Estate Liquidation vs Estate Sale: What's The Difference?
Both estate liquidations and estate sales have become increasingly popular over the past few years, and for good reason: they allow the original property owners to turn their unwanted items into cash, which in turn opens the doors of opportunity for buy-sell business owners. While they share some similarities, however, estate liquidations and estate sales are two different processes with their own unique characteristics. To learn more about the differences between them, keep reading.
The purpose of an estate liquidation -- as the name suggests -- is to liquidate the original owner's estate, often through a professional estate sale organization. If a homeowner is moving out of state, for instance, he or she may no longer have any need for their home, furniture, vehicles, etc., so it only makes sense to sell these items at an estate sale.
While the exact contents being sold at estate sales vary depending on the owner's preference and the guidance of the respective estate sale organization, some items commonly sold here include the following:
- The home
- Family heirlooms
The key difference between an estate liquidation and estate sales lies in the type of property being liquidated. With estate sales, it's not uncommon to see stocks, bonds, real property, coil collections, fine art and jewelry being sold, in addition to the items mentioned above. Due to the nature of estate liquidations, realtors, attorneys and appraisers often show up during the event, whereas estate sales can be conducted by anyone who's knowledgeable and experienced in the value of the items being sold.
Furthermore, it's important to note that most estates require a realtor to be present during the write-up of documents related to the sale of land. So whether it's an estate sale or estate liquidation, a realtor must be present if the sale involves land. While some states exclude realtors from the process, you'll find that most jurisdictions require them to be present.
So, should you focus your attention on estate sales or estate liquidations? Rather than trying to decide between the two, why not attend both? I've found some phenomenal items at estate sales and liquidations. Besides, diversifying your income sources is always a good idea.
Do you prefer estate sales or estate liquidations?