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Getting The Best Deals At Estate Auctions

Friday, March 30th, 2018
bidding at an estate auction

No matter where you live, you have probably had the chance to go to an estate sale. These are some of the best sales to go to if you are looking for great deals. They offer art, collectibles, housewares, tools, vehicles and auto parts, and jewelry. However, estate auctions offer just as much as sales, if not more. If you want to find the best deals, you need to know what to look for and how the these auctions work.

The property at an estate sale

The legal term “estate” relates to property left behind when someone dies. The person left to decide what to do with the property is called the executor or administrator. They are delegated to sell the deceased’s property and use the money collected to cover any expenses and distribute what’s left to surviving relatives.

Estate property tends to consist of personal items and household goods, along with collectibles and more expensive objects. The estate can also include titled property, boats, cars, or other vehicles. Even if an item is expensive, once you have purchased it at an estate sale, you most likely cannot return it for any reason.

Estate auctions vs. sales

The executor of an estate can choose how to sell the property. They can arrange either an auction or sale. An estate sale is very similar to garage sales and can be run by family members or a professional company. Each item will have a price listed, leaving you to decide if the article is worth it or if you need to make a lower offer. It will be up to the family or company if they can accept your offer should you chose to make one different than the listed price.

An auction house conducts estate auctions at a set date and time. The company will sometimes travel to the home or property and hold the sale on site. Other auction houses will sell items at their property or online. The prices may not be listed on each item, and you will need to check if there will be a buyer’s premium added to the total. This premium is generally set at ten percent of what you pay for an item.

How to bid at estate auctions

When arriving at the auction, you must register if you are planning on making bids. After this, you will be given a personal auction number on either a paddle or piece of paper. Take care of this number, because if you lose it and someone else uses it to bid, you are responsible for payment.

You can find a lot of great deals at estate auctions, but you have to be prepared. Just like estate sales, there are no returns at auctions. So be sure you want to bid. Should you find objects you want to buy, research them and see what they are worth in various conditions.

Inspect each piece of property to look for flaws. If the item is listed as a valuable, check for forgery and if it is in working condition. Some items may be worth paying a bit more for if you really want them. Others may need repairs at minimal costs. If you are unsure if an item is worth the price, it is best to pass on the opportunity.

Estate auction strategy

As you attend more estate auctions and sales, you will be able to develop a strategy. Consider whether you prefer the professional or family run sales when first developing your strategy. Auctions and sales run by professionals may not accept as many offers as those run by families or smaller auction houses. Also, consider that some auctions and sales use exact market value, while others may charge above or below.

Estate auctions will be louder, busier, and a lot more exciting than estate sales. The auctioneer’s voice will be fast and the crowd will often be cheering as they call out bids. Learn to recognize this banter so you don’t lose concentration and get caught up in the excitement by making bids you cannot afford. Watch for upcoming auctions and check the list of items being sold. Do as much research as possible on items, and before going, create a budget for exactly how much you can afford.

If you would like to learn more about estate auctions, contact the experts at High Plains Auctioneers today. You can call us at (806) 244-6776 or Contact Us by email for more information about Buying or Selling at auction. You can also check out our Upcoming Auctions to see what we will have available.