Best way to sell deceased parents' "stuff"

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Booper
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Best way to sell deceased parents' "stuff"

Post by Booper »

A few years ago my mother passed away. My father predeceased her by several years. I have kept a lot of their "stuff" - artwork, knickknacks, glasswork, what-have-you. I've kept it for several years out of sentimental attachment and because I liked quite a bit of it. But now, several years after the fact, and talking it over with my husband, I've come to think that I might be better off selling this stuff: I just don't know how. Most of it has been sitting in boxes in our garage for several years. And it will likely stay there for several more years unless I take some action. I just don't know how to determine the market value for this stuff and find a buyer. I am not interested in just making up a number and having a garage sale. And I am not particularly interested in passing this stuff down to our children.

Has anyone here been in a similar situation? Can someone provide advice?

Thanks.
WorkToLive
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Re: Best way to sell deceased parents' "stuff"

Post by WorkToLive »

There are companies that specialize in "Estate Sales." They get their cut of course, but it might be an option for you. Another option is to find an e-Bay dealer who sells on commission.
hicabob
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Re: Best way to sell deceased parents' "stuff"

Post by hicabob »

Booper wrote:A few years ago my mother passed away. My father predeceased her by several years. I have kept a lot of their "stuff" - artwork, knickknacks, glasswork, what-have-you. I've kept it for several years out of sentimental attachment and because I liked quite a bit of it. But now, several years after the fact, and talking it over with my husband, I've come to think that I might be better off selling this stuff: I just don't know how. Most of it has been sitting in boxes in our garage for several years. And it will likely stay there for several more years unless I take some action. I just don't know how to determine the market value for this stuff and find a buyer. I am not interested in just making up a number and having a garage sale. And I am not particularly interested in passing this stuff down to our children.

Has anyone here been in a similar situation? Can someone provide advice?

Thanks.

Craigslist works well if you live near a decent size population center, otherwise ebay. Craigslist and ebay are good for determining pricing too. If you have a teenager or older kid creating/running the ads and dealing with the potential buyers it makes for quite an interesting and profitable job for them
Rupert
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Re: Best way to sell deceased parents' "stuff"

Post by Rupert »

Is the stuff valuable? If so, there are companies who run estate sales. They come in, evaluate the stuff, recommend a price for each item, and then handle the actual sale. They take a percentage of the cut. If the stuff has only sentimental value, then why not just choose a few items to keep and donate the rest to charity? You could try to sell it on eBay or Craigslist, but I have found that it is usually not worth the effort, especially for small items of low value.
123
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Re: Best way to sell deceased parents' "stuff"

Post by 123 »

I have been in a similiar situation. If stuff has been boxed for a few years it's time to take a fresh look at it and decide what might be of value to someone else. Integrate their odds and ends, like household supplies, extension cords, household and garden tools, into your own household inventory.

I found that with the passage of time most stuff either went to the trash or the Goodwill/Salvation Army. A lot of household goods, books, dishes, pots and pans, electric appliance, lamps, in my view, has little value to someone else on a yard sale basis. Spare yourself the hassle.

Any upholstered furniture has probably seen it's day it you objectively look at it. It's served your parents and now it's time to set it free.

By the time you go through it again you may have so little worth selling that it's just easier to donate. Just do it.
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stan1
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Re: Best way to sell deceased parents' "stuff"

Post by stan1 »

I am going through this right now using a combination of a garage sale, Craigslist-style websites for a few specific items like appliances, thrift shop donations, and heavy duty trash bags from Home Depot that are amazing. My mother was more of a curator than a hoarder. She had 80 years of stuff organized in boxes, binders, and folders -- often with tabs and labels as you would find in a museum. Some of her stuff was valuable only to her but there are a few gems that I took for myself and which I think others will be interested in.

I made the decision that I'm not going to bring her treasures into my home and let her clutter run my life so my main focus is on the Thrift Shop and trash bags. I am going to do a garage sale one weekend and most of what doesn't go will get donated. I have a few items like a 12 place set of Rosenthal china that I need to figure out how to part with, but I am not going to lose sleep over the amount of money I get for it. I would never use it, so it has no value to me. How much time do you want to invest. Do you want to donate a vase to a thrift shop (minimal effort), sell it at a garage sale for $5 (small hassle), or put it on Ebay hoping to get $20 (potentially big hassle and a full time job dealing with shipping, scams, etc)?
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MathWizard
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Re: Best way to sell deceased parents' "stuff"

Post by MathWizard »

I would pick one or may two small items that you will be using almost daily that remind you of her.

