FAQS

“Real property” is the property you would think of as real estate: single-family houses, condominiums, townhouses, multi-family apartments, and land. “Personal property” encompasses virtually everything else: furniture, clothing, jewelry, household goods, vehicles, and virtually anything else that isn’t bolted to a floor. Personal property may also be intangible (i.e. not physical, or existing solely in theory). This is known as “intellectual property.” For example, if a musician owns the rights to a song they have written, that song is their intellectual property.

A “personal property appraisal” is a legal, written document that assigns values to all or part of an individual’s personal property. Different types of values are assigned to personal property depending on the needs of the individual – i.e. filing a tax return, making a charitable donation, dividing assets among beneficiaries, or insuring an item. Because of its legal nature and the importance of its application, a personal property appraisal must be written a certain way and include certain, specific language and details. The document’s writer should be a Uniform Standards of Professional Appraisal Practice (USPAP) appraiser and have accreditation by an appropriate overseeing organization.

Unless it was manufactured before the year 1899, a firearm may typically only be legally sold or transferred by a Federal Firearms License (FFL) holder. This party is authorized by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to conduct a background check on potential firearm buyers, as well as hold firearms until they are officially approved for transfer to their new owners. Note that there are different types of FFLs, meaning that some licensees are only authorized to provide certain services. A full list of FFL license types is available here.

Live auctions are sales held before live audiences. They are conducted by bid callers, whose fast, rhythmic and hypnotizing patter immediately springs to most people’s minds when they think of auctions.

Online auctions are held on websites such as eBay, eBid and Sotheby’s. Online auctions may draw thousands of spectators and bidders. They may be held publicly, or they may be exclusive to those who have access to the private domains they are conducted on. They may also be actively managed by an auctioneer or automatically moderated by the online platform.

Simulcast auctions combine features of live and online auctions. They are conducted in real time by auctioneers and attended by a live audience, but are also accessible online to bidders throughout the world.

The best type of auction for a seller depends heavily on their circumstances, including which items they wish to sell and the audience they wish to reach. Live auctions typically offer items that have a broad appeal, as these have a higher chance of sparking competition amongst multiple bidders. Online auctions, which reach a wider audience, are often better for selling items with niche appeal such as expensive collectors memorabilia. For example, it is a good idea to auction livestock at a county fair where multiple farmers are in attendance; conversely, you would not want to start bidding at $350,000 for Amazing Spider-Man #1 at the same county fair.

An auction permits buyers to determine the values of the presented assets by bidding on them. In contrast, an estate sale’s managers assign prices to all of the presented assets before buyers arrive – rather like a conventional lawn sale. An auction is a microcosm of the free market, where assets’ values are determined by the people who actually want them. Alongside the heated competition which goes hand in hand with bidding, that is why auctions typically sell assets for higher prices.

Selling real estate at auction is highly advantageous for a number of reasons:

• The costs are fixed.
• The date of sale is predetermined.
• The seller controls the conditions of the sale, and can negate any contingencies related to inspection or financing terms.
• The buyer pays a premium which covers the commission owed in a traditional real estate transaction, thus saving the seller money.

In essence, selling their real estate at auction grants the seller the greatest degree of control over the transaction!

The current price for gold is available online, which you may see here. Once you have determined the carat value of your gold*, you may seek out the secondhand buyer pawnshop, jeweler, refinery, auction house, etc.) that will give you the greatest percentage of that value. Most professional gold buyers are willing to pay 30 to 50% of market value for precious metals. Note that jewelry typically has a scrap value between 10 to 15%, although pieces from high-end brands or which have larger precious stones may be exceptional.

*24 carat gold is pure; X carat gold is X/24 pure. For example, a piece of 18 carat gold is actually 18/24 (75%) gold.