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There are a number of ways to liquidate an estate. One of the more profitable is to hold an estate auction because competitive bidding often results in top-dollar sales. In many cases, payment is actually made to the family the same day the auction is held or shortly thereafter. Hiring an auctioneer also minimizes headaches - depending upon your arrangement, the company will set up and display your items and then advertise your event.
If you opt to hold an auction, remember that you only have one opportunity to sell the family estate. If possible, hire a Certified Estate Specialist to settle it for you. This professional designation is bestowed by the National Auctioneers Association following very specific training.
Here are some important questions to ask before hiring an auctioneer:
- When are they available? Auctions are often booked months in advance.
- Do they have specific experience doing estate auctions?
- What happens to the items that do not sell?
- Where will the auction be held; on-site, at an auction hall or some other location?
- Do they have an auction coming up that you could attend?
- What commission do they charge? An auctioneer’s percentage typically varies based on the value of the estate.
- Are there any additional costs?
- When and how is the estate paid?
- Do they offer a no-cost, no obligation consultation?