From Clutter to Cash, Part 3

June 13, 2011 | Julie Hall

Here are the final 4 options for turning the clutter stored in your home and garage into cash. Please pay special attention to Option #7 before you get rid of anything that might have value.

6. Do-It-Yourself – You can try Ebay, Craigslist, local advertising in your newspaper. These are time-consuming and often frustrating if you don’t know the proper way to describe the items, people never show up at the appointed times, money can be wasted in fees (especially Ebay’s, which are not cheap, but at times are worth it). For antiques, collectibles, jewelry, vehicles, larger collections: If you are determined to save the percentage you would ordinarily pay a professional, that’s ok. But keep in mind that professionals have the knowledge and skills to sell these items for the highest amount they can. If you are paying them a commission, they want it to sell for as much as possible too.

7. BEFORE you sell or give away anything you perceive has value, make sure a professional appraiser takes a look at it. A professional who is paid for an opinion of value and not one that will offer to buy it, which to many is a conflict of interest, but you be the best judge. I have uncovered items worth tens of thousands of dollars that were slated for donation. The fee my client paid me was well worth having me come over, because my experience and skills uncovered what they thought was give-away junk. For example, they were very happy when I discovered in their basement a vase that was sold for $57,500.

8. To sell or donate? – Should it just be donated, or can I try to sell it first? If it doesn’t sell, I’ll pack it up for donation. Whichever you prefer. If it is banged up and in horrible condition, recycle it or throw it away. If you would feel better giving your items to those less fortunate – there are many who are these days – please find a worthwhile charity or organization. By all means, give, give, give. You will receive a donation receipt you can use for this year’s taxes.

9. Scrap it – If it’s metal and you don’t want it, or it’s broken or bent, don’t throw it away; scrap it! Find out the location of your local scrap yard and haul it there to get cash. It is not unusual for a truck load to be $100-$150 depending on the type of metals you have. They are looking for insulated copper wire, copper tubing, auto radiators, air conditioning coils, brass, aluminum, bronze, cast iron, stainless steel, and other high temperature alloys.

Please leave a comment at the end of this article and let me know how this has helped you. What have you cleared out and how did you turn it into cash?

©The Estate Lady, 2011

One Chip Can Ruin Everything

May 2, 2011 | Julie Hall

In my world of personal property, one little chip on a porcelain piece can mean the difference between going into the trash and selling it for far less than it should have sold, had it been perfect. As an appraiser of fine items, I know that original condition is just one very important characteristic when assigning value.

My entire career has centered around selling items that are in good, original condition — not stripped of original finish, not repaired, not refurbished — just plain, old original condition. It is also that same original condition that attracts the collector toward the mellowness of color that only the passage of time can create on a beautiful antique wood piece — imperfections and all.

Those imperfections “prove” to that collector’s discriminating eye it’s true age, and the history and personality of the piece. Worn leather, distress marks, scars from accidents, etc. are all part of the life our antique possessions have led before they came to us.

The collector knows some of these marks are positive attributes, but the average person is in search of perfection — perfection of body, perfection of mind, perfection for each facet of their lives.

It suddenly occurred to me that we should look at ourselves and each other in the very same manner as that special collector. We are aging, we have earned our stripes, we have gained insight and wisdom through the passage of years. Yet we too have many imperfections: a chip here, a chip there, a few fracture lines. We should strive to do our best to live with our original condition for as long as possible.

While one chip can greatly diminish the value of an antique platter, our own self-worth only grows deeper with our well-earned battle scars from a life well lived.

“I know you paid $2,000 for it, but …”

February 28, 2011 | Julie Hall

If I had a dollar for every time I said this to a client, I would be a wealthy woman. It is a difficult occupation being an estate expert who specializes in personal property. They call it personal for a very good reason. When people go to sell their items, everyone gets very personal about them and feels they might be worth a fortune.

As one who has handled tens of thousands of personal items in my tenure, I can assure you very few pieces actually have truly significant value. I know you paid a considerable amount for that sofa, or candelabra, or sideboard, but in today’s market, that is a thing of the past. It’s a hard pill to swallow, I know.

