
It is easy to get caught up in a bidding frenzy created by the auctioneer and furious bidding. Set yourself limits on the items you wish to purchase and bid to that amount. If the bidding goes higher take a moment to reflect on whether or not you wish to bid higher. Getting caught up in the frenzy can sometimes lead to what the auction trade calls – “Buyer’s Remorse.”

5.ATTEND AUCTIONS OFTEN
People go to live auctions for a variety of reasons including, finding something they can get nowhere else, entertainment or to get a bargain. Whatever your reason, the more you attend the more familiar you will become with the process and the more fun you will have.

You can find more about various auction companies on-line by searching auctioneers in your area. Many auctioneers specialize so be certain you review the auction before attending so you don’t find a bulldozers rather than the antique furniture or diamond ring you were looking for.
Ultimately, estate auctions are great opportunities to purchase high quality items the price you are willing to pay.

Debunking 4 Common Myths Surrounding Estate Auctions

auction houseWhen it comes to planning an auction, there’s so much to remember and coordinate, especially when planning personal property or estate auctions. There are often many misconceptions about estate auctions. Here are some common myths about estate auctions.

Myth: Buying at an estate auction means buying “sight-unseen.”

Many people assume that they won’t get to look at the property before placing a bid. In reality, potential buyers will have plenty of opportunities to look at the property they’re bidding on. Buyers do not need to give up the right to view the property they are bidding on.

Myth: Estate auctions are often rigged.

Some people actually believe the rather ridiculous myth that there are companies who place employees in the audience of the auction house to increase the price of bids. This myth was possibly started by someone who doesn’t quite understand the concept of an auction reserve. A reserve is the lowest price that the seller will accept for an item they have consigned, and many auction companies participate in their own auction to assure that the price reaches the reserve amount. Most auction companies do not take many reserves, however it does happen.

Myth: There are always hidden fees at estate auctions.

Many people are under the impression that there are always fees and hidden charges at estate auctions. Again, this is a major misconception. The reality is that for larger or more valuable items, the auction company may require a good faith deposit to protect both the buyer and the seller. Sellers don’t have to worry if buyers are serious about purchasing the item. Sometimes an auction company assesses a “Buyer’s Premium,” which is a percentage of the final bid price, however this is always stated up front and in the terms and conditions of the auction.

Myth: Only problematic properties are sold at estate auctions.

The finest things in the world are sold at public auction. Today, it’s not uncommon for personal and real estate properties to be sold at auctions for higher amounts than they would have if they had been sold traditionally. Furthermore, commercial property auctions have evolved to the point that they include assets of all types and qualities. Ultimately, you should know what to expect when planning or attending an estate auction.

For more information about auction houses and their procedures, contact Epic Auctions and Estate Sales.

Choosing An Estate Sale Company

estate salesWhen it comes to your family’s estate sale, planning can be overwhelming and stressful. Choosing an estate sale company may be challenging, however, it can ultimately relieve days and months of stress. Here are some helpful tips for choosing an estate sale company.

Look thoroughly:
Many times, people go with the first company they find. In reality, there are more than 15,000 estate sale companies working across America, and you should investigate the companies in your area. Visit their web pages. Call some to find out about the different services they may offer.

Remember that price isn’t everything:
Don’t assume that the company that offers you the lowest price is the best deal. Choosing a company that charges a lower percentage doesn’t necessarily mean that you’ll make more money yourself. Companies with more experience with estate appraisal services can often make you more money even if they charge a higher percentage.  Since they’re more aware of  values and have a larger following they are able to get more money for you estate.

Do plenty of research:
This may sound similar to the first tip, but it’s more in-depth. Once you think you’ve found the right company, check their reputability.  References can be helpful.It’s often a good idea to visit one of the estate sales organized by the company. Visiting one for yourself can give you a look into the process and how things will turn out. This should be anonymous, but watching the company in action is often the best way to gauge how successful they’ll be in dealing with your particular estate. Also see how busy they are. the busier the better.  It is typically a sign of community support of their estate sale service.

Read the contract:
Contracts may be long and tedious, but in situations like these, it’s important to read every last word of it. The contract should clearly state important details such as the date of the sale, the percentage the company is charging, when you’ll get paid, and more. Ask questions. It is difficult to cover every possible situation in an agreement , however, never hire a company without signing a contract that you fully understand.

Estate sales can be stressful to the heirs, but selecting a reputable company allows the sale to go as smoothly as possible. For more information about estate sales, contact Epic Auctions and Estate Sales.