When my mother passed, the brother in charge of the estate said to look thorugh the house and
take anyting you'd like. I kept 2 coffee cups, and when nobody else wanted her electronic organ,
I took that too.

There was little of any value, we just gave everything away to the Salvation Army that family members
did not take. I kept the coffee cups because whenever one of the us showed up, she offered coffee and we
sat and talked, so they are a good reminder of her. Once I came back with my two, there was a steady stream
of my brothers heading over for just that item. I generally use them on weekends, and keep using one
all day. That way I can think of her when I am getting each cup of coffee.

She taught herself to play the piano and was the organist for the church for over 25 years before
she could afford to buy herself a used organ. It is badly out of tune, and probably takes up too much
space, but I hated to let it go out of the family. I remembered her practicing church songs on Sat. night
after the preacher chose them. I had always thought one of our kids might play it, and I would have had
it gutted and repaired had that been the case, but my boys chose different instruments.
rec7
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Re: Best way to sell deceased parents' "stuff"

Post by rec7 »

A Auctioneer can sell it all in one day. It is a very easy way to go.
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Jay69
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Re: Best way to sell deceased parents' "stuff"

Post by Jay69 »

Anything that fits in one of those flat rate boxes hits Ebay if it has any value, check under items sold. We have sold a number of items on Ebay, its not to tough.

As others have said, craigslist, donate etc.
"Out of clutter, find simplicity” Albert Einstein
bigcmagor
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Re: Best way to sell deceased parents' "stuff"

Post by bigcmagor »

In the interest of keeping the peace, you might make a pass at your kids before disposing of their grandparent's remaining belongings. Maybe there's nothing of interest in there, but if there is something that they are fond of and it brings back good memories, they may be bitter to have lost the chance to preserve it. The old saying "one man's junk is another man's treasure" is sometimes true.
Saving$
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Re: Best way to sell deceased parents' "stuff"

Post by Saving$ »

I've been faced with this situation:
1. Auction/Estate Sale company: Like a big yard sale, but they put all the prices on things. If there is ALOT of stuff they will auction things off an entire drawer at a time, shelf of bookshelf at a time, etc. People will buy a shelf of books to get that one 2nd edition Joy of Cooking copy, etc. They are supposed to take everything they buy, but often they don't. Even collectibles of considerable value retail, go for 25 cents on the dollar, then the auction company gets a cut of that. I had items I KNEW had value, that were selling in dealers retail stores for $4k. I called the three main dealers in town, trying to sell them direct. They were totally uninterested, claimed their inventory was too high, they were not in buying mode, etc. Could not even talk price. One of these same dealers showed up at the auction and bought the $4k retail item, that I would have been happy to sell to him for $2k, for $800 at the auction. Then the auction guy got 30%, net $560 for me. My specific item showed up in his shop 6 days later for $3980. But I know I tried, and I was in no position to start ebaying or craigslisting the valuable items.

Net at the end of it all, a lifetime's worth of stuff, from a relative who never threw anything out and whom people believed had really nice stuff was about $8k to the estate.

2. Donation: What was left after the auction needed to go. Set up a system taking digital photos of everything, and putting it in marked boxes (ie 23 short sleeve shirts). Donated it ALL and got receipts. The tax guy said said keep the write off of donated items under $5k. Spent about 1 hour with the Tax Act donation assistant and the digital photos and got to $4,980 of value in donated stuff. I wanted the stuff gone, so did not write off the rest.

If the stuff were all already in boxes in my garage, I'd catalog it via digital photos, and donate $5k a year worth. Quickest, easiest and most cost effective thing to do, assuming you itemize.
rec7
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Re: Best way to sell deceased parents' "stuff"

Post by rec7 »

craigslisting- Just a comment here in this town to get a sale it seems like it needs to be priced dirt cheap so I am not that crazy about craigslist. In other towns maybe it is better.
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Re: Best way to sell deceased parents' "stuff"

Post by LadyGeek »

This thread is now in the Personal Consumer Issues forum (selling stuff).
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Robert44
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Re: Best way to sell deceased parents' "stuff"

Post by Robert44 »

