Tucker Team Member Ed Spillers – When my mother passed away, it was probably the most devastating to date. She was truly my spiritual lift. She meant a whole lot to me. She was an educator and a loving spirit. So, losing her, my sister and I became novices at Estate selling our childhood home. We figured out along the way and has been become a lesson that has helped me in my Real Estate career. But, not everyone is equipped to handle the moment. Even I felt it was daunting. So, take these 7 things to mind if you ever come to the need to handle the same situation.
Try not to go through personal possessions in the moment
When collecting the contents of the home, the heirlooms and memories, try not to spend too much time reminiscing. What I found is that one box of memories turned into hours in that one box. Try to identify those boxes, label them to keep and then comb through them at another time.
Before you throw out anything, hire an appraiser to evaluate possible valuables
We had a collection of those World Book Encyclopedias. Confession, I did cut out a picture in the book for a school project. Man, I was in so much heat after that happened. I still don’t know how my parents found out. When we were cleaning and packing the home, I managed to keep that box of books from being tossed. I picked it off the curb and put in my car. We should of hired someone to appraise certain artifacts or collectibles to make certain we keep things that had monetary value. Oh, that World Book collection had an online value of $1000
Shy away from Overvaluing items
Take the above story and imagine a box of costume jewelry, and flip it. Chances are that box of gems may only have minimal value. My Mom kept some real and costume jewelry so it’s easy to confuse. So box it all up and come back to it later for evaluation.
Never forget the basement or the attic
We didn’t forget the basement but, we neglected it’s value to the point we almost tossed away money. Not physical money but, items that were worth a lot. One was a piano that was made by a local manufacturer from the ’40s and a Pool Table that turned out to be one of only around 2000 made. Makes sure you comb through every part of the home so as to leave nothing behind.
Ease up on inviting friends to come rummage through the vintage stuff
Your friends may be pros at this and really have the “best intentions” to help you out. This is where that appraiser comes into value. That person helps you pick out the valuable items. Then you can determine if you want to gift it to your friends. But, make sure they still help you pack the rest of the house.
Selling to Collectors vs. Buyers
Collectors tend to be the groups or individuals you purchase to keep and are willing to pay, in most cases, top dollar. Dealers are buying to make a profit on the other side of the transaction. Which is to sell to another person. Consider both and your own personal situation and determine who is your best avenue to sell estate items.
Outstanding Debts in the Estate
Be proactive in following up on any debts the deceased left behind. Make sure obligations are met according to the law. You may need to hire a lawyer to help facilitate liquidation of the estate and paying off debts with the Estate sale. However, do not be concerned because, unless you were a co-signer or the spouse of the estate is still alive, you are not on the hook for the any debts.