Bidding on Property

By far the best way to get bargains at estate sales is to know how the bidding process works and to use it to your advantage. If you haven't yet attended an estate sale and want to know what to expect when you start bidding, the following information should help.

The first thing you should do before you go to an estate sale is familiarize yourself with some of the items for sale. You can do this by checking the catalogue if the sale is being managed by a professional company, or by checking their website for pictures of some of the goods on offer. This will give you purpose when you attend the sale because you will already know in your own mind how much you are prepared to pay for a particular item.

Estate sales usually come in two varieties: unrestricted and restricted. Unrestricted sales stipulate that every item must be sold over the course of the estate sale. However, if you are attending a restricted sale, it may be that the family of the deceased has placed a reserve price on some items and these will not be sold unless the reserve price is met. If there is a reserve price on one of the items you are interested in, you can usually find out what it is before you attend the estate sale.

The bidding procedure will be determined by the company that is conducting the sale. You may be requested to pick up a bidding card when you enter the premises. For other companies, simply raising your hand for the auctioneer's benefit indicates that you are making a bid.

It is easy to let your excitement get the better of you at an estate sale. Not only are there amazing bargains to be found but the actual act of bidding itself can be thrilling. Don't let yourself be swept along if a bidding war ensues over an item that you only moderately want. You should always ensure that you bid within your means because you will be expected to settle up immediately.