Difference Between Estate Sale and Auction

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Difference Between Estate Sale and Auction

If you have inherited a home in Conway or are just looking to downsize, you may be wondering if you should have an estate sale or an auction. Before you decided which way to sell your belongings, you should understand the pros and cons of each method. We offer expert appraisal and professional auction services and are more than happy to help you decided which service is right for you.

How Do Estate Sales and Auctions Work?

The difference between the two is the way items are sold. At an estate sale, a professional appraiser will go through and price out your belongings.  After each item has been tagged, we will hold a selling event lasting between one and three days, depending on the number of goods being sold. At an auction, an auctioneer will set the price for each item below market value. Buyers can then bid on the treasures they want. Multiple bidders can drive up the price, but it is not a guarantee that the item will be sold for what it’s worth in the marketplace.

Pros and Cons of an Estate Sale

The benefit of holding an auction in Conway is that your belongings will be sold at a higher price than they would be at an estate sale. Appraisers will set the price of an item based on its worth in the market whereas at a sale, the item goes to the first offer, whether it is priced right or not. Items sold at an estate sale are generally sold for less than they are worth. As a sale comes to an end, items will then be reduced to liquidate all of the assets.

The downside to holding an estate sale is that it is not a guarantee that all of the items will be sold. At an auction, items begin at a price lower than their market value (but often go over it, thanks to bidding competitions), which makes it much more likely that all of your belongings will be sold. This also means that you may not make as much money on each item as you otherwise would at an auction in Conway.

Why Use Orlando Estate Auction?

At Orlando Estate Auction, our professionals will assess your assets and advise you on which selling method would be best suited for your needs. Our team will help with everything from sorting items to getting them ready to sell. If you are interested in holding an auction or estate sale in Conway, give us a call today at (407) 290-1000 or contact us here!

By | 2017-05-26T11:16:27+00:00 April 25th, 2017|Categories: Estate Auctions, Estate Sales|Tags: , , , , |