There are a few do's and don'ts that are VERY important if you have inherited the total contents of a home.
FIRST: The MOST important advise we can give you is:
DO NOT THROW ANYTHING AWAY !!!
You would be quite amazed at the many "worthless" things that are sold at an on-site estate sale. Items that are broken, damaged or incomplete will be purchased by people who need them for parts or, in the case of old or antique merchandise, many buyers like to restore them. Old clothing is very hot! Vintage used clothing, shoes, purses & textiles bring good money. Here's a few examples of saleable stuff: old magazines & newspapers, empty bottles of every type, worn out rugs, old paper(postcards, letters, documents, stationary etc.) household supplies such as cleaners, paints, cans & boxes with ads on them, tools, mismatched china, crystal, & glass.
Do not clean out anything. It makes more sense to throw out the leftovers AFTER you have a sale.
2) Do not have a yard sale yourself. The main purpose of hiring a professional estate liquidation company is thier ability to know what is valuable and what is not. The stories are legendary about the item picked up at a yard sale for next to nothing and later sold for thousands. An experienced liquidator will get a fair price for these items and if they are not familiar with the item, they have the resources to find the "right" value.
The other side of the coin is thier ability to sell inexpensively those items you think are valuable, but they are not. Remember: liquidation is the word.
3) Do not sell anything to anyone before the scheduled estate sale. One big mistake people make is to have several antique dealers come by and buy a few things. After these few people buy the "best" stuff for bargain prices the estate sale company has little to advertise and attract buyers. Leaving these items in the sale will produce many, many more customers to the sale. Customers who will pay more for those items and also buy other stuff from the house. By the way, the Rhode Island antiques community is very close, so after a few people buy from you, the whole world will think "there is nothing left in that house".
4) make sure you have a homeowners policy that covers the property. If the insurance is still in the name of someone who is deceased, then you're not covered! Your insurance agent will get the proper coverage for you.
5) If there is a conflict between the hiers over an item, leave that item in the sale and the relative who wants it more will buy it. That way the money gets distributed equally. Make it VERY clear to the relatives that they must go to the sale to get the item before the public buys it.
6) Ask the estate sale company for a copy of the contract so that you can take it home and read it before you sign it. You should understand what they will do AND what is not included in thier fee. Ask questions, and if any agreement you make with them is different from the standard contract, get those items added in writing to the contract.
7) Be prepared for a real mess after the sale. The public will look in every nook and cranny, even though the estate sale company has already pulled everything out for display. Also, as furniture is sold, there will be less and less area to hold the small things. Your estate liquidator will recommend people who will take the leftovers as donations, but you will still have to hire a cleanout company or do the dump runs yourself.
8) If you get a chance, go to an estate sale and see what happens. Especially if you can get to one done by the company you have chosen.
We hope this advice will be helpful to you. Please feel free to contact us with questions, even if you don't hire us.
CHECK OUR ESTATE SALE SERVICE PAGE BY CLICKING THE BUTTON ABOVE
Here's a useful link to a company that has preprinted and prepared legal forms that you may need for your estate liquidation records.
click here: http://www.legalace.com
