What is an estate sale?

An estate sale is an event that occurs when a deceased person’s property is sold to pay off estate expenses, such as taxes, debts, and bills. An estate sale generally happens after the deceased person’s assets are divided among their heirs. In the state of Virginia, probate law requires the executor of the deceased person’s estate to organize the sale. The executor must first get the court’s permission to hold the sale. This permission is typically granted if it will help to manage the estate’s financial responsibilities. An estate sale is similar to a yard or garage sale in terms of the items that are typically offered, however the items for sale are typically more valuable. Common items usually sold at an estate sale include furniture, appliances, art, jewelry, and antiques. Costs are often lower than what one would typically pay for those items, as the executor is often trying to quickly liquidate the assets in order to pay off the estate’s debts. It’s important to note that an estate sale in Virginia is not the same as a foreclosure sale or an auction. A foreclosure sale happens when the bank or lender reclaims the property from the owner due to failure to make payments. An auction is a type of sale required when the deceased’s assets have no clear legal owner. In this case, the items are usually auctioned off at public auction and the highest bidder wins the items.

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