Options - Oh My!

head_left_image

Estate Liquidation

Getting the house on the market for sale is the ultimate goal.

However, consider the importance of arranging for the possession that was cherished by your loved one, to be matched with the proper recipient. This task is a beautiful expression of respect. Anyone who buys estate items may value their purchase or they may resale the item to someone who values the treasure. Great place to start is with research. You will best utilize your time and energy by knowing and understanding your goals. This is also the time to decide if you will be taking photos of home prior to breaking it apart for  liquidation. You may decide to walk through and vidoe the residence. I have found both so very helpful in a number of ways.

Now, down to the ABC’s of how to break this huge project into a manageable mini-projects. For the next several weeks we will look at this topic in detail.

Once you begin you will see the importance of first taking an inventory of what is in the estate. You will get a true sense of what this project is all about. You are responsible for properly disposing of a varied and vast amount of items. It may have taken a person a life time to accumulate things and now you are assigned the task to liquidate this estate in a timely manner. The time it takes to inventory the estate will be well worth it.

Note: Look in the file cabinet, often an inventory will be in the insurance files. A list of the valuable may have been included in their home owner’s policy.

To make the task easier start by sorting things and putting them into categories. Your first sort is by type of item and value. Your next sort is by function, such as furniture, collectibles, antiques, books, clothing, kitchenware, tools, sporting equipment, etc. Third sort is by value, such as desirable, ordinary, passable and junk.

Scheduling time for this project is critical for success. Liquidating the personal property and preparing the residence for sale is a time consuming and labor intensive project. Consider the following and start creating a timeline for your project.

 

Sale: Scheduling, preparation and staging may need about four days with 2 people.

 

Labor: Boxing and bagging unsold items for donation may need about 2 days with 2 people.

 

Donation: Someone will need to be on site so allow 4 to 8 hours.

 

Hauling and Disposal: By this stage of the project you may be ready to wrap it up and you may want to us a professional hauler.

 

Cleaning: Allow a full day for 1 to 2 people.

 

Additional Coordinating: Find and schedule your buyers.

 

Determine, find, schedule and supervise any tradesmen required to repair or paint house.

 

Record keeping of all projects, expenses, & sales for estate.

 

You will need to allow any where from 4 to 8 weeks if you choose to take on this project yourself. Hiring a competent professional can usually complete the job in half this time. Whether you do it yourself or hire the work done be sure to take into account what your time is worth.

 

Next week:

 

Sorting and Deciding What to Sell

Comment balloon 0 commentsBeth Richardson • July 22 2008 09:07PM

Comments

Participate