OT-Estate Sale

[rockdude]

I am the Executor of the estate of a family member and we are having a big debate over how to sell the items of a 3000 sqft house. Nicer, newish solid furniture but not antiques or original art work type of stuff. I was thinking of doing an estate sale myself and Craigslist the nicer items but other family members think an estate sales company is a better way to go. Has anyone had experience with an estate sales company?

[Bentley]

I am the Executor of the estate of a family member and we are having a big debate over how to sell the items of a 3000 sqft house. Nicer, newish solid furniture but not antiques or original art work type of stuff. I was thinking of doing an estate sale myself and Craigslist the nicer items but other family members think an estate sales company is a better way to go. Has anyone had experience with an estate sales company?

Not sure if this is available in Boulder, but a few years back I was in Palm Springs (thats a long story) and I visited a couple of "second hand" stores. Apparently out there they buy out houses with brand new furniture (model homes) and then sell it piece by piece. Might be worthwhile to see if anyone in Boulder does that.

Ray

[rockdude]

Not sure if this is available in Boulder, but a few years back I was in Palm Springs (thats a long story) and I visited a couple of "second hand" stores. Apparently out there they buy out houses with brand new furniture (model homes) and then sell it piece by piece. Might be worthwhile to see if anyone in Boulder does that.

Ray

Ray, I will check into this but the house is in the Dallas area.

[Tickdoc]

Most auction houses will run estate sales on the side, or at the very least point you to a good estate auction specialist. They are also good at using the event to bring in other items to liquidate from their stash that can add to the offerings and increase the traffic.

Not sure what the going rate is, but with no emotional attachment to the stuff I think it would definitley be worth their cut..

[likebikes]

depends on how much time/effort you want to spend doing this, and how much money you want out of it.

the two are correlated.

[paredown]

depends on how much time/effort you want to spend doing this, and how much money you want out of it.

the two are correlated.

Yes.

We have a friend who works as a downsizer, and she often gets jobs that involve emptying a full house and/or searching through/organizing paperwork and clearing out houses for resale, and we've helped her on a few projects.

She uses a combination of dealers (for specific classes of stuff--like comic books vintage computer stuff, collectible furniture) and open sales for the rest, usually advertised on FaceBook. The last couple open sales have been a bust. What is left over that is salvageable she will donate to local charities, and a lot goes in the dumpster.

IMO, garage sales are barely worth the trouble now and people who used to cruise her estate sales looking for collectibles are not that interested anymore since their resale market has collapsed as more people are down-sizing.

The last Habitat house we got came full of stuff, and after two hard days work in very hot weather we didn't quite clear a $1000... and that was a five person project over a weekend, not counting the time on the initial sort.

Estate companies take a large bit out of whatever you sell (We think 40%, but it probably depends on the local market)--but the advantage is that it is one stop shopping--but if you are sentimentally attached, you won't be able to watch the pricing/dickering etc.

If you have the time, you would probably maximize your return selling collectibles online (look at 1st Dibs for collectible furniture; don't know from art), eBay is good for some stuff, but be prepared for it to drag out. We sold a collectible sofa on Chairish--but it took a year or so for the right buyer to see it and pony up.). Ebay is OK for small stuff, but be prepared to wait--I just sold a collectible book on the 'Bay--it took almost a year...

[jlwdm]

Check with Everything But the House.

Jeff

[zmudshark]

Look at well run sales in your area on estatesales.net

We did an estate sale years ago for a relative. Never again. Family always thinks their stuff is worth more than it is.

[Ken Robb]

I have seen one man in San Diego do a good job with estate sales in San Diego. He's probably not the only good one but I have also seen some "experts" do a poor job. Just like pricing custom homes for sale realistic pricing requires lots of recent experience. You might get some good advice from successful Realtors in your area because they have probably worked on settling the same estates from time-to-time.

[jtakeda]

the amount of effort you’re going to put in for an estate sale is astounding.

If you’re in a time crunch I’d use a company. Otherwise I’d sell everything piece by piece over a few months and donate the rest.

I just cleared out a 2600 sq ft home full of all kinds of stuff.

