FAQ’s

ESTATE SALES

Where will the estate sale take place? How long are sales run for?
The sale will take place in the home where the items are located. Sales typically start on Friday and go through Saturday or Sunday. Sales usually start at 9:00 a.m. and close at 4:00 p.m. each day.
What do I need to do once I decide to have an estate sale?
Call us for a complimentary consultation! We’ll tour the home with you to make sure an estate sale is right for you. This typically takes about 30 to 45 minutes. The contract will be reviewed and a sales date will be set that meets your unique circumstances.
How do I prepare for an estate sale?
We’ll do most of the work for you but there are several steps that need to be taken before sale day. You’ll need to remove all personal photos, papers, financial documents, medical records, prescription medicine and over the counter medicine from the home. Also remove all items from the home that will NOT be for sale. Large items, like furniture, can remain in the home and are specially marked not for sale.
Do you buy out the contents of homes?
No, we are not wholesalers and do not buy any items.
Where are you located?
L&L is based in Solon, Ohio and we specialize in the east side of Cleveland and surrounding eastern counties.
Are you insured?
Yes, L&L carries insurance and is a registered Limited Liability Corporation with the State of Ohio.

PERSONAL PROPERTY APPRAISALS

What is a personal property appraisal?
A personal property appraisal is a formal, written report that provides an opinion of value, estimated cost, or calculated present worth of future earnings on personal, tangible items
Why do I need an appraisal?
Appraisals are used for many different reasons including determining insurance coverage or loss, for estate planning purposes, when making a non-cash charitable donation, for equitable division or distribution or bankruptcy.
I’m not sure what kind of appraisal I need.
Appraisers can’t give tax or legal advice. You should consult with a tax specialist or a lawyer to help you determine what type of appraisal you need.
Aren’t all items valued the same way?
No. An item may have different values depending on the appraisal needed. For example, for insurance coverage, the value of the item is its replacement cost. However, if that same item is being donated, the value is Fair Market Value, which is required for all IRS appraisals.
What’s Fair Market Value?
As defined by Treasury Regulation Section 20.2031-1(b), Fair Market Value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts, in a market where the item is most commonly sold to the public, taking into account the location of the item wherever appropriate.
What are the steps involved with an appraisal?
First, call us to discuss what type of services you need and schedule an appointment. On appointment day, we will arrive at the location of the item(s). We will inspect, measure, inventory and photograph all specified items. Then we will conduct research, market analysis and valuation at our office. We will then create a report that includes a description, condition, value and photograph of each item(s). All appraisals follow the International Society of Appraisers reporting format and the Uniform Standards of Professional Appraisal Practice (USPAP) and with IRS regulations, when necessary.
Can I tell you what the value of the item should be?
No. The appraisal report must independently arrive at a value through research of current market information. Appraisers are subject to steep fines from the IRS if a value is too high or too low.
How long does a report take?
It depends on how many items are being inspected and what type of report is needed.
What are your fees?
Our appraisal fees are based on an hourly flat rate plus travel time/costs in certain situations. It is unethical to determine fees based on the value of the items or on a percentage of realized sales.
How far will you travel for an appraisal?
We will travel anywhere, however, depending on distance, travel expenses may apply.