Are you an estate representative or one of many Lexington property owners looking for a way to liquidate an estate and don’t know where to start? While estate sales are typically held after a loved one has passed away, they can be useful when going through a divorce or another personal transition that necessitates the disposal of a home’s contents. It’s difficult to go through all of the remaining belongings, especially after a loved one has passed away. Important documents, deeds, titles, bank statements, and other financial documents required for the income tax return should be located and set aside.
Money in a coat pocket is an example of a valuable item that can be casually placed. You may want to look through books for important papers and go through drawers, containers, and boxes in a systematic manner. Pay close attention to these five estate sale tips for Lexington property owners for a successful outcome.
Cleaning antiques or other items other than dusting and light housekeeping is an important estate sale tip for Lexington property owners. If you need to sort or clean before the guests arrive, keep in mind that deep cleaning an antique dresser could result in thousands of dollars in value being lost. Clothing, kitchen items, and even tools from the garage should not be thrown out or donated because they may be valuable. Also, because people adore vintage items, don’t have a garage sale before the estate sale. With no small items for buyers, an estate sale is usually not worth the effort and usually brings in the most money. Calling on estate liquidators who are licensed professionals is the easiest way to deal with the emotional process of cleaning out the property, so if you’re unwilling or unable to handle the task yourself, call at least two estate sale companies.
Don’t Take Chances
Estate sales attract buyers looking for one-of-a-kind and unusual items, such as collectibles and costume jewelry. Experts in estate sales will be able to tell you what is valuable and provide you with advice. If an object appears to be junk to your untrained eye, don’t assume it’s worthless. Otherwise, you must carefully research the value of the items you find, paying special attention if there is a collection of similar items. It’s not uncommon for family members to discover too late that they’ve thrown out something valuable, which is an important estate sale tip for Lexington property owners.
Make a List of Things to Remember
Close friends or family members will look for something to remember the deceased, and disagreements may arise. Be prepared to deal with these emotional outbursts by having a plan, which is a great estate sale tip for Lexington property owners. While some wills specify what goes to family or friends, these individuals are frequently left to choose items that have a personal meaning for them; however, these items are now gifts from the estate and must be valued within reasonable limits. However, you are not obligated to give anything away, nor is it your right. It is your responsibility as the estate representative to distribute all proceeds from the sale to the family. You could hold a pre-sale for this group of people, tagging the items for the person who wants to buy them, and thus fulfilling your duty as an executor while keeping the items out of the public estate sale.
Allowing plenty of time for the estate sale is a good idea for Lexington property owners because it can take weeks to properly prepare. Working with an estate sales professional or handling the job on your own may be the better option if time is not an issue. Let’s say the estate has very few items left because the majority of valuable possessions were taken by family and friends, or you’re paying monthly expenses that are depleting the estate. In that case, a buy-out firm is probably your best bet. Estate-buying firms arrive and take everything in one fell swoop. While it is a less emotional and quick process, you pay for the convenience by bringing in significantly less money at an estate sale using this method.
Know What Your Goal Is
Another important estate sale tip for Lexington property owners is to keep the reason for the sale in the forefront of your mind. If you’re overwhelmed, this project will be taken on by professionals. If you contact an estate liquidation company, they will work to create a mailing list in order to generate interest in the sale. You can’t remove items once a company has viewed the estate, or you’ll owe the company the value of any missing pieces.
Bluegrass Investment Properties LLC’s experts will make your estate sale a breeze. The best estate sale tip for property owners in Lexington is to work with Bluegrass Investment Properties LLC to sell the estate home. To learn more, contact Bluegrass Investment Properties LLC at (859) 321-6618 or send us an email.