Tuesday, December 20, 2011
Easy Asset Liquidation
To cover yourself legally, you should enlist the help of a lawyer, accountant, or debt counselor who will guide you through each step of the process. Don’t make the mistake of thinking that, if the assets that you’re selling are few, you don’t need a clear and concise plan to implement.
Create a thorough list of your assets with an accurate description of each. Take pictures of each item. And remember to photograph damage on items that are still sellable. Doing these things in the beginning this will save you time, energy, and expense as you navigate your way through the selling process. Be sure to store copies of your notes and photographs in a safe place in case you ever need them for income tax purposes.
Take the time to learn the liquidation value of your assets. For example, in a private sale, a land investor would purchase your land for cash at 5%-25% of its fair market value and not necessarily. If what you’re selling is raw land, a private land investor will be able to assess your raw and waterfront parcels, and offer you a quick cash closing that will bypass the time it takes to wait for potential buyers. Remember that any company that proposes an amount to you for the purpose of purchasing and item should give you a written appraisals before you accept.
If you’d like to conduct a sale where the general public can come and view all of your varying items at once, you’ll have to choose a sufficient venue and a date on which you’d like to hold your sale. Even your front yard is suitable if it can comfortably hold what you’re selling and the weather permits it. Remember that people typically work during weekdays and enjoy most of their shopping time on the weekends.
On the other hand, letting a professional manage your sales can potentially collect for you the maximum profit on each individual item. You might want to use different experts for specialty items; for example, an auto dealer for your automobile, a jeweler for your diamonds and gems, or an auctioneer for your washer and dryer.
With the proper help, implementing this checklist should help you to accomplish your liquidation goal. For further information, contact Lucas Properties, LLC.