First, I would offer it to any member of the family who may be interested in a momento of your parents.
Second, decide if there is anything you want for sentimental value.
Third, if you need the money, use an auctioner or if you have the time, use Craigslist.
Fourth, (what we did with our parents belongings) donate to a worthy charity. Just did not feel right to sell their personal belongings to make a few bucks for us.
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pennstater2005
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Re: Best way to sell deceased parents' "stuff"

Post by pennstater2005 »

I'll throw in another vote for Ebay. And if you have a smartphone it is amazingly easy to list stuff now. Last night I just listed a DSLR camera, zoom lens, and flash in under 30 minutes total. I've already got a handful of bids on each one and expect to get a nice sum when they're over. All that's left is shipping them out. I've been lucky and have never received any negative feedback, yet :happy
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econinmn
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Re: Best way to sell deceased parents' "stuff"

Post by econinmn »

My parents recently moved out of their home of 50 years and into a ccrc. Needless to say, there was a lot of downsizing. The CCRC had a recommendation for a person to help with the move/ downsizing and she was quite useful. she connected my parents with a antique dealer/mart who sold on consignment. He came through the house and told them what he would put in his store and what he price he would ask. As the things sell, he sends my parents checks with a 25 percent cut for himself.

They had watched my grandmothers antiques sell for peanuts in an auction and didn't want to repeat the experience. You could probably call some retirement communities or nursing homes and see if they have a similar person to recommend who would then know the best places in your local area to sell items. Good luck.
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deanbrew
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Re: Best way to sell deceased parents' "stuff"

Post by deanbrew »

rec7 wrote:A Auctioneer can sell it all in one day. It is a very easy way to go.
That was going to be my suggestion. We had an auctioneer come in and take stuff from my BIL's house. The auctioneer did all of the lifting and moving and sold it over the next few weeks at his regular weekly auctions at his auction house. He took 30 or 35% as his commission (I don't recall where it ended up). A friend used the same auctioneer to get rid of stuff before a move. It was really mostly junk. The auctioneer hauled it all away and gave him some money.

It really is the easy and quick way. If anything is really collectible or valuable, the auctioneer will offer advise on how to maximize the income. Often, it is advantageous to sell different things at different auctions that cater to different buyers. By that, I mean whichever auctioneer you pick might include different items at different sales over a period of time - not that you would choose more than one auctioneer. I'm sure there are a few auctioneers near you. Call them up and have them come look and you'll learn a lot.
Last edited by deanbrew on Tue Jul 30, 2013 9:36 am, edited 3 times in total.
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SnapShots
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Re: Best way to sell deceased parents' "stuff"

Post by SnapShots »

Have been in your shoes and spent thousands of dollars on storage fees over several years before finally selling or giving away the family inheritances.

The first of June, I held an Estate Sale and sold 98% of the stuff. I did it myself, after paying consultants to learn how to do it. We made a good amount of money, but it is a whole lot of work and I had to hire people to help. If an estate seller will take your things, turn it over to them. You will need a place to sell it, sometimes estate sellers have showrooms. It's worth what they charge. In addition, they are not personally attached to the stuff and will do a better job.

If it's not worth an estate seller's time, donate the things to charity. Give it away to friends or acquaintances. Believe me, you'll be relieved when you finally dispose of the items.

An auctioneer is another way to go. Forget Ebay or CraigsList.

During the Estate Sale, when I'd get a little sentimental or think something was too cheap I'd say to myself: I DON'T WANT TO TAKE ANY OF THIS BACK HOME!!

Good Luck.. :beer
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Ted Valentine
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Re: Best way to sell deceased parents' "stuff"

Post by Ted Valentine »

MathWizard wrote: I kept the coffee cups because whenever one of the us showed up, she offered coffee and we
sat and talked, so they are a good reminder of her. Once I came back with my two, there was a steady stream
of my brothers heading over for just that item. I generally use them on weekends, and keep using one
all day. That way I can think of her when I am getting each cup of coffee.
That was touching. Wow.
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gd
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Re: Best way to sell deceased parents' "stuff"

Post by gd »

You haven't given specifics, but my experience of family mementos is that they are usually close to worthless. Note that browsing eBay and Craigslist shows asking prices, not successful sales. For example, I once tried to sell a 40-volume Shakespeare set, with photos to document condition, down to a small fraction of other listings with utterly no success. For me it becomes a psychological issue-- I want to feel that the item is somehow valued, not just trashed. If you can and want to go to the trouble to sell it online, great, but after you ensure there are no genuinely valuable items, consider freecycle or similar local internet sites. The official freecycle site in my area isn't very active, but there is a very active local yahoo groups site I've used to get rid of everything from that 40-volume Shakespeare set to leftover beehive comb wax. If the recipient turns around and resells it to a kitsch hoarder, great, it'll be valued all the more. Edit-- plus, they'll pick it up. I set up a pickup day, and just leave stuff by the road in an inconspicuous spot. I've never actually seen any of the dozen or more people I've given stuff to.
likegarden
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Re: Best way to sell deceased parents' "stuff"

