As an estate representative, if you find yourself in a position where you need to liquidate an estate, you may be wondering how to conduct an estate sale. Estate sales are typically held after the passing of a loved one and the property has gone through probate. However, they can also be helpful in situations such as divorce or other personal transitions that require the disposal of a household full of items.
Sorting through all the possessions that remain can be a challenging task, especially after the loss of a loved one. It’s important to be thorough and careful during this process, as you may come across important documents such as deeds, titles, bank statements, or other financial records that are required for the income tax return.
Valuable things may be casually placed, such as money in a coat pocket. You may want to flip through books for essential papers and systematically check through drawers and any containers or boxes. For a successful outcome, pay close attention to these five estate sale tips for property owners in Mississippi
Cleaning
A significant estate sale tip for property owners in Mississippi is not to clean antiques or other things other than dusting and light housekeeping. If you must sort or clean before the company arrives, be mindful about deep cleaning an antique dresser, you may be cleaning off thousands of dollars of value. Don’t throw out or donate clothing, kitchen items, or even tools from the garage, which may be valuable. And don’t have a garage sale before the estate sale because people love vintage items. An estate sale is typically not worth the effort with no small things for buyers, usually bringing in the most money. The time, stress, and emotion of handling an estate sale personally may cost you more in the long run. It’s hard to factor the value of your time, lost profits from underpriced items, etc. Most professionals can prepare for a sale in days or a week as this is what they do. When people tackle this on their own, the emotions of sifting through and placing a monetary value on a loved one’s belongings can be as emotional as the initial loss. Loss due to divorce or change of life circumstances can be just as emotional as the death of a loved one. The easiest way to deal with the emotional process of cleaning out the property is to call on estate liquidators who are licensed professionals, so if you’re unwilling or unable to handle the task personally, call at least two estate sale companies.
Don’t Guess
Estate sales attract buyers interested in unique and unusual items, and these may include collectibles and even costume jewelry. Experts in estate sales will know what has value and advise you. They also may have their own buyers list for certain collectibles and can bring higher prices from buyers that also know the value of these type items. Don’t guess that an object is worthless because it appears to be junk to your untrained eye. Otherwise, you must carefully research the worth of the things you find, pay special attention if a collection of like items exists. It isn’t unheard of for family members to learn too late that they’ve tossed out something of great importance, which a critical estate sale tip for property owners in Mississippi
Plan for Rememberances
Close friends or family members will seek an item for remembrance of the deceased, and disputes can arise, so be prepared to deal with these emotional outbursts by having a plan, which is a great estate sale tip for property owners in Mississippi. While some wills specifically list what will go to family or friends, often these people are left to choose items that have a personal memory attached; however, these are now gifts from the estate and must be within limits concerning value. You’re not obligated, however, to give away anything, nor is it your right. As the estate representative, it’s your responsibility to give the family all proceeds from the sale. You could have a pre-sale for this group of individuals, tagging the items for the person who wants them to purchase, thereby meeting your obligation as the estate representative while excluding the items from the public estate sale. When people plan ahead, the best way to limit disputes is to encourage loved ones to pass gifts on to those they want to have them ahead of time, or in writing if you prefer the items pass at a later date.
Time
Allowing ample time for the estate sale is a beneficial tip for property owners in Mississippi because it can take weeks to prepare appropriately. If time is no issue, working with an estate sales professional or handling the job on your own may be the better option. Suppose the estate has very few items remaining because family and friends took the majority of possessions that were of any value, or you’re paying monthly expenses, which are depleting the estate. In that case, a buy-out company is likely your best option. Estate buy-out companies come and take everything in one fell swoop. While it is a much less emotional process that happens very quickly, you pay for the convenience, typically bringing in much less on the estate sale through this method. Always talk to at least two different companies and get a clear understanding of their services, fees, and what you should expect from them. Ask questions before you commit, not after you are unhappy with the end result. A common remark II hear from the companies is that the majority of sales rarely bring the money the family expects. Remember, people who shops these sales are looking for special collectables, but also for bargains on items they need.
Understand your Objective
Keeping the reason for the sale at the forefront of your mind will help you emotionally, and this is another essential estate sale tip for property owners in Mississippi. Professionals will take this project on if you’re overwhelmed. If you’re contacting an estate liquidation company, they will be working towards advertising a list to gain interest in the sale. Once a company has viewed the estate, you cannot remove items, or you’ll owe the company the value of any missing pieces. A great site to find local professionals and view how they work and promote sales that they manage is by visiting EstateSales.net This will give you insight into how they promote all of the personal possessions. It’s important to remember, most of these companies stay booked up for weeks and months in advance. Plus, they will need time to prep your estate items, photograph, and promote the sale. They can be well worth the fee they charge as it is not emotional for them, and they know how to price items to sell. If you have special collectibles, they often know one or more collectors they will reach out to also to get them to the sale. A collector will pay more than most buyers when they appreciate the value of the items for sale.
The pros at IM, LLC will help make your estate sale easy. Working with IM, LLC to sell the estate home is the best estate sale tip for Mississippi property owners. Call IM, LLC at 601-401-6965 or send us a message today to learn more.