A liquidation sale is a popular way of swiftly turning an entire house’s worth of personal property into cash. What does a liquidation sale mean? It means that a professional estate sale company like Estate Pros will come to your home, give you an appraisal of the value of its contents, and either offer you a buyout or assist you in selling or donating all of the belongings you are looking to offload. Liquidation sales are an unbeatable way to turn a collection of personal property into either cash or a tax deduction equivalent to the higher end of the property’s estimated value.
During an express liquidation sale, you can turn your personal property into cash in as little as ONE DAY! Schedule a free consultation with Estate Pros and arrange to have our professional appraisers come to your home and make an assessment of the value of your personal property. Depending on your priorities, this assessment may either result in a buyout offer for the full contents of your home so that you walk away with cash in your pocket immediately or an estate liquidation sale held at the home.
Property Liquidation Meaning
A property liquidation means you turn all of your personal property and assets contained in the home into cash. People arrive at this need in a variety of ways, from divorces, bankruptcy, foreclosure, or simply a major life change like a move overseas or the need to start fresh. During a used item sale, such as a property liquidation, people are often looking for a quick and painless way to lighten the load of personal property ownership.
Liquidation sales differ from estate sales in that they often involve the total contents of a house, while estate sales often only include higher-value items from a house. Property liquidation sales are often held to pay back creditors, a forced sale of a property in the case of a foreclosure or legal dispute, or to clean out a hoarder’s home. But they may be held for other reasons as well.
What does a liquidation mean for you and how can it help?
Death of a loved one: When a loved one passes, bereavement can take a serious toll on the surviving relatives, making dealing with the personal property of the family member who has passed emotionally taxing. This can be a major obstacle that slows down the process of moving forward.
Foreclosure/bankruptcy: When the bank takes ownership of a home, they often need the home emptied of its contents prior to the sale. A property liquidation sale is a way for the owner to recoup the value of their belongings before they and the home become the property of the bank.
Overseas move: When people move overseas, they sometimes opt not to move their belongings with them and instead start fresh in their new country (or even state) of residence.
Divorce and asset allocation: Asset allocation is an unfortunate component of many divorces, and when people cannot agree on who gets what, estate liquidation is the simplest way to divide assets.
Downsizing: Moving to a retirement home, RV, apartment or even sailboat can be a reason many people want to say goodbye to the belongings that are tethering them down.
Companies That Buy Estate Items
There are a number of companies that buy estate sale items to resell. Many estate sale companies offer the option of an estate buyout, and once they appraise the items in the house, they will make you an offer for either part of the house’s contents or the entire lot. Many people want to know what does a liquidation sale mean? How does a liquidation sale differ from an estate sale? Some people choose to go the liquidation sale route because they want upfront cash or a tax donation and it frees up their time and energy to move on with life’s other pursuits.
There are a number of companies that offer buyouts of items in addition to estate sale services. The reps at Estate Pros offer this service and it’s one that many of our customers take advantage of to create maximum ease in an often arduous process. The benefits of taking an estate buyout are:
- No heavy lifting
- No strangers in your home
- No anxious waiting for the outcome of a sale
It’s one and done. We will come into the house, safely pack things away to be either sold or donated, and hand you a check or certified tax deduction for the estimated value of the items. Many people choose to go the route of liquidating their belongings using a donation. The benefits of donating your items mean that you get a tax deduction equal to the estimated value of your property, plus the added benefit of helping families or individuals in need.
Estate Liquidation Auctions
In an estate liquidation auction, the items are auctioned off in a fashion similar to an estate sale. The difference between an estate sale and an estate liquidation auction is primarily that a liquidation sale typically contains all of the assets in a home, regardless of their monetary value. In addition to this, buyers are often afforded the opportunity to negotiate over the sale price of an item. Whereas, during an estate sale, the property owner sets the price ahead of time with the help of a professional appraiser.
Best Timing For An Estate Liquidation Sale
If you are looking for an estate buyout or to hold an estate liquidation sale for the contents of a home you will be selling, you have some options. In the case of a cluttered or hoarder home, your real estate agent will usually recommend that you have the sale before listing the home. If the home is relatively presentable and you already have a buyer lined up, Estate Pros will conduct the sale and you may liquidate the property in the weeks before the sale closes. If you have already sold the house, you will have a predetermined move-out date and you may conduct the sale shortly before this date.
Benefits of Donating
Estate Pros partners with Habitat for Humanity, a (501)c (3) charity globally known for its efficient and effective methods of delivering resources to those who need them most. We also have unique access to a special IRS program that delivers high-value tax donations to our clients who choose to go this route. In addition to the valuable tax benefits, you can have the good feeling of helping others in need.
Estate Sale Percentage
Though usually negotiable to a degree, most estate sales take between 30% and 40% of the proceeds from the sale of personal property. Though the percentage may seem high, it is often more than made up for by the legwork and organization of the estate sale company. It takes significant knowledge to properly appraise items that have as much variety as those that make up the contents of someone’s life. In the case of higher-value items, such as fine art and automobiles, a lower fee can often be negotiated with your estate sale professional ahead of the sale. Depending on the estimated value of the item, commissions can usually be reduced to as much as 15% to 25% of the sale price of these items. What does a liquidation sale mean when it comes to commission? During a liquidation sale, the commission is usually the same as with an estate sale, unless you opt for a total buyout.
Types of items sold at estate liquidation sales:
- Tools
- Furniture
- Art
- Household items
- Clothing
- Automobiles
- Pottery
- Rugs
- Jewelry
Estate Pros Is Here to Help
The pros at Estate Pros have handled thousands of estate sale auctions, liquidation sales and estate buyouts. Our experts will work with you to find a solution that meets or exceeds your needs and expectations so you can move on with your life as quickly and easily as possible.
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The Estate Pros have been proudly serving Oakland, Macomb and parts of Livingston, Genesee, Lapeer & Wayne counties for the past 15 years. No matter what your situation calls for, the Estate Pros are here to help!
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