Malcolm Katt
- Check prices. The professional service will assess the value of your items and make price recommendations. They should be equipped with reference books and a camera, and produce a household item price sheet for you to review. Still, you should check reference books and online auctions like eBay (EBAY Quote - Cramer on EBAY - Stock Picks) to verify that their estimates are accurate.
- Consider alternatives. You may consider selling certain valued antiques and collectibles from the estate through a separate auction, especially if they're particularly hot items at the moment. Prices attained could be higher than you'd get at the estate sale. First, though, obtain an independent appraisal -- find a qualified expert at the American Society of Appraisers -- on all the valuables you're selling, as it's always preferable to get a second (and informed) opinion.
- Know the timeline. Depending on the number of items, an estate sale can last for several days or run over one or two weekends. Keep in mind, many estate-sale professionals hold a presale event allowing friends and relatives of the seller to buy items before the sale is opened to the general public. Most sales will offer significant discounts (typically 50%) on the last sale day on unsold items.
- Finishing up. After the sale, get a complete accounting from your service. All money should be settled between you and the estate-sale company immediately. When considering your profit from the sale, don't forget about the 28% capital gains tax that will be due in most cases. Many services offer a "cash buyout" on items not sold, which will be based on a percentage of the selling price (laid out in your contract). Without a cash buyout, remaining items can be donated to charitable organizations; make sure the estate-sale company obtains receipts so you can get a tax deduction for a charitable gift of items in good-used condition or better. If the estate-sale company isn't contracted to haul away the rest of the unwanted items, you'll need to make arrangements for disposal.
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