Estate Auctions Provide Many Collectable Items
One way to find valuable merchandise for your own use, to sell as collectables or to offer for resale is estate auctions. Often times when a family loses the owners of a home, in order settle an estate, auctions are used to get a fair price for the home's contents. Typically, to avoid any problems with different family members, the executor of an estate will choose to sell the entire content at auction with the proceeds divided among survivors.
In other cases, the family have owed back taxes and the Internal Revenue Service will order estate auctions to help settle any outstanding debt. Most auctioneers will, according to probate laws in the state, will advertise the sale in plenty of time to insure a good audience for estate auctions. The more people in attendance the more money that can be raised as people try harder to win the auction. There will also be specific times during which the auction items can be previewed before the auction begins.
It is always best to look over the merchandise before the auction to be aware of its condition. Additionally, there may be something going up for sale that you really want, but could miss it if you leave early, not knowing it was going to be available.
Immediate Payment And Possession Required
Like most auctions any items purchased at estate auctions must be paid in full by the end of the auction and the buyer must remove the items immediately. In some cases, especially with larger items, the buyer can make arrangements with the auctioneer to come back later in the day or even the next day to pick up larger merchandise.
There is rarely any guarantee accompanying merchandise purchased at estate auctions and all items are usually sold in as-is condition. This is what makes looking over the merchandise carefully before bidding so important. Even if the auctioneer or their agents make a statement about the condition of a particular item, most states will not view this as a guarantee of the item's condition and will refer the buyer to a buyer beware theory.
The are usually many good items available at estate auctions and members of the family who will benefit from the sale are not usually removed from the bidding process. If a family member bids on merchandise and are the highest bidder in a legal auction, there are no laws that forbid their participation in the auction process.
