Estate Sales: Key Things To Know
Real estate sale and estate sale differ a lot. When you talk about an estate sale, it considers sale, liquidation or auction of a (personal) property after the death of the owner, or when the owner decides to downsize. Proceeds of the sales take into consideration debts, nursing home costs, burial charges, and other expenses. In case of the owner’s death, additional items are inherited by the beneficiaries. It is a common practice to put instructions in wills about the inheritance or status of those additional items or proceeds, which is often termed as residuary estate. How do estate sales differ? An estate sale is a highly formalized process, which covers beyond the sales of unneeded items. Estate in time of sale also includes personal belongings and their sale.
Considering the intricacies of estate sales, people often have their own views on this process. The word “estate sales” can mean different to different people. It is all about their own interpretation of the process or their expectations out of it. Most people who do not belong to the group of real estate agents consider it as an auction to sale out furniture and additional household possessions. The process is to sale it off to the public. However, the definition is somewhat right. Others in the real estate industry or out of it also interpret it an estate sale for selling house of one of the heirs. Why do estate sales matter? There can be many reasons behind an estate sale:
The heirs do not show immense interest in retaining the property inherited by them from one of the deceased relatives. Heirs not agreeing mutually on who inherits what so a court orders liquidation of assets. As mentioned in the will of the deceased, an estate sale should take place.
An auctioneer’s role is important in making an estate sales happen, especially when there’s a need for liquidating possessions. A real estate agent comes in action when it is about actual home sale. In general, an auctioneer takes a percentage of the total earnings of the estate sale as a fee. It may range from 25 to 35 percent. An auctioneer has put a lot of efforts in letting the sale happen smoothly. If selling a loved one’s property, consider consulting an estate sales expert for help and support. They provide detailed consultation about Estate in time of sale, liquidation, and other things. https://freshstartestatesale.com/
Fresh Start Estate Sales Mr. Alex (480) 486-0606
info@freshstartestatesale.com 33013 N. 61st Street Scottsdale, AZ 85266