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.