Are you an estate representative who needs to liquidate an estate and are wondering how to have an estate sale? While typically held after a loved one has passed and the property has gone through probate, estate sales may be helpful when going through a divorce or other personal transition which requires the disposal of a household full of items. For a successful outcome, pay close attention to these five estate sale tips for property owners in Connecticut.
Going through all of the possessions that remain is difficult, especially after a loved one has passed. Be careful to find and set aside important documents, deeds, titles, bank statements, or other financial documents required for the income tax return.
Valuable things may be casually placed, such as money in a coat pocket. You may want to flip through books for essential papers and systematically check through drawers and any containers or boxes.
A significant estate sale tip for property owners in Connecticut is not to clean antiques or other things other than dusting and light housekeeping. If you must sort or clean before the company arrives, be mindful about deep cleaning an antique dresser, you may be cleaning off thousands of dollars of value. Retail cleaning agents can be abrasive and can seep into furniture and other antiques damaging items making them worthless.
Don’t throw out or donate clothing, kitchen items, or even tools from the garage, which may be valuable. A lot of household items can be collectable and should be appraised by a professional before a decision is made on what to do with it.
And don’t have a garage sale before the estate sale because people love vintage items. An estate sale is typically not worth the effort with nothing small for buyers to purchase, these items usually bringing in the most money. The easiest way to deal with the emotional process of cleaning out the property is to call on estate liquidators who are licensed professionals, so if you’re unwilling or unable to handle the task personally, call at least two estate sale companies.
We work with a number of estate sale companies that can look through the estate and provide an inventory and valuations
Estate sales attract buyers interested in unique and unusual items, and these may include collectibles and even costume jewelry. Experts in estate sales will know what has value and advise you. Don’t guess that an object is worthless because it appears to be junk to your untrained eye. Otherwise, you must carefully research the worth of the things you find, pay special attention if a collection of like items exists. It isn’t unheard of for family members to learn too late that they’ve tossed out something of great importance, which a critical estate sale tip for property owners in Connecticut.
I know of a friends mother in Philadelphia that hired a junk removal company in the 1990s to clean out her basement. She didn’t realize that what she thought was trash included campaign memorabilia from the 1920-30s. Model trains going back a century and comic books that were over 70 years old. She paid them $500 and that company probably made hundreds of thousands of dollars on her confusion.
Plan for Remembrances
Close friends or family members will seek an item for remembrance of the deceased, and disputes can arise, so be prepared to deal with these emotional outbursts by having a plan, which is a great estate sale tip for property owners in Connecticut. While some wills specifically list what will go to family or friends, often these people are left to choose items that have a personal memory attached; however, these are now gifts from the estate and must be within limits concerning value.
Many times the will and testament was written based on the perceived value at the time. What one person considers trivial might have a lot of sentimental and emotional value to family and friends. It will happen that what was considered a trinket or common item is now a sentimental heirloom that is contented by family members.
You’re not obligated, however, to give away anything, nor is it your right. As the estate representative, it’s your responsibility to give the family all proceeds from the sale. You could have a pre-sale for this group of individuals, tagging the items for the person who wants them to purchase, thereby meeting your obligation as the estate representative while excluding the items from the public estate sale.
Allowing ample time for the estate sale is a beneficial tip for property owners in Connecticut because it can take weeks to prepare appropriately. If time is no issue, working with an estate sales professional or handling the job on your own may be the better option.
Suppose the estate has very few items remaining because family and friends took the majority of possessions that were of any value, or you’re paying monthly expenses, which are depleting the estate. In that case, a buy-out company is likely your best option.
Estate buy-out companies come and take everything in one fell swoop. While it is a much less emotional process that happens very quickly, you pay for the convenience, typically bringing in much less on the estate sale through this method. In some cases you might only break even using a company like that.
Understand your Objective
Keeping the reason for the sale at the forefront of your mind will help you emotionally, and this is another essential estate sale tip for property owners in Connecticut. Remember that professionals will take this project on if you’re overwhelmed. It can be challenging to keep everything moving forward when you are still grieving.
If you’re contacting an estate liquidation company, they will be working towards advertising a list to gain interest in the sale. But its extremely important that once a company has viewed the estate, you cannot remove items, or you’ll owe the company the value of any missing pieces. It could cost you hundreds or even thousands of dollars because you wanted to gift an item to a relative.
At Next Door Properties will help make your estate sale easy. Working with Next Door Properties to sell the estate home is the best estate sale tip for Connecticut property owners. We will guide you through every step of the process and give you more helpful tips, facilitate transactions and put you in contact with professionals that can make this process easier. Call Next Door Properties at 860-704-9513 or send us a message today to learn more.