What's in an estate sale?
In Ohio an “Estate sale” is the sale of property belonging to the deceased. Generally, it is a sale of all of the personal property in an auction style sale where the proceeds of the sale get returned to the Estate and then disbursed to the heirs.
Many people think that an estate sale will bring in the big bucks; however, an estate sale should really be thought of as a garage sale. Items that should sell for thousands of dollars go for $50 bucks on a good day. I remember one time I was looking for some glass cups at an estate sale. In the store the glass cups cost about $3-15 dollars per glass. At the estate sale, I remember someone getting 20 glass cups for $5 dollars. It was a total shocker.
The main reason that these items sell so cheap is because no one wants them. And for the auctioneer, it is more of a hassle to have to repack and move the items than to sell it dirt cheap.
Can real estate be sold at an estate sale? The answer is yes, but there’s usually restrictions. For example, there may be a minimum bid on the property to ensure that the proper value is reached. Also, we’ve seen instances where the property needs to be relisted and sold because the offers at the auction came in lower than ⅔ of the actual value. And anytime property is going to be sold for less than ⅔ you must get the Probate Court’s approval.
If you’re considering an estate sale, don’t think about making big money. Instead, think about an easy way to dispose of your loved ones property while making some money from their estate.