LinksS. F. Marsalek, EsqBereavement Guide Maryland Estate Maryland Law |
Cars, Boats, Machinery & Equipment, Live StockAn estate sale is an excellent way to convert personal property into cash quickly, and in a fair and equitable way. While simple estate sales of the personal property of the deceased do not normally require any licenses or permits, the personal representative should consult with an attorney to ensure compliance with all legal requirements.Estate sales are normally handled either as auctions, or on a first come first served basis, like a sort of super garage sale. If an auction format is used, and the estate sale is held in the home, buyers can walk from room to room inspecting the items for sale, and deciding what to bid on. Large items, such as Cars and Boats, and even livestock often form part of an estate. Should these be part of the estate sale, it is advisable to have a professional handle the details. EstateLink LLC can arrange for the services of a professional auctioneer or estate liquidator, who will take responsibility for appraising and cataloging the items for sale, handling advertising, and providing tables, chairs, display cases, signs and staff. A big advantage of dealing with a professional auctioneer or estate liquidator is that the professionals often attract a following of private collectors and dealers who will pay top dollar at an invitation only sale preceding the public liquidation. For smaller estates, on line auctions provide an efficient way of disposing of personal effects. EstateLink's liquidation professionals can provide assistance in handling on line sales as well as formal auction events. Most professional liquidators will charge a commission of the net, after such costs as labor, advertising and security. This commission may be anywhere from 30-50 percent of proceeds. The best place to hold an estate sale is at the home of the deceased, prior to the sale of the home itself. Scheduling of the estate sale should be coordinated with the realtor handling the sale of the home, since a furnished house "shows" better. A professionally managed estate liquidation will most probably also maximize the proceeds from the sale. Finally, when the liquidation or disposal of the larger items of the estate has been concluded, there frequently remains the need to move, store, or simply dispose of the remainder. Ideally, an estate liquidation will leave the property empty, cleaned out and ready to sell. Again, EstateLink can help with these needs. |