![]() The second cardinal rule is to step away from the liquidation process once you have removed what you want to keep and have hired a professional. ![]() And that old casserole? Joann Cameron, of A2Z Estate Sales and Appraisals in Silver Spring, Maryland says Pyrex prices are "through the roof" right now. Toews says, for instance, an old book that does not look special to you might be a collectible first edition. Professionals in the business have a trained eye let them evaluate everything you have and determine what to discard. What looks like junk to you may be valuable. ![]() Just as in the appraisal stage, the first cardinal rule with general property liquidation is not to toss things out before bringing in the pros. Appraisers who also are dealers or work for an auction house should have explicit and clear boundaries between these functions and their appraisal work. "Be sure not to hire an appraiser who charges a percentage of the appraised value," Proulx adds. The appraiser's website might include client comments or testimonials that would be helpful to review. In addition, Proulx recommends selecting an appraiser you would be comfortable working with. All three organizations have websites that identify members by location, describe their specialties and list the accreditations or certification they have earned. Membership indicates that an appraiser conforms to the profession's ethical code and prepares reports that abide by the Uniform Standards of Professional Appraisal Practice. She recommends choosing an experienced appraiser who belongs to one of the three major professional associations - the International Society of Appraisers, the American Society of Appraisers and the Appraisers Association of America. Next, an appraiser would evaluate the valuables for tax and sales purposes.įrancine Proulx, president of Art/Antiques Information Resource in Fairfax, Virginia, says appraisers often are brought in too late, after items whose value was not recognized have been given away. Ideally, Gimmel says, the first step is for family members to remove important papers as well as jewelry and other valuables. National websites such as, and list businesses by location. Real estate agents, estate planning lawyers, financial planners and accountants often can recommend companies that specialize in appraisals, estate sales and general property liquidation. ![]() The field of professionals in estate liquidation includes appraisers and evaluators of various types of belongings estate sale specialists auction houses cleanout companies that sort, pack, transport, distribute and discard and charitable organizations that accept property donations. The next steps were for Chotin and her brother to get help in determining what to do with the condo's contents, and then in carrying out that plan. It is not uncommon for buyers to purchase furnishings and other contents of a property, but this buyer did not. Just as they were about to hire one of the agents to list the condo, a building resident stepped forward and bought it directly from Chotin and her brother. The agents said pricing of the condo should be based on the sales price of other units in the building special features such as a private patio would contribute to sales appeal but not to the sales price. The wall oven was broken, so the sales contract would include an allowance for purchase of an exact replacement. Each said the condo should be offered as-is - no new carpeting or paint - because it was in good condition. Even if a residence is owned outright, with no mortgage, until it is sold the family must continue to cover any condo obligations and pay for insurance, utilities and other ongoing expenses.Ĭhotin and her brother asked around for recommendations of real estate agents knowledgeable about condo sales in the immediate area. Chotin's advice: Ask lots of questions at every stage along the way, so you will know your options and can make informed decisions.įirst on the agenda was selling the condo. Nevertheless, they still had the daunting task of selling the condo and figuring out how and where to dispose of all the contents that they and other relatives did not wish to keep. Another plus was that Chotin and her brother agreed on a course of action and worked well together. "She did everything right ahead of time," Chotin says. ![]() Some families simply talk it over in advance and agree on a plan for distribution of possessions.Ĭhotin's mother had both an RLT and a will, which simplified decision-making. Families may want to decide together who will become the owner of certain things, such as furniture, jewelry and keepsakes. ![]()
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