5 Don'ts for an Inherited Home Estate Sale
Inherited home sellers have a house full of belongings that they need to dispose of before putting their home on the market. In these cases, an inherited home estate sale may be necessary to get rid of the items quickly while also putting some extra cash in your pocket.
- Throw anything away. Likewise, don’t casually give items to friends and family, thinking they’re not really worth much. Let an estate sale pro review your assets before you decide to dispose of something.
- Cancel your Inherited homes utilities or home insurance policy before the sale. In many cases, local officials won’t allow a sale to be held at a home with no running water or electricity. Also, you will be held legally responsible for any accidents that occur during the sale, so you want your homeowner’s insurance to still be in effect.
- Remove items after the estate sale company’s walkthrough. Doing so may breach your contract and may result in cancelation of your sale. Removing items after they’ve been advertised for sale is unethical and could even result in legal action.
- Participate in pricing items or conducting the sale. The estate sale company, whose fee is usually a percentage of the total proceeds of the sale, has in-depth knowledge of current values and will price accordingly. Some companies may allow you to set a minimum price for a few special items. Also, family members should not be present during the estate sale, as they may reminisce with neighbors and other attendees—which can negatively impact sales.
- Expect to be paid immediately after the sale. The estate sale company will need time to make sure all check and credit card sales clear and there are no disputes about any items that were purchased. This may take even more time if you elect to sell some items online. After the sale, the estate sale company should send you a check—any fees will be deducted—typically within 30 days.