Sooner or later, most everyone has to decide how to dispose of materials owned by a person who is recently deceased or liquidate his or her own personal property to facilitate a move.

The most common reason for a sale is the death of the property owner and the consequent need to quickly liquidate the deceased’s belongings which may include the following circumstances:

  • The survivors/heirs may have no interest in the bulk of the personal belongings left by the deceased.

  • The survivors/heirs may simply lack space to keep the belongings.

  • The survivors/heirs cannot agree to the disposition of tangible property, and thus a court has ordered the goods to be sold and the proceeds to be divided among the survivors (after payment of the estate’s debts).

  • The will of the deceased may have mandated a sale of assets.

So, what is the best way to dispose of personal property?  BBR would like to offer the following guidelines:

Auction Sale:

  • Auctions establish a true market value for property at any given time.

  • Auctions dispose of everything, there are no left overs to worry about.

  • Auctions provide an accurate inventory and sale record of every item.

  • Auctions stimulate a spirit of competitive bidding which in turn drives prices upward; no one can predict how much a person is willing to pay for an item.

  • The auction is quick, most often done in one day.

Estate Sale

  • Estate Sales are conducted by professional liquidators who have inventoried, researched and appraised the personal property to be sold.

  • Estate Sales are usually conducted at the owner’s residence whereby the contents do not have to be hauled off to an auction gallery.

  • Estate sales usually last 2 or 3 days to get more buyers interested.

  • The estimated number of estate sales held nationwide per month – 12,300

  • Estate Sales nationwide account for over $100 million in revenue each month.

Garage Sale

  • Garage Sales (or yard Sales) are used to liquidate the remaining items left from an estate sale.

  • Can be combined with inventory from previous sales.

  • Items are usually sold at reduced prices.

  • Can be conducted by a professional on behalf of the owner or family.

  • Leftovers are donated to a charity.