| Executors faced with having an estate sale in | | | | The biggest disadvantage in hiring a tag sale |
| Roanoke and Southwestern Virginia immediately | | | | company is that tag sale companies are not held to |
| discover that selling the contents of a house is their | | | | the same legal standards to which auction companies |
| most time-consuming administrative task. Executors | | | | are held. Auctioneers and Realtors are bound by law |
| who don't perform their assignment could be | | | | to the estate by a fiduciary bond. A fiduciary |
| removed from office by the Probate Judge, so it is | | | | relationship binds the agent by law to act at all times |
| important that they diligently pursue disposing of the | | | | in the best interest of the estate. Fiduciaries are |
| estate's property so that the bills can be paid and the | | | | licensed by the state, must pass tests, be bonded, |
| estate settled. | | | | must hold all funds in an escrow account until |
| What youll get from this article | | | | distributed, and has to settle the account with the |
| Executors in Southwestern Virginia and Roanoke | | | | estate within a specific time frame. |
| have three main liquidation options, and I will discuss | | | | Fiduciaries must also keep accurate records and |
| the pros and cons of each in this article. Any | | | | follow certain protocols. Failure of a fiduciary to |
| company chosen to liquidate an estate should be | | | | follow procedures can result in fines or loss of license. |
| checked out; I will tell you how to do this thoroughly, | | | | Tag sale companies are not held to the same legal |
| and I will also make my recommendation for the best | | | | standards, although they certainly have a moral |
| liquidation method. I assume that the twin liquidation | | | | obligation to the estate. Tag sale companies can |
| goals of the Executor are to get the best monetary | | | | handle the details of the sale and the distribution of |
| return for the estate and to leave the house | | | | the money any way they see fit. |
| broom-clean so that it can be sold. Of course, there | | | | Another problem with tag sales is that typically there |
| are ways to maximize the cash return for each type | | | | is merchandise left over after the sale. Often, there |
| of sale, and I'll tell you what they are. Investing ten | | | | is a LOT of merchandise left over. When a lot of |
| minutes into reading this article could save an | | | | items are left over, the executor then has a |
| Executor many hours of work. | | | | clean-out problem, because the house must be left |
| Option 1: Have An Auction On-Site | | | | "broom-clean" before a realtor will list the house for |
| Benefits of an On-Site Auction: | | | | sale. Unlike an auction, where prices go up with |
| There are a lot of Auctioneers in Southwestern | | | | each bid, tag sale shoppers want to negotiate a |
| Virginia. Auctions are "big" in the South and Midwest, | | | | lower price for everything, which is not only time |
| the biggest auction states are Virginia, North Carolina, | | | | consuming but costs the estate money. |
| Texas, and Indiana. Auctioneers in Roanoke and | | | | Tips for Tag Sale On-Site |
| Southwestern Virginia are very competitive. It | | | | When working with a tag sale company, read the |
| should be an easy job for an executor to find an | | | | contract thoroughly, make sure settlement dealines |
| auction company willing to take the job, and | | | | are included. The operator should have a solid |
| commissions will be competitive. A strong argument | | | | pricing plan, adequate staff, and a solid track record. |
| for an on-site estate auction is that when the auction | | | | What about Internet Sales and Retail consignment? |
| is over, there will be very little clean-up. If you like, | | | | Internet sales work well for items that can be |
| the real estate can be auctioned as well, since Virginia | | | | shipped easily, like small collectibles, books, and |
| auctioneers are licensed to auction the real estate | | | | artwork. Before you decide to sell these items |
| and other titled property. In one day, the house, car, | | | | online, remember that having a nice assortment of |
| boat, RV, and all the household goods could be sold. | | | | collectibles at your auction or tag sale is what will |
| Negatives for an On-Site Auction: | | | | attract the buyers to your event. If you sell all the |
| Auctions are driven by competitive bidding. | | | | good collectibles online, you won't get very good |
| Consequently, it is necessary to have a lot of | | | | attendance at your sale. Dont even consider a retail |
| people at your auction. Big crowds require nice | | | | consignment; they will take too long to sell your |
| weather, plenty of parking, bathrooms, food, and | | | | items. |
| refreshments to keep the people from leaving. | | | | How do I know if I am dealing with a reputable |
| Online bidding can be included to boost attendance, | | | | company? |
| but it is the local crowd that builds excitement and | | | | Unfortunately, asking for references doesn't always |
| drives the prices up. To attract a crowd, the estate | | | | work; no one gives a bad reference. The Better |
| must have collectibles and other quality goods. | | | | Business Bureau lists ratings for some, but not all, |
| Run-of-the-mill goods that can be purchased at the | | | | companies. With a Virginia auction company, go |
| local thrift store are insufficient to attract a good | | | | online to the Department of Professional and |
| auction crowd. | | | | Occupation Regulation (DPOR) at . On the main |
