There are a few different types of estate sales and each has its own unique set of rules and procedures. Here are the most common types of estate sales:
· Probate sales: These are sales conducted after the death of the owner to pay creditors and distribute property. The sale is considered complete once all outstanding bills have been paid, any contested wills have been resolved, and any taxes on the property have been paid.
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· Estate auctions: These sales usually occur after probate proceedings have been completed but before the sale is finalized. Auctions involve public viewing of items up for bidding, and often feature live auctioneers who encourage bidding from the audience. The highest bidder wins the item, regardless of whether or not they bid on it personally.
· Private estate sales: These are sales that aren't subject to probate or auctioneer participation. Instead, they're typically handled by an attorney or real estate agent who manages all aspects of the sale. This type of sale can be preferable if you want to keep some privacy surrounding your property or if you have a large number of items for sale.
Conclusion
If you're thinking of buying a property at auction, it's important to have a good understanding of what to expect. By doing your research ahead of time, you'll be able to make an informed decision about whether or not auctioning is the right option for you and minimize any potential surprises on the day of sale.