Comparing an estate sale vs. estate auction might not seem like that much of a challenge initially. At Orlando Estate Auctions, we can understand that some might even assume there is very little difference between the phrases. However, depending on such important factors as speed, price, and guarantee of sale, the above options provide seismic differences.
Understanding an Estate Auction vs. Estate Sale
Here are a few guidelines to help you understand the process regarding an estate auction:
- Items will sell: If you possess something of any sort of value, it will typically sell at an auction. In fact, auctions won’t end until every item is sold.
- Auctions last one day: With only once chance for others to purchase your items, estate auctions typically work to create a sense of urgency from bidders leading to potentially higher sales prices. Our Orlando Estate Auctions are held on Saturdays.
- Prices determined by bidders: One of the biggest differences between an estate sale vs. estate auction is that items in an auction are determined by multiple bidders. As a result, there is no set price or actual limit regarding what you can get in return.
- Everyone has a chance to purchase: Whoever shows up at an auction has a chance to purchase the items you’ve put up for sale. There is no first come, first serve rule unlike with estate sales.
Understanding an Estate Sale vs. Estate Auction
- If an estate auction isn’t exactly suited for your needs, here is what you can expect from an estate sale:
- Items won’t necessarily sell: If getting rid of your possessions isn’t an urgent prerogative, an estate sale is more appropriate. After all, the items you put on the market won’t automatically be sold.
- Sales last a few days: The average time period for an estate sale is between 2-4 days. This gives all items a chance to be thoroughly viewed and provides a last opportunity for those possessions that didn’t immediately garner interest to find a buyer.
- Prices determined by one or two people: For those trying to decide between an estate sale vs. estate auction, it’s important to remember what you expect or want in regards to returns for your items. Unlike auctions where items can go to the highest bidder, estate sales involve the cost being predetermined by the company you hire. This takes a large part of the sale process out of your hands and into the hands of those who determine the value of what you possess.
- Estate sales held in seller’s home: Potential buyers are granted the opportunity to walk into your home to examine your items.
For more information on understanding the differences between an estate sale vs. estate auction, call us today at (407) 290-1000.