The Complete Glossary of Estate Sale Terms (2026)

The complete, plain-English glossary of estate sale terms — liquidator, consignment, lot, preview day, soft close, buyer's premium, provenance, as-is, and 20+ more. Clear, authoritative definitions for buyers, sellers, and families, written by people who work in estate sales every day.

If you've ever stood in the driveway of an estate sale wondering what "soft close," "buyer's premium," or "as-is, where-is" actually means, this is for you. Below is the complete, plain-English glossary of estate sale terms — written by people who work in this industry every day. Each definition is short, self-contained, and jargon-free, so whether you're a first-time buyer, a family clearing a home, or a company running your first sale, you can find the exact term you need and move on.

Jump to a term

The basics: Estate Sale · Tag Sale · Estate Liquidator · Consignment · Personal Property

Buying & pricing: As-Is · Cash-and-Carry · Half-Off Day · Dibs List · Preview Day · Staging

Auction terms: Lot · Box Lot · Soft Close · Buyer's Premium · Reserve Price · Hammer Price · Estate Auction · No-Reserve Auction

Value & authenticity: Appraisal · Provenance · Fair Market Value

The basics

What Is an Estate Sale?

An estate sale is a multi-day, whole-home sale where most or all of a household's personal property is sold to the public at fixed tag prices. Estate sales are usually held inside the residence and managed by a professional estate sale company on behalf of the homeowner, heirs, or executor. They're most often triggered by death, divorce, downsizing, relocation, or financial need.

*Also called:* tag sale (northeastern U.S.), household sale, estate liquidation sale.
*Not to be confused with:* a garage sale (outdoor, casual, lower-value items) or an estate auction (bidding instead of fixed prices).

New to all of this? Start with our beginner walkthrough: what to expect at your first estate sale.

What Is a Tag Sale?

A tag sale is a regional synonym for an estate sale, used mainly in the northeastern United States. The name refers to the individual price tags attached to each item. There is no functional difference between a tag sale and an estate sale — the term is simply regional.

*Regionally specific:* "Tag sale" is the default in the Northeast; "estate sale" is more common nationally.

What Is an Estate Liquidator?

An estate liquidator is a company or individual hired to manage the full process of turning a household's belongings into cash. That usually includes sorting and cataloging, researching and pricing items, staging the home, marketing to buyers, running the sale, processing payments, and clearing whatever's left.

Most liquidators work on commission — typically 30%–50% of gross proceeds — rather than charging upfront fees, which ties their pay to your results. Curious about the math? See how much estate sale companies charge.

*Also called:* estate sale company, estate sale professional, personal property liquidator.

What Is Consignment?

Consignment is an arrangement where an owner (the consignor) entrusts items to a third party — usually an estate sale company, auction house, or shop — to sell on their behalf. The owner keeps ownership until the item sells; when it does, the proceeds are split and the seller receives the net after commission.

Unlike a full estate sale, where everything in a home is sold at once, consignment handles select items over time — useful when only a few pieces need selling, or when a house must be cleared before items find buyers. Typical commission runs 25%–50%.

What Is Personal Property?

Personal property is all movable assets an individual owns — furniture, jewelry, artwork, clothing, collectibles, tools, and household goods — as distinguished from real property (land and buildings). Estate sales deal exclusively in personal property.

Buying & pricing terms

What Does As-Is Mean at an Estate Sale?

As-is means an item is sold in its current condition, with no warranty, guarantee, or right of return. The buyer accepts all defects, known or unknown. Estate sales universally operate as-is, so all sales are final.

*Buyer tip:* Inspect thoroughly before you pay — plug in electronics, open drawers, check for cracks, chips, and repairs. Good companies disclose known issues but aren't liable for flaws they didn't catch.
*Also expressed as:* "as-is, where-is," which adds that you're responsible for removing the item yourself.

What Is Cash-and-Carry?

Cash-and-carry means you pay for and physically remove your item at the time of purchase — no holding, no delivery. It's the standard model at in-person estate sales, so bring help, tools, and transportation for anything large or heavy.

*Payment note:* Despite the name, most professional sales now accept cards (and sometimes Venmo or Cash App), not just cash.

What Is a Half-Off Day?

A half-off day is the final day or hours of an estate sale when remaining items are discounted — most commonly 50% off all marked prices. Some sales use a tiered schedule, like 25% off on day two and 50% off on day three.

*Buyer strategy:* Patience pays, but the best pieces are often gone. Half-off days are ideal for furniture, bulk quantities, and larger décor.
*Seller strategy:* Discounts accelerate clearance and cut hauling and donation costs on unsold items.

What Is a Dibs List?

A dibs list is a first-come, first-served queue used at the opening of popular estate sales. Early arrivals sign in or take a numbered ticket, and entry is granted in numerical order when the sale opens — giving earlier shoppers priority on high-demand items.

*Inside the sale:* Some companies allow informal "dibs" on large furniture via a hold-slip system; others prohibit it entirely. Ask the staff.

What Is a Preview Day?

A preview day is a designated period — usually the evening before or the morning of the sale — when buyers can view items in person before buying or bidding begins. It lets shoppers plan purchases, take measurements, and assess condition without the pressure of a crowd.

*Not always offered:* Preview days are more common at estate auctions than fixed-price sales, and may require advance registration.

What Is Staging?

Staging is the professional arrangement and display of items to maximize appeal, shopper flow, and perceived value. That means grouping items by category, cleaning and polishing where it helps, displaying at eye level, and pricing clearly. Well-staged sales consistently earn more than unstaged ones because attractive displays prompt buyers to purchase entire groupings.

Auction terms

What Is a Lot?

