About Estate Sales
This Estate Sales Article will help you understand how to sell inherited property, or the sale of personal property due to the effects of downsizing.
The History of the Modern Day Estate Sale:
I remember the first time I ever heard the term “Estate Sales.” I thought that what was being described was the sale of precious antiques from a vast sprawling mansion somewhere. Imagine my surprise when I discovered that the “Estate Sale” being refereed to was taking place in a home far more modest than the term “Estate Sale” implied. The Estate Sales moniker is sometimes even applied to, and I shudder a bit to write this, to sales staged by people selling unwanted items from a garage or the front yard of their homes. The word Estate basically means property – so it follows that the term Estate Sale means the sale of property. The way it is mostly understood however, is that an “Estate Sale” is the sale of the personal property of someone who has passed away.
So an Estate Sales Is The “In House” On-Site Sale Of Personal Property
Estate Sales Professionals define the term “Estate Sale,” broadly to mean:
- The sale of the personal property of someone who has passed away.
- An on-site sale of the personal property of someone who for whatever reason is downsizing or liquidating.
Who Needs Estate Sales and Estate Liquidation Information?
Heirs, Executors, Realtors, Attorneys, and Families
Any person or family member who finds themselves needing to sell, or liquidate inherited personal property, or those who are in the position of having to liquidate their own personal property can benefit from from the services of a Professional Estate Liquidator. Estate Sales are no longer only thought of as the sale of the personal property of someone who has passed away. Things have changed…
It’s Helpful To Be Clear About Your Estate Sales Goals
Are you raising cash, or do you have other outcomes in mind…
When I speak with a potential Estate Sales client, the first questions I ask is – “At the end of the estate liquidation process what do you want to have happened?” My task and responsibility as an estate liquidator is to work towards the estate liquidation goals of my clients. Because estate executors have a fiduciary duty to maximize the financial value of an estate, most of the time, the answer to the above question, includes an Estate Sale as an option. Other motives for estate sales:
- To clear a home of its contents in order to make it ready for sale.
- To raise income to benefit the estate.
- To have a home’s content be of use to others.
What Kinds Of Items Will Sell At Estate Sales?
Must You Have Antiques…?
In general, all household items will sell well at an Estate Sale including antiques and collectibles, however and please note: It is very important that you retain the services of a qualified Estate Liquidator. By this I mean, not all Estate Sales Business owners understand how to effectively divide household contents into their proper value categories. It is extremely important that this value categorization occur, lest something truly valuable end up selling for dramatically less income than it should.
There Are Some Things That Should Never Be Sold At An Estate Sale
Like This Painting
By Eduard Gaernter We Sold For $240,000.00
In the very near future I will write an article detailing the differences between Auctions and Estate Sales, when you should use one sales venue over another and how to determine which of these two Estate Sales and Estate Liquidation strategies is best for you, Martin Codina