An estate sale is a type of sale or auction of a deceased person's property, personal goods, or other Assets.
During an estate sale, items such as furniture, vehicles, art, jewelry, clothing, and household goods are usually priced and put on display for potential buyers to browse and purchase.
The funds generated from an estate sale are added to the deceased's Estate.
These funds can be used to pay off the deceased's Debts, cover Funeral and Administrative Expenses, and ultimately Distribute assets to Heirs or Beneficiaries in accordance with the deceased's Last Will and Testament or state Intestacy Laws.
Estate sales are typically conducted by the deceased's Surviving Family, the estate's Executor or Administrator, but may also be assisted by an estate sale professional or Appraiser to help determine the Fair Market Value of each item.
They are typically organized as on-site events, often taking place at the deceased's residence. The location is open to the public, and items are displayed for viewing and purchase.
Buyers attend the sale in person and prices are often negotiable, items may be marked down as the sale progresses.
To attract potential buyers, estate sales are advertised through various means, including online listings, newspaper ads, and signage. Some estate sales may even take place entirely online through estate sales websites, or other consumer marketplaces like Craigslist or eBay.