Jul 5, 2015

The Need for Estate Sale Operator Licensing

The headline of the consumer complaint post was brash: “They literally stole our whole house: they sold $42,527 worth of items and gave us a check for $1,682.” The details of this homeowners’ plight were tragic: he had been “ripped off” by an estate sale company.

According to the story on ripoffreport.com (specific company/client has been redacted due to liability concerns), the complainant had a 10-room, five-bedroom home filled with expensive furnishings, including dozens of pieces of Waterford crystal, Hutschenreuther fine china, unique decorative pieces, a piano and fine furniture. The estimated market value of the contents was $42,527. Said the homeowner: “On the (liquidator’s) final report, 80 percent of the items were missing and unaccounted for—they just disappeared. They offered me a cash payment of $1,682 for the entire household and lame excuses and blatant lies for the missing items that I directly questioned them on.”

The estate sale business is booming, and more new companies entering the field will result in still more complaints from consumers. Unfortunately, the estate liquidation industry is largely unregulated, as estate tag sale liquidators are not required to be licensed.

The estate sale business is booming, and more new companies entering the field will result in still more complaints from consumers. Unfortunately, the estate liquidation industry is largely unregulated, as estate tag sale liquidators are not required to be licensed.

Today, there are more than one hundred such companies operating in the same area. Such rapid growth is consistent throughout the United States. According to the Department of Health and Human Services, the 40 million citizens over the age of 65 rose 15 percent from 2000 to 2010. By 2030, it is expected that the number of Americans older than the age of 65 will rise to 72 million. The rising demand for estate liquidation services has caused many companies to enter the field, and many more will be added in the next decade. >>> Read More

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