Post by likegarden »

This shows again that as you age do not collect all that stuff, and start throwing things out. After you are gone your family will be much happier when you have no collections and other stuff in boxes hidden away.
donall
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Re: Best way to sell deceased parents' "stuff"

Post by donall »

It's best to get a few opinions concerning the value of the inherited items. Some people are not aware or the prices that mid-century furniture has now. They also are not aware of how crystal and dish sets have dropped in value. Before selling or calling in the estate sale pros, do some research on the Internet and various estate sale sites, so you are prepared for their visit. i was surprised at the prices that some pieces commanded. The good thing is that the Estate Sale folks can give you a decent tax deduction by valuing stuff. So my advice is thus:
- Let kids, relatives and friends take items that have sentimental value (include yourself in this)
- Research and find the few items that are worthwhile to sell individually
- Contract with an estate sale entity
- Donate leftovers
- Freecycle what cannot be donated
john94549
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Re: Best way to sell deceased parents' "stuff"

Post by john94549 »

Reviving this thread, just to see if my understanding is correct.

My Mom recently passed away, and I called an estate sale company today. I will be meeting with them mid-January. Based on my discussion with them and this thread, they come to the house, survey the contents, then quote a commission. It would appear 30 - 35% is the ballpark I should expect. They then sell what they can, and donate the remainder to a charity of our choice (with a written tax appraisal for IRS reporting).

The estate sale representative then advised they dispose of anything which can neither be sold nor donated, at no charge, and turn the vacant house over to the realtor.

Am I missing anything? I have neither the desire nor the expertise to deal with this personally.
protagonist
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Re: Best way to sell deceased parents' "stuff"

Post by protagonist »

I donated a lot of my mom's old stuff to Hospice and Goodwill. Not only did I feel like I was doing a good thing (Hospice took wonderful care of both of my parents), but I was surprised at how much I could declare on my taxes for charitable deductions, even for such items as old clothing (the amount you can deduct for specific items is available somewhere online and these agencies should probably provide you with tables or links).
tomd37
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Re: Best way to sell deceased parents' "stuff"

Post by tomd37 »

The rules and documentation changes once non-cash donations to charity exceed $500 on Schedule A itemized deductions. Then you need Form 8283 to document certain donations. You don't want to "raise the eyebrows of the IRS" on a tax return with very large donation deductions. It usually takes a good year and a half after the due date of a return to hear from the IRS. My slogan is "Don't mess with the IRS".
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john94549
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Re: Best way to sell deceased parents' "stuff"

Post by john94549 »

Thanks to both. We will probably designate Hospice for donations. As to documentation, the estate firm has CAGI appraisers to provide us with the proper paperwork for the IRS, if needed, as to non-cash items. I was interested to see if any folks had thoughts on the commission range to expect, or the procedures.
Saving$
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Re: Best way to sell deceased parents' "stuff"

Post by Saving$ »

I interviewed several estate companies and encountered various commission ranges.

1. Some had a minimum lump sum dollar amount - ie they got 100% of the first $1k, then 30% of everything over that.

2. The firm I went with had a sliding scale. 15% commission for items sold for over $1k, 30% for $100 to $999, and 33% for items under $100. No minimum. Only one item sold for over $1k.
john94549
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Re: Best way to sell deceased parents' "stuff"

Post by john94549 »

Saving$ wrote:I interviewed several estate companies and encountered various commission ranges.

1. Some had a minimum lump sum dollar amount - ie they got 100% of the first $1k, then 30% of everything over that.

2. The firm I went with had a sliding scale. 15% commission for items sold for over $1k, 30% for $100 to $999, and 33% for items under $100. No minimum. Only one item sold for over $1k.
Thank you kindly. Had not thought of a "sliding scale." And, of course, it depends on your definition of "item". Is a bedroom set (four-poster bed, with matching dresser and desk) one "item" or three? Things to discuss/negotiate with the estate company. Or companies, if you get my drift. As I'm in no rush.
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