The amount of furniture we donated because it didn’t sell was pretty big. I was able to sell the collectibles on eBay and it was a huge hassle

Knowing what i know now. I respect the amount of work the estate sale companies put in.

[unterhausen]

I gave as much of my mom's stuff away as I could and dumped the rest at goodwill. My MIL moved into a nursing home, and the stuff that she couldn't take with her got sold by a company that sells it from the home. Seems easier somehow than an auction. The good thing was everything was gone when it was over.

[Dino Suegiù]

We had to have an estate company do an appraisal (they walked through, made a few lists, gave general values, nothing expensive or time-consuming) when our parents died, for estate tax purposes. The items in our house were mainly all as the op describes, mainly too modest or too personal to have any real monetary value on the market, especially considering what the estate companies were going to charge + their selling estimate (very low) + their commission.

It became quickly apparent that any real effort to sell things would really just lead to more fatigue and grief than anything good. We ended up doing as others have already suggested: just giving things way, with pick-up done by the people we gave things too, or leaving a lot of the things in the house when we sold it.

It was much less stress and headache that way, and anything of true meaning or value we took to our own homes or stored in a small storage facility for a couple of years.

Hard times, good luck.

[josephr]

Look at well run sales in your area on estatesales.net

We did an estate sale years ago for a relative. Never again. Family always thinks their stuff is worth more than it is.

my 83 y.o. mother is insisting on staying in her own house until the end...she's still got a few years to go but she wants to make sure who gets what stuff when she's gone. She asked me about her bedroom furniture and I hinted that I had my own, etc...she was sort of upset that I wasn't jumping all over it. :rolleyes: Us kids have decided that after we get what we want, we're not going to argue over the rest and let an estate company do what they do and be happy with whatever they get for it.

[parris]

When my dad passed there were enough family members for a good amount of his household items to go without having to sell or donate much at all. There was a good amount of drama with one of my sisters but we got through it. My mom saw this fiasco and spent several years before she passed downsizing and giving items to each of us. That made a tremendous difference.

Good luck with your choice.

[zmudshark]

my 83 y.o. mother is insisting on staying in her own house until the end...she's still got a few years to go but she wants to make sure who gets what stuff when she's gone. She asked me about her bedroom furniture and I hinted that I had my own, etc...she was sort of upset that I wasn't jumping all over it. :rolleyes: Us kids have decided that after we get what we want, we're not going to argue over the rest and let an estate company do what they do and be happy with whatever they get for it.My dad is 94, and still living alone after my mother passed. He has a 2600sf home in S Ga on a golf course, I have two younger sisters. No one wants anything that won't fit in carry on luggage.

Times and tastes change.

[Ken Robb]

the amount of effort you’re going to put in for an estate sale is astounding.

If you’re in a time crunch I’d use a company. Otherwise I’d sell everything piece by piece over a few months and donate the rest.

I just cleared out a 2600 sq ft home full of all kinds of stuff.

The amount of furniture we donated because it didn’t sell was pretty big. I was able to sell the collectibles on eBay and it was a huge hassle

Knowing what i know now. I respect the amount of work the estate sale companies put in.

It might be counter-productive to have a vacant house as a non-performing asset for several months while one tries to sell stuff one piece at a time. Some homeowner policies curtail coverage if the property is vacant for a designated period of time. The policies I read had 30 day limits but the insurers might be willing to extend that time limit by adding a policy rider/amendment for extra $$.

When I was leaving for the Army I called a couple of used furniture dealers in NYC for bids on all the furnishings in my 1 br apartment, took the best offer and was gone with no hassle.

[rwsaunders]

My parents recently sold their home and the real estate agent connected them with an estate sale outfit that did an awesome job. The items that family members didn't want were a part of the sale and what didn't sell, was removed from the home. Looking back, I don't know how we would have managed the process ourselves.

We were worried that the home would be empty while the listing was active and the agent actually preferred this to be the case, as they virtually furnished the home for the ads...cool stuff.

[Seramount]

not a solution for most, but when it came time to deal with the parental estate (that was 600 miles from where I live), their wonderful neighbor offered to take care of the sale.

she put signs around the neighborhood and she and her sister dealt with all the transactions...

they apparently sold things (furniture, appliances, clothing, yard tools, etc) at give-away prices, but they still collected a couple thousand dollars. I didn't want any of the items, so it was good to just be done with clearing the house out.

