Losing a parent comes with certain responsibilities. Dealing with all the property they left behind is chief among them. You and your family will keep the items of sentimental importance, and possibly your late parent’s real estate and vehicles as well. The rest you would like to liquidate; in effect, turning it into a better life for yourself and your parent’s other heirs.
Unfortunately, liquidation is easier said than done. Finding buyers is time-consuming. Conducting monetary transactions with multiple strangers doesn’t sound like something you would feel comfortable doing. Simply identifying the fair market value of many of your parent’s possessions seems outright impossible. How do you know the value of an entire coin collection – or even a single grandfather clock, for that matter?
If you have chosen to sell your parent’s home, that adds even greater difficulty to an already difficult time. It may need a fair bit of work before it is ready for the conventional real estate market, which you haven’t got time to take care of. It may be a luxury home that doesn’t appeal to the vast majority of home buyers. It may also be a vacation property, or some other inconveniently located property.
We’re not trying to stress you out. We’re only identifying the potential challenges of selling a late parent’s estate because that’s all they are: potential. You can avoid them altogether if you work with a company that provides comprehensive asset liquidation services, such as Colorado Premier Realty & Auction Services of Denver, CO. Here’s what you can do to make your life easier in the wake of your parent’s passing.
Follow the Will’s Instructions
Your parent’s last will and testament identifies which of their assets are intended to go to whom. It is a legal document, and there are serious ramifications if its instructions aren’t followed. Before you decide which of your parent’s property to sell, first make certain you have the legal right to sell it at all.
Wills typically only deal with valuable property: cash, securities, real estate, antiques, art, firearms, collectibles, and so forth. If you are the executor, then you may be able to decide who receives property that wasn’t explicitly bequeathed to an heir by your parent. Take care to exercise diplomacy while distributing sentimental items to your family. Furthermore, if you have any reason to suspect your parent possessed borrowed property, make a good faith effort to return it to its legal owner.
If your parent did not leave a will, or their will was declared invalid by the court, then their estate is subject to your state’s intestacy laws. Even if they did have a will, some of their assets must go into probate (including their home, unless it was owned in joint tenancy or placed in a trust). Avoid jeopardizing your inheritance. Take the correct legal steps following your parent’s passing, whatever they may be.
Appraisals, Estate Sales and Real Estate Auctions
Once all the red tape has been cleared, it is time to welcome an estate sale agent into your parent’s home. They will take inventory of the assets you wish to offer for sale to the general public, as well as assign realistic prices to most items in the home.
The estate sale agent will also identify items and collections that require professional appraisal; typically anything of obvious value, but which would only appeal to a niche market of buyers. Once the appraisal is complete, you may proceed to holding the actual sale.
You may greatly simplify your life by choosing an asset liquidation firm which also specializes in real estate auctions. There are many advantages to listing residential property at auction. You can sell it as is. You can sell it quickly. You can also rest assured the closing price will be appropriate for whichever neighborhood the home is located in.
Once the estate sale has liquidated as many of your parent’s assets as possible, the only remaining task will be to deal with unsold items. They may be donated to charity, which can become an even more appealing prospect if there are beneficial tax implications. Many items, such as pieces of furniture, may simply be placed at the curb with a “FREE” sign.
Companies that offer estate sale and real estate auction services under one roof are uncommon. In Denver, CO, there is only one: our own. If you have recently lost a parent and would like to move on with life quickly and with as little stress as possible, then we welcome you to contact us today.