The truth is, when times are good, people simply pay too much for things. Now, due to economic reasons, everyone is recycling personal property, buying at estate sales and auctions, and really saving a great deal of money not buying retail. When we hear clients lamenting the fact that they paid $4000 for a sofa and today can only get $600 for it, they want to know why!

In a nutshell, the styles have changed, the times have changed, younger women don’t like what the older women like, and we have too much supply of traditional furnishings as our older loved ones leave us. The more supply that comes on the market, the lower the prices will go.

So, hold onto your hat when you go to sell your furniture or traditional items. As hard as it may be to hear, remember … don’t shoot the messenger. I’m just doing my job to prepare you!

Beware of “CASH PAID FOR” Ads

February 7, 2011 | Julie Hall

It feels like the personal property world has gone a little bonkers. We have cable shows that demonstrate how to pick and make money off others who do not know the worth of their items, leaving the client feeling taken advantage of. We have people in the industry who are purchasing from their own estates. We have people who have lost their jobs and created overnight “estate liquidation specialist” companies, even though they have little experience.

Seller, BEWARE and BE CAREFUL. Use your scruples. Research the company through the Better Business Bureau, local colleagues, and professional organizations. Make sure you are dealing with someone who is recommended and is a trained professional.

I have long written and spoken on the importance of knowing what you have before you sell it, and that applies in today’s economy more than ever, when everyone is trying to make a buck off you!

Please don’t misinterpret my words. There are many estate experts out there who are truly outstanding at what they do, and ethical too! Even those who purchase from their estates, many are very fair. But like any other occupation, there are those who are not. The good ones are getting harder to find and are worth their weight in gold.

Everywhere in local papers you see, “Cash paid for antiques, collectibles, military items, etc.” Here’s my questions to you, the seller. How do you know that buyer offering cash isn’t offering you pennies on the dollar? How do you know that item he or she is offering $400 for is worth $20,000? Are you too eager? Are they sending red flags like “I’ll take it off your hands?”

Stick to your guns until you know what you are dealing with first, but you too must be fair. If an item appraises at $500, know you will not get that amount and it is unreasonable to expect that you would. Only the exceptional items are selling well in this market.

The majority of true collectors are pretty reasonable and have a tendency to offer a fair amount for an item. But someone who is in it to turn around and make money off the item(s) will often low-ball (not always, but they will try to increase their profit margin).

It is always worth getting a professional opinion, even if it costs a little bit — consider it a small insurance policy!

Christmas is over … Now what?

December 27, 2010 | Julie Hall

Christmas is over, and you’ve dragged all the wrappings to the trash can. Now what? Maybe you got what you wanted … maybe you got too much.

Things do bring instant gratification, but not long-lasting happiness. So, we keep buying more things to keep feeling good. If your Christmas happiness has been replaced with that let-down feeling, consider the following suggestions.

Too many of us fill our lives with things to ease unresolved pain and issues. As we continue to go out there and buy ourselves the latest electronic gadget, we are still left unfulfilled and discontented. We buy to feel good. We buy because we deserve it. We buy because we are depressed. But in the long run, each item ends up in the hands of family or a professional to sell it.

There are some who believe “He who dies with the most toys wins.” There are others who feel “He who dies with the most toys, dies anyway.” So what should we do?

** Dress the less fortunate by going through your clothing, shoes, etc. Do the same for the food in your pantry.

** Head into your attic and garage and start clutter-busting. So many things we have are not being used — and can be used by someone who needs them. Find those organizations and give them away.

** Start practicing the art of giving, and refrain from unnecessary purchases for at least six months.

** A cluttered house is often reflective of a cluttered life. Do yourself and your family a favor and clear out while you can, and help others in the process. The end result is a long-lasting and satisfied feeling.

Here’s to a healthy and happy New Year for you!

What should I keep when cleaning out Dad’s house?

November 29, 2010 | Julie Hall

Don’t sell, give away, or donate anything until a professional has looked at it. So many Boomers throw away or give away personal possessions worth a fortune, simply because they don’t know the values. Tell everyone “no” until the appraiser has reviewed everything. The cost to pay a personal property appraiser is nothing compared to what you could find, not to mention the peace of mind it will offer you!