I offered to split the proceeds with them for their effort, but they refused to take a cent.

some people are saintly...

[el cheapo]

My Dad is also 94 and still lives by himself with lots of help from me. We have talked at length about the pros and cons of estate sales. Having been to numerous sales a few things concern me...liability because you are inviting people into the home...theft because small items will disappear...burglary thieves case the house...damage to walls and floors as large items are moved...and lastly potential buyers want a deal and you end up making way less money than you think you will. I came to the conclusion that I will find a consignment shop for the furniture I don't want. Everything else will go to his neighbors and friends. We also discussed just selling the house furnished.

[buddybikes]

We are in process of selling our house and already live in our "retirement" house. We took the pieces we wanted, and negotiated with the home buyers for the big pieces. Thus we only now have to move a limited number of things. Hopefully this will all work out great and no broken backs

[Peter P.]

depends on how much time/effort you want to spend doing this, and how much money you want out of it.

the two are correlated.

THIS.

I speak from experience. My brother passed away a few years ago, and he was a drummer.

5 drum sets, 50 cymbals, 52 snare drums, 3 stereo systems, 21 guitars, 6 amps, and on and on. It's a lot of work and time.

Researching the value of items and dealing with one on one sales; it consumes A LOT of time for a questionable increase in income. Sometimes it's worth putting profit second and convenience first.

[Ken Robb]

My Dad is also 94 and still lives by himself with lots of help from me. We have talked at length about the pros and cons of estate sales. Having been to numerous sales a few things concern me...liability because you are inviting people into the home...theft because small items will disappear...burglary thieves case the house...damage to walls and floors as large items are moved...and lastly potential buyers want a deal and you end up making way less money than you think you will. I came to the conclusion that I will find a consignment shop for the furniture I don't want. Everything else will go to his neighbors and friends. We also discussed just selling the house furnished.
Very rarely will the buyer of a house also want the furniture. Most exceptions would probably be in the sale of a beach or mountain second home otherwise the buyer has his own furniture already.

[homagesilkhope]

I am the Executor of the estate of a family member and we are having a big debate over how to sell the items of a 3000 sqft house. Nicer, newish solid furniture but not antiques or original art work type of stuff. I was thinking of doing an estate sale myself and Craigslist the nicer items but other family members think an estate sales company is a better way to go. Has anyone had experience with an estate sales company?


No experience with an estate sales company, but did you say "big debate?" Already? R. Dude, don't look a gift horse in the mouth! If there's significant support in the family for letting a third-party get rid of the stuff, take yourself out of this particular loop and in so doing both avoid a huge hassle AND dodge one or maybe a thousand lightning bolts. You're already in a compromising-enough position as executor (especially so if you're also an heir) where your every decision is subject to second-guessing, criticism, debate and even court review. Whatever haircut the heirs may take in hiring an estate sales company to dispose of the stuff will seem a small price to pay compared to the hard feelings and associated fallout of a(nother?) protracted family squabble.

[Hilltopperny]

My stepfather used to have his own auction house and still buys out estates, gold and jewelry. There is a ton of work involved in these endeavors and a lot of time. Some people can have unrealistic expectation for the value of old stuff.



If you can find a reputable dealer who will come and clean the place out, research the items and list them for sale it will save you an endless amount of time and effort. Expect the company to either purchase everything or in case of an auction to take 30-50%. At least you won’t have to deal with any of the stuff yourself and you can go on with your normal routine.

[2LeftCleats]

Echoing what others have said. An appraiser confirmed that my mother’s furniture and China was really nice stuff, but said, “No one wants it anymore”. After contacting some auction houses and confirming this, we replaced some of our crappy furniture with hers, took charitable donations on the rest, and I use her sterling for my morning cereal.

