Best Way to Liquidate An Estate Liquidation & Estate Sale: Estate Sale Checklist
You may be downsizing and don’t know what to do with all the stuff you’ve accumulated over the years, but you do know you don’t want to just toss it out. After all it can still be used by someone, just not you. Or perhaps you inherited a house after the death of a loved one and you have to get it on the market. Regardless of the reason, calling a liquidator and arranging for an estate sale could just be the answer for you to get past this page in your life and move on with as little fuss as possible. Before you pick up that phone, here is a checklist for you so the experience goes smoothly.
Start with the Legalities
Though you may think it’s your house and you can do whatever you want on your property, that may not always be the case. Remember, you will be attracting large numbers of visitors to the area.
- Check with your local government to see if there are any rules you have to follow to hold a public sale on your property
- If it’s a condo, check with the home owner’s association for any rules apart from local government
- Check to see if you need permits to hold the sale and find out what the advertising rules are. Many municipalities limit where or how you can put up sales flyers
Gather Your Documents
Before you call the liquidator, make sure you are ready to get the sale rolling. If you have all of the documents you need in place it will make the process move more smoothly and will help the liquidator organize the sale. Here are a few tips about documents you should be sure you have.
- If you inherited the house contents, be sure you have legal and binding documentation giving you the right to sell the contents. This could include Power of Attorney, a will, a Letter of Administration or a Letter of Testamentary
- Receipts and earlier appraisals will help liquidators determine the value of your goods. Historical or family history of an item is also helpful.
- If you are selling any vehicles, boats or other titled items, have the registration and title handy; you can’t sell without them.
Start contacting liquidators as soon as you think you’re ready. It could take a couple of weeks before they can schedule a sale. Don’t be afraid to ask for references or memberships in Receipts and earlier appraisals will help liquidators determine the value of your goods. Historical or family history of an item is also helpful. liquidator organizations. You should also verify that they are bonded and insured and get the specifics of these items. If anything happens as a result of the sale, you don’t want to be held responsible. Once you have verified their credentials and settled on a liquidator, invite them over and get the contract details together in person. Make sure you both agree with everything in the contract.
- Document all items that you want excluded from the sale. This includes appliances and fixtures. If you can remove them from the property prior to the sale that is ideal, but if you can’t, put it in writing and make sure you keep a copy.
- Be sure you designate the liquidation of items left after the sale and put it in the contract. If you don’t, you’ll find yourself with a mess on your hands.
- Get the items you want out of the house, but don’t throw anything away. Even broken and dirty items can be valuable. Let the professionals decide.
On the day of the sale make sure you have the electricity, heating/cooling, and water turned on. If you’re selling the house, have your realtor give the listing information to the liquidator. A professional Liquidator will assist you in providing brokering and estate liquidation service by buying your estates at best price while you will be handled with due respect throughout the deal The liquidator will distribute it to interested visitors. Above all, get everything in writing so there is no misunderstanding.