What happens if you become responsible for an estate and you
have to get rid of all the belongings in the house prior to selling it? It can
be a monumental task that takes a lot of time to plan and then execute.
Not only do you want to liquidate everything as fast as
possible to limit the amount of time you have to devote to it, but you also
want to net the largest amount of money as possible.
Sometimes there are old debts that need to be settled and the proceeds from the estate sale are used to satisfy those previous obligations.
There can often be liens and mortgages that need to be paid
as well before the property can be sold. It can be very overwhelming, so make
sure you are familiar with the options mentioned below.
They can help you get through the process as quickly as
possible and with the most money.
Local Newspaper Ad
Sometimes your local market will have your biggest pool of
buyers, especially if you have a lot of items that have local flare or will
appeal to the local community. There is also a major benefit as you don’t have
to worry about transportation or shipping for anything.
It’s almost like a more elaborate yard sale. People come,
they buy, and then they leave with what they just purchased. The buyer is
responsible for the transportation of the items.
This is the easiest situation. If you are in a large city
you can highlight some of the most attractive items in the ad to build even
more interest.
Local TV and Radio
This is similar to the print ad mentioned above in the sense
that it’s designed to attract local buyers. It’s just more convenient. A newspaper
ad is more affordable though, but radio and TV can be great if you are dealing
with a very large estate that features some extraordinary items that require
some exposure to find the right buyers.
It comes down to how much you think you are going to generate
in dollars, which will dictate how much you are willing to invest into the advertising
and marketing for the estate sale.
Online Auction Websites
There are plenty of websites that host auctions, and you can find ones that match what it is that you are selling. You have to think of this as a very specialized eBay, as you are going to have to create a listing for every single item you are selling, unless you create bundle packages that feature multiple items. You then have to take pictures and upload them to the listing.
This is time consuming, but you are able to leverage the
power of the internet to get in front of buyers all over the world. The other
downside is that you will have to ship everything. The cost isn’t the problem
here as you can work that into the price or require the buyer to also cover
that expense.
It’s the actual shipping that will take your time. You will
have to package everything up and then ship it off. If you have the time then
it isn’t an issue. If you are short on time you might have to hire a helper.
Consider Tax Deductible Donation
You can always donate the estate to charity and take advantage of several tax benefits. If you aren’t concerned with making money on the estate sale you can consider donating everything and then taking advantage of the tax benefits.
This is something you will want to discuss with your
accountant and financial planner. There are some situations that you will
benefit more financially by donating everything.
