“The Clean Slate” Scenario

Not every home sale is preceded by an estate sale, but . . . every estate sale is followed by a “For Sale” home.

estate2Unless the estate sale happens after the home is sold (technically, when the home is what Realtors call “under contract” or “Pending,” but not yet closed).

Got all that??

Timing

In my experience, estate sales typically precede a home sale when the former owner’s personal property is dated and/or in less than pristine condition (often the case when a decades-in-place owner has passed away).

Then, the home shows better empty.*

But, the personal effects can’t be too old or worn.

When that’s the case, it isn’t worth an estate sale company’s time to inventory all the items, do the necessary marketing and promotion, etc.

Instead, the owner’s heirs will typically disperse the personal property amongst family members and friends and/or donate the items.

Alternatively, when the furniture, accents, and art work are flattering, it’s more typical to incorporate them into the home’s staging, then conduct the estate sale once the Buyer has been identified and the Purchase Agreement is signed (and any Addenda removed).

“The Clean Slate” Scenario

While the majority of estate sales (at least in Minnesota) seem to be associated with aging or deceased owners (sad but true), that still leaves estate lineperhaps 10%-15% that I’ll call “the clean slate” scenario.

In fact, there are two variations:

One.  Upper bracket estate sales, where the owner is moving to a new home that is dramatically different in size and/or style, and intends (and can afford) to decorate it with all-new furnishings, accents, etc.

Two.  Post-Divorce.  The owner’s personal property is associated with their “former” life, and they — or their new partner — want a fresh start.

As a Realtor, what never ceases to amaze me is the mob scene that accompanies the start of an estate sale (if not several hours before, when lines often start to form).

Estate sale aficionado’s know that the secret is to “score” one of the first admit numbers, which is how estate sale companies regulate how many people are in the home simultaneously.

*Lots of estate sellers will subsequently paint, refinish floors, and do light staging before listing the home — or would be smart to.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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