| O.K.; you've been appointed Executor of the Estate. | | | | eBay. New and used merchandise is offered for sale. |
| You don't know if this is a blessing or a curse. There | | | | Unlike eBay, there is no bidding; items are offered at |
| is a stack of bills to pay: utilities, mortgage, funeral | | | | a fixed price and can be purchased directly online. |
| expenses. Heirs and relatives are clamoring for their | | | | Nine categories of merchandise are offered for sale: |
| share. Before the bills can be paid, you have to | | | | books, music, movies, video games, software, |
| collect all the money that is due the deceased, and | | | | electronics, sporting goods, trading cards, and toys. |
| liquidate all the possessions that wont be distributed | | | | 7. Amazon.com: If you have a collection of books to |
| to heirs. Whats the best way to liquidate the | | | | sell, nothing beats Amazon. You can list your books |
| furniture? The clothes? Kitchenware? The | | | | for free, amazons commissions are reasonable, and |
| lawnmower? The car? | | | | they will deposit the money right into your checking |
| In this article, I'll discuss 16 ways that an Estate | | | | account. |
| Executor can turn Estate Personal Property into cash | | | | 8. Retailer sale: Items that are commonly purchased |
| so that the bills can be paid and the Estate settled. | | | | used (cars, pianos, guns, musical instruments) are |
| They are: | | | | often purchased by retailers that sell the same items |
| 1. Estate (tag) sale: These sales are run by tag sale | | | | new. You can call the dealer directly, tell him what |
| companies, and are done inside the decedents home. | | | | you've got, and he'll usually make you an offer. |
| For a percentage of the proceeds, a tag sale | | | | Dealers like to have some used items around for |
| company will come in and sort, tag, price and display | | | | customers that don't want to buy new. |
| everything in the home. From the grand piano all the | | | | 9. Consign to broker: Boats and boat trailers are |
| way down to a half can of Ajax, everything gets a | | | | often sold by yacht & boat brokers. You can |
| tag and a price. The sale will be advertised and | | | | find them in the yellow pages under yacht brokers. |
| promoted. On the day of the sale, buyers will take a | | | | 10. Newspaper classified: You can list anything for sale |
| number and be admitted into the house a few at a | | | | in the newspaper classifieds. The downside is, |
| time. When one buyer leaves, another is admitted. | | | | newspaper classified ads are expensive, and |
| The tag sale company will handle all the money and | | | | someone has to be available to answer the phone |
| provide an accounting of what was sold, and for how | | | | and show the property offered for sale. |
| much. they will also handle price negotiations with the | | | | 11. Craigslist: Craigslist is a popular online advertising |
| buyers. It is rare that everything in the house is sold | | | | site. You can list your items for free at |
| at a tag sale. There will be a fair amount of stuff left | | | | 12. Antique stores: Antique stores often buy entire |
| over to dispose of. | | | | estates. If you are looking for a fast sale with no |
| 2. Dealer Only tag sale: These are estate sales that | | | | fuss, this may be your best option. The downside is |
| are promoted as a private sale to dealers in antiques, | | | | that this method brings only a fraction of the money |
| jewelry, books, and collectibles. The sale is run by a | | | | that other methods bring. |
| tag sale company and is conducted in the decedent's | | | | 13. Used furniture and appliance stores: Used furniture |
| home. | | | | stores will often buy your non-antique furniture. |
| 3. On-site auction: At an on-site auction, everything in | | | | 14. Consignment stores: If you must get a certain |
| the house is taken outside in the yard to be | | | | price for your property and are not in a hurry, |
| displayed and sold. Often, the auction company will | | | | consignment stores might be the way to go. Most |
| provide tents, seating, and porta-potties for the | | | | consignment stores will continue to reduce an items |
| crowd. The auction company will handle all the | | | | price until it sells. My opinion is that it takes too long |
| advertising and promotion. The auction block will be | | | | to sell items in a consignment store, and the prices |
| set up and everything will be sold to the highest | | | | received are no better that at an auction or tag sale. |
| bidder. There is seldom anything left after an auction. | | | | 15. Wholesale distributors: Wholesale distributors don't |
| 4. Gallery auction: If your estate is to be sold at an | | | | usually purchase used property, but they can |
| auction gallery, everything in the house that is | | | | sometimes tell you who does. If you have used |
| saleable will be picked up and moved to the gallery, | | | | medical equipment, stair lifts, hospital beds or other |
| where it will be sold to the highest bidder. Auction | | | | hard-to-sell items, call the manufacturer or distributor |
| galleries will seldom take run-of-the-mill consumer | | | | and they can usually point you in the right direction. |
| goods that could be purchased for pocket change at | | | | 16. Charities: If you believe that a penny saved is a |
| a thrift store. Galleries are interested in high-end | | | | penny earned, then donating property to charity is a |
| products. | | | | way to increase the bottom line of your estate |
| 5. Online auction (eBay, etc): Online auctions are good | | | | liquidation. Just like on your personal taxes, estate |
| for small items that are easy to ship, or for large, | | | | property donated to charity is a tax deduction and |
| expensive items (like boats, cars, or RV's) that | | | | will net you more cash (check with your tax advisor). |
| buyers are willing to travel to pick up. You can list the | | | | Be sure to use a recognized charity that will give you |
| items yourself or, for a fee, hire a company to | | | | a receipt. |
| photograph, list, sell, pack, and ship your items. You | | | | Once the property is liquidated, it's time to clean up |
| can find a list of third party sellers on eBay. | | | | the house to prepare it for sale. My next post will |
| 6. Half.com: is an online service that is affiliated with | | | | discuss 7 ways to get the real estate sold. |