[AngryScientist]

its my experience that furniture, these days is worth very, very little.

the idea of "heirloom", well built wooden furniture is now pretty much lost. by the time mom and dad are ready to shove off, the kids are well into adulthood and dont need/want/have space for the old furniture.

then there is the potential estate sale buyer - moving a huge piece of furniture is a maga hassle, you need a moving truck, etc - so they will look for a big bargain or give-away price if they are going to take it.

when we cleaned out my parents house, it was a terribly exhausting, time consuming process. we wound up donating most of the furniture, selling it for <100 bucks to facebook people that my wife coordinated, or having it carted away to the dump.

it was nice stuff too, and my initial impression was that it was a real shame to see it go out like that, i grew up with this stuff surrounding me, but by the time it was all gone, i was happy to be rid of it all.

yes - i too have a nice sterling silver spoon in my morning coffee too, ha.

[verticaldoug]

I went through this about 2 years ago with my father in central Minnesota. We used an auction company. I really liked the company and the people.

The items that had the most demand were our old assortment of hunting guns, and all of my dads tools. He never saw a tool he didn't like.

Tastes have changed, and some of the things you just can't give away- my mom had a large collection of Hummel Figurines. Not much interest there anymore.

The one thing I will advise is to aggressively police the auction for the professional ebay resellers. I walked some bidders out who were aggressively trying to lowball the selling process. Complete asshats, but I guess it is a reflection on how tough it is out there for people.

[Birddog]

Hire a professional company to do this, it should be no problem in an urban area. I am currently acting as executor for my brother who lived in a rural area. We called a couple of Estate Sale companies and they declined to even look at the stuff because of the rural location. They wished us luck.

The family grabbing stuff after the service was a sight to behold too. It looked like a feeding frenzy of hyenas.

[AngryScientist]

Hire a professional company to do this, it should be no problem in an urban area. I am currently acting as executor for my brother who lived in a rural area. We called a couple of Estate Sale companies and they declined to even look at the stuff because of the rural location. They wished us luck.

The family grabbing stuff after the service was a sight to behold too. It looked like a feeding frenzy of hyenas.

I'm sorry to hear about your brother birddog. having to act as the executor through this process on top of the bereavement is a real burden, hang in there.

[parris]

Birddog just reminded me of the fiasco that we saw with my grandmother's house. My dad was the executor and her house was across the street from ours. He told everyone that they could have any items that weren't willed to family members. My cousins from one part of the family were like freaking vultures. There were a few times when they showed up at the house at 11 pm to grab stuff wholesale.

When my dad passed a very good friend told me to brace myself because things like this brought out peoples true self. I was prepped but it was still a little bit of a shock to see first hand.

[Birddog]

brought out peoples true self[/B]. I was prepped but it was still a little bit of a shock to see first hand.

I was an eyewitness to that type of behavior, it was simply appalling and these were people that I thought would be honorable.

[Birddog]

When my dad passed a very good friend told me to brace myself because things like this brought out peoples true self. I was prepped but it was still a little bit of a shock to see first hand.

I was an eyewitness to that type of behavior, it was simply appalling and these were people that I thought would be honorable.

[MattTuck]

I can only speak to a single experience with an estate sale coordinator. My grandparents had some unique stuff that was worth something. Not 10's of thousands, but certainly a few things that were worth 2-3 thousand a piece. Estate sale rolls around, they sell for 8-900 a piece.

Left us scratching our heads, until we learned a bit more. That estate sale company has a list of dealers that they notify ahead of time, and stuff that looks interesting, they get first dibs on, and work out a deal. Although we don't have iron clad proof, we have a strong suspicion that the dealers gave kick backs to the estate sale company, outside of our sale, thus continuing the cycle of sweet heart deals.

Not sure how pervasive this is, but if you do have some stuff of real value, I would do the leg work yourself. I don't think an estate sale company has a fiduciary duty.

[Ken Robb]

I just found a site (estatesale.net) that lists professional sales by location/date with pix of stuff for sale. Kind of like MLS for real estate, I guess.

[rockdude]

The forum is the greatest. Thanks for all the recommendations. It seems it might be best to hire an Estate liquidation to take care of the assets.

[Ralph]

My wife cleaned out an Aunts house by selling to a flea market operator. The deal was he had to take everything. Leave house empty. Nothing left afterwards but to clean up and paint. She didn't get a lot of money, but job got done minimal hassle.


A good lesson for many of us. Most of our stuff we prize....not worth much to others.