| Suggestions for an On-Site Auction: | | | | menu, go to License Lookup; there you will be able |
| If your estate has many large collectibles, like antique | | | | to check the license status and complaint history of |
| furniture or a piano, an on-site auction may be your | | | | the auction company. |
| best choice. Summer weekends, when the weather | | | | Checking up on a tag sale company is a lot harder, |
| is warm and dry, are the best times to hold an | | | | because there is no agency keeping track of |
| on-site estate auction. The auction company you | | | | complaints. One website that is helpful is When at |
| hire should be equipped with sound equipment, | | | | the site search the name of the company you wish |
| canopy tents, display tables, and plenty of help for | | | | to investigate; also type in the owners name to see |
| fast checkout. | | | | what that brings up. |
| Option 2: Auction Gallery Consignment | | | | Hire a company with a solid internet presence |
| Pros for Auction Gallery Consignment | | | | These days, it is imperative for a company to have |
| If weather is a concern, you may want to consider | | | | an online network. A company that is well-connected |
| consigning your items to an Auction Gallery. | | | | in the online world is likely to be a company that is |
| Consignments at an Auction Gallery are grouped | | | | well-networked in the local area. It's unlikely that a |
| according to the type of item in order to maximize | | | | company with a poor or no website will be able to |
| turnout and get the best prices from their collectors. | | | | use the internet to generate sales for your event. |
| For example, there may be an auction dedicated to | | | | Doing a Google search of the company's name or |
| art and home decor, or musical instruments, or | | | | web address is the best way to to see how well |
| ceramics. | | | | connected they are. Go to Googles search bar (not |
| Cons for Auction Gallery Consignment | | | | the address bar at the top of the page, but the |
| There are quite a few reasons for not consigning to | | | | search bar in the center of the page) and type in the |
| an Auction Gallery. For starters, many Auction | | | | companys web address starting with www. How |
| Galleries will take only the best items from the | | | | many search results are returned that pertain directly |
| estate. Ninety percent of an estate is made up of | | | | to the company you are investigating?. |
| items that are of little interest to the auctioneer, | | | | If the company is a national franchise, disregard the |
| which leaves the Executor to deal with the remaining | | | | results for the general franchise and only count the |
| ninety percent of the estate property. Lastly, when | | | | results where the local company is mentioned. |
| an Auction Gallery spreads the merchandise out over | | | | Ranking well with the search engines doesn't |
| several auctions, it can take months for all the items | | | | necessarily mean the company will be the best one |
| to sell, delaying the closing of the estate. | | | | for your needs, but it is a good indicator of the |
| Tips for Auction Gallery Consignment | | | | professionalism of the company. Typically, |
| Before you consign to an Auction Gallery, ask the | | | | companies have lots of returned results because |
| auctioneer how your merchandise will be distributed | | | | other organizations want to associate with experts in |
| between auctions; get a guranteed settlement date. | | | | their field, so they link to the experts website. A |
| You will also need a plan for disposing of all the | | | | large number of linking companies is like a "vote" for |
| remaining estate merchandise. | | | | the company being linked to. A company that |
| Option 3: Tag Sale On-Site | | | | displays lots of Google results is usually one that is |
| Pros for Tag Sale On-Site | | | | recognized as being expert in their field. |
| Tag sales have several advantages over an on-site | | | | So, what's the best way to liquidate an estate? |
| auction. For those that are not familiar with tag | | | | The best type of sale for estate liquidation is to hire |
| sales, the sale is held on the premises and in the | | | | a licensed fiduciary to sell the estate property in one |
| house. Companies that specialize in tag sales are | | | | day, to the bare walls, any time of year. To |
| less common than auction companies. At a tag sale, | | | | achieve this would require an event that is part tag |
| everything in the house is priced, much like at a yard | | | | sale and part auction, run by an auctioneer. Since |
| sale. Shoppers will browse through the house, and | | | | Tag Sale operators are generally not licensed |
| choose the items they wish to buy. When buyers | | | | auctioneers and auctioneers usually hate to do tag |
| arrive at the house, they take a number, and are | | | | sales, that's a tough solution to implement. There |
| admitted into the house when their number is called. | | | | are auctioneers that combine these services, |
| Tag sales usually start on Friday evening and end | | | | however. Finding such a company will give an |
| Sunday evening, so there is no need to provide food | | | | executor the flexibility of having a sale any time of |
| or bathroom facilities. Tag sales can be held rain or | | | | year, the ability to sell down to the bare walls with |
| shine and in any season. | | | | nothing left over, and the assurance of dealing with a |
| Cons for Tag Sale On-Site | | | | state licensed and bonded fiduciary. |