Have you inherited a home and its belongings? Do you and your relatives disagree on how to proceed with the contents? An estate sale may be the answer. Opening up the home to the public, allowing them to purchase items individually or as a whole is the fastest way to move the items and get the money to distribute amongst the heirs.
Before you agree to have an estate sale, consider the following.
You May Have to Settle Debts From the Proceeds
Did your loved ones leave behind debts that you must satisfy? If so, they must be taken care of before you or any other heirs receive payment. Knowing what these debts are can give you a clear picture of what you need to do. If you are unsure, consulting with your estate attorney is best. Having a bottom line figure in mind can help you make better decisions moving forward.
You Should Take Any Personal Items
While it may be difficult during your time of grief, you don’t want regrets later. Go through each room in the home and take out any personal items. Think of things like pictures, financial paperwork, medical records, or family heirlooms that you want to keep rather than sell. If you are unsure about what may be valuable or not, just ask us – we’ll happily help you decide if you are choosing between sentimental and monetary value.
Not Everything is Worth Money
It pays to know the appraised value of the items in the home. Why waste your time or cause yourself more grief selling items that are worth next to nothing? Your emotional value may be worth much more than the monetary value of many items. Just because it’s valuable to you, doesn’t mean it’s worth what you think. Rather than letting items sit on the market unnecessarily due to overpricing, let us guide you in the right price so that your items sell quickly, putting the estate sale behind you.
You May Have to Pay Sales Tax
Handling an estate sale on your home could lead to hefty tax penalties if you aren’t careful. You should know what state and local sales taxes you are required to pay upon the sale of the items. Finding out after the fact at tax time can make for an unpleasant surprise.
Use a Company That’s Bonded and Insured
You are trusting your loved one’s belongings and your own emotional sentiment to a company. You need a company you can trust. A company that’s bonded means they are trustworthy. Should anything happen, the liquidator has the proper protection, this includes theft, damage, and financial losses. Insurance protects you in the face of liability. If items are stolen from the estate or vandalism occurs, you want to be financially compensated for the losses. An uninsured company won’t be able to help.
Liquidating assets from an inherited home is a great way to settle the estate during your time of grief. If you have any questions about Pennsylvania / New Jersey estate sales, how they work, or how we can help, call us today! We specialize in conducting estate sales and liquidations in the greater Pennsylvania area!