A lot is a single unit of sale at an auction — either one item or a group of items bundled and sold together under one lot number. "Lot 42 — a set of six sterling silver spoons" sells as a single purchase even though it holds six pieces. Grouping low-value items into lots moves inventory faster.

What Is a Box Lot?

A box lot (also called a bulk lot) is a grouping of miscellaneous or similar items sold together in one box for a single price. Box lots typically appear late in a sale to clear lower-value goods like kitchen gadgets, tools, and paperbacks.

*Buyer tip:* Resellers and pickers love box lots because the price reflects the cost to clear, not individual value — and valuable pieces occasionally hide inside.
*Also called:* box deal, fill-a-bag, box special.

What Is a Soft Close in an Online Estate Auction?

A soft close is an auction feature that automatically extends the bidding window — usually by 2 to 5 minutes — whenever a new bid is placed in the final minutes before closing. The timer keeps extending until a full interval passes with no new bids.

*Why it exists:* Soft closes prevent "bid sniping" — winning at the last second so no one can respond — and promote fair pricing.
*Contrast with a hard close:* A hard close ends at the exact scheduled time regardless of bidding, which rewards snipers.

What Is a Buyer's Premium?

A buyer's premium is an additional fee charged to the winning bidder, calculated as a percentage of the final hammer price and added on top of it. Premiums typically range from 10% to 25% and must be disclosed before bidding opens.

*Example:* Hammer price $200 + 15% premium ($30) = $230 total due.
*Who gets it:* The auctioneer or estate sale company. Many auctions rely on the buyer's premium as their main revenue, letting them charge the seller little or no commission.
*Not to be confused with:* the seller's commission, which the estate owner pays out of gross proceeds.

What Is a Reserve Price?

A reserve price is the minimum a seller will accept for an item at auction, usually kept confidential from bidders. If bidding doesn't reach the reserve, the item is "passed" (unsold).

*Contrast:* A no-reserve (absolute) auction sells to the highest bidder no matter what, which attracts more bidders. A reserve protects a valuable item from selling too low in a lightly attended sale.

What Is the Hammer Price?

The hammer price is the final winning bid at an auction — the amount announced when the auctioneer calls "sold." It does not include the buyer's premium, tax, or other fees. Your total payment = hammer price + buyer's premium (+ tax where it applies).

What Is an Estate Auction?

An estate auction sets prices through competitive bidding rather than fixed tags: buyers compete and the highest bid wins, so prices can land above or below estimates. A fixed-price estate sale, by contrast, uses marked prices set by the liquidator.

*Tradeoffs:* Auctions can drive rare items higher through competition but may under-realize on common goods; fixed-price sales let buyers self-select at known prices. See our full breakdown of estate sale vs. auction vs. cleanout.

What Is a No-Reserve Auction?

A no-reserve auction — also called an absolute auction — sells each lot to the highest bidder with no minimum price. Because buyers know the item will definitely sell, no-reserve auctions attract more bidders and create genuine competitive tension.

Value & authenticity terms

What Is an Appraisal?

An appraisal is a professional, written opinion of an item's value, based on condition, provenance, rarity, age, maker, and current market data. The purpose determines the standard: an insurance appraisal uses replacement value, a fair-market-value appraisal is used for estate settlement and taxes, and a liquidation-value appraisal estimates proceeds at a time-constrained sale.

*Credentials to look for:* ASA (American Society of Appraisers), AAA (Appraisers Association of America), and ISA (International Society of Appraisers). For a quick, free first opinion on an item, try our Ai item appraiser — just remember any Ai estimate is a starting point, not a final valuation.

What Is Provenance?

Provenance is the documented history of an item's ownership and origin, from creation to the present. Strong provenance — purchase receipts, exhibition records, prior auction records, authentication letters, family photos — raises both credibility and value, especially for fine art, antiques, jewelry, and rare collectibles.

*At estate sales:* Old receipts and appraisals found during a cleanout should stay with the item and be disclosed to buyers — they can materially raise the selling price.

What Is Fair Market Value?

Fair market value (FMV) is the price at which property would change hands between a willing buyer and a willing seller, both reasonably informed and neither under pressure. FMV is the standard for estate taxes, charitable-donation deductions, and equitable distribution among heirs.

*How it differs from retail:* Retail (replacement) value is what it costs to buy the item new today; FMV for used personal property is usually lower and is what estate appraisers use for tax and legal purposes.

Frequently asked questions about estate sale terms

What is the difference between an estate sale and a garage sale?

An estate sale is a professionally managed, whole-home sale of most or all of a household's belongings, usually held indoors with tagged prices. A garage sale is a casual, owner-run outdoor sale of a smaller selection of lower-value items. Estate sales typically involve higher-value goods, furniture, and collectibles.

What is the difference between an estate sale and an estate auction?

An estate sale uses fixed tag prices set by the liquidator, so buyers pay the marked price (often with discounts on the final day). An estate auction uses competitive bidding, so the highest bidder wins and prices can rise above or fall below estimates.

How much do estate liquidators charge?

Most estate liquidators work on commission, typically 30%–50% of gross sale proceeds, rather than charging upfront fees. The exact rate depends on the size of the sale, the value of the contents, and the services included. See how much estate sale companies charge for a full breakdown.

Are estate sale purchases final?

Yes. Estate sales operate on an as-is basis, meaning items are sold in their current condition with no warranties or returns. Inspect anything you're considering before you pay, since all sales are final.

Put these terms to work

Now that the vocabulary makes sense, the fun part is the hunt. Browse estate sales near you, build a wishlist so you get alerted when the right items appear, and plan an efficient weekend with our route tools. And if you run an estate sale company, understanding this language is step one — list your first sale free and put it into practice.