An estate sale or estate liquidation is a sale to dispose of a substantial portion of the real assets owned by a person who is recently deceased or who must dispose of his or her personal property to facilitate a move.
Reasons for Estate Sale
The most common reason for an estate sale is the death of the property owner, and the consequent need to quickly liquidate the deceased’s belongings for the following reasons:
- The survivors/heirs may have no interest in the bulk of the personal assets left by the deceased
- The survivors/heirs cannot agree to the disposition of tangible property, and thus the Court/Executor has ordered the goods to be sold in an estate sale with all proceeds to be divided amongst the survivors (after payment of the estate’s debts)
- The will of the deceased may have mandated a sale of assets