Have an Upcoming Real Estate Liquidation? Here’s What You Can Do to Prepare

Have an Upcoming Real Estate Liquidation? Here’s What You Can Do to Prepare

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Have you inherited the home of a deceased relative? Are you looking to liquidate your assets due to bankruptcy? If you are in either of these situations, you may be working with a bank or other company to hold a real estate liquidation. This process is similar to an estate sale, only the most valuable items will not be left in a home as they would be during a sale. Instead, the auction liquidation services company would prepare the items for sale and would keep valuables in a safe deposit box. Also unlike an estate sale, this process is often completed by a team of experts rather than just anyone who can run an auction.

Before you go about using an auction liquidation service, it’s important to know just which items you need to prepare. It’s also important to choose the right auction service, so you can ensure a quick and safe sale. Here are just a few of the things you need prepared before an estate liquidation:

Home
The home is central to the real estate auction. Liquidators will prepare the home for the sale, typically by removing the valuables and storing them in a safe location. In order to auction off a home, you will need to have it assessed for its value. This should always be done by a professional who will have knowledge of the home’s value.

Valuables
Valuables may vary among homeowners, but for the most part, the items that go up for bid would be very similar across all auctions. Valuables can include family heirlooms, jewelry, fine art, antiques, and collectibles. Depending upon the type of property, they might also include farm equipment or livestock, too. Stocks and bonds may also be included in a real estate liquidation.

Vehicles
In some cases, a real estate liquidation may also include any vehicles that belonged to a homeowner. This category not only includes cars, trucks, and SUVs, but recreational vehicles (RVs) and sporting vehicles like motorcycles, ATVs, and even snow mobiles, as well. Watercraft, such as boats and jet skis, would typically also go to auction.

Choosing an auction company
When choosing a company to aid the estate liquidation process, it’s important to consider using an auction company with a decent amount of experience. This is especially important if they have appraisers providing any home, valuable, machinery and equipment appraisals for you. Additionally, many of today’s real estate auctions don’t just take place in person. Online auctions are a great way to get more bidders for liquidation items, as they have few time constraints and they allow for global exposure.

Have questions about what it takes to liquidate real estate and other valuables? Be sure to ask an auction service. Because you may be working with attorneys, real estate agents, CPAs, and appraisers, you should also consult with them as necessary. You can also leave a comment below for more information. See this link for more: bclauction.com


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