Keep the following:

Anything that can provide family history.
Family heirlooms if they are wanted and will be cherished. Don’t force heirlooms on the children if their hearts aren’t in it.
Evaluate all items of perceived monetary value (hire that appraiser).
Some family photographs.
Items that are rare or unusual (some antiques fall into this category) IF someone has room for them and wants them. It’s ok to sell if no one wants them.
Jewelry — have it appraised first.
Items with historic significance — may donate if no family member wants them.
Important documents must be kept together until they are all sorted through by the executor.
Collections: gold, coins, guns, stamps, etc. Always have them evaluated by a professional.
Antiques, artwork, paintings, sculpture — must be evaluated by a professional.
Military items. Not only are these items sought after by collectors but may also be vital to family history.
Safes, safety deposit boxes, and their contents.
Anything you cannot identify.

Don’t take things just to take them. Select a few sentimental items that are small enough for you to use or display in your home. Great family and marital strife can develop if you take too much. Remember, the more you take now, the more your children will have to deal with later.

Places to Find Hidden Treasure

September 20, 2010 | Julie Hall

Many older people have a long-term distrust of banks and often hide their valuables in the strangest places. If your parents are European immigrants, they have an even greater tendency to do this, and if either parent has dementia or Alzheimer’s, they likely have hidden things and forgot about them.

Many seniors hide money and valuables that often go unnoticed in the liquidation of their estates. Here are the most common places where these valuables may exist:

Clothing and shoes — especially breast pockets in a man’s suit coat, under an insert in the sole of a shoe, wrapped in socks or underwear, bra cups.
Drapery hems — a favorite hiding place for small jewelry or coins
Canister sets — rare coins or jewelry in the flour or sugar canister and sometimes in cookie tins
Books — paper money slid between the pages of a book
Ice cube trays — a favorite place for small jewelry or gemstones
Toilet tank — another place for jewelry
Duct tape — money or jewelry wrapped tightly in a wadded ball
Picture frames — between the picture and the mat or backing material
Attic rafters — favorite place for coins, jewelry, and antiques

You’ll need to use some detective skills to be sure that when you liquidate their home and estate, you don’t leave anything valuable behind.

Three More Important Tips for Personal Property

July 5, 2010 | Julie Hall

We’re continuing our discussion of important tips for dealing with personal property in an estate. Here are the final three tips:

3. Just because it is old doesn’t mean it is valuable. This is my personal mantra. Each day, I must face clients and report the truth based on facts. Depression glass may have been the rage 12 years ago, but today the market is pretty flat, much like the beloved Hummel figurines of mother’s day. It’s important to understand the distinction between monetary and sentimental value. If great-grandfather made it in 1865, it is certainly old and very special to us. This, however, does not indicate or equate to significant monetary value. It does hold value in the heart, though.

4. PLEASE hire a professional before you have a yard sale on your own. In my career, I have seen things thrown in the trash, dumpsters, yard sales, etc. that children put there or sold for next to nothing. In actuality, they were worth a small fortune! Knowledge really is power. Parents, consider getting your heirlooms evaluated prior to your passing, so you can leave this information for your heirs. Children, ask questions about the history of these heirlooms while mom and dad can still tell you. Discuss together the possibility of gifting prior to death. At the very least, mom and dad should document who gets what.

5. When using professionals in the industry, check them out first. Make sure they have no unresolved complaints against them with the Better Business Bureau. Ask them for professional references, and ask how long they have been doing this work. Ask your friends, neighbors, and other professionals if they can recommend estate professional appraisers and liquidators. Be very leary of those who “dabble” in estate sales or yard sales; you need a pro. If you think hiring a professional is expensive, you should try hiring an amateur.

Think Before You Throw – How to GO GREEN When Clearing Out an Estate

June 7, 2010 | Julie Hall

Do it for the earth and do it for your pocket!

Donating, recycling, and selling are less expensive than a dumpster and may provide cash for your unwanted items. They may also provide a tax deduction or help out a worthy cause. Use your imagination when deciding where things could go, other than black trash bags! Can someone use your items in some form or fashion? This is the ultimate in recycling.

Remember the following when cleaning out estates:

Have the neighbors in for free household chemicals, garden/yard tools, etc.
Create a donation network by discussing what you have to give.
Keep watch for charity drives in your community. Typically, TV and newspapers will run donation requests during the holiday season.
Web search for places to sell or donate items.
Gazelle.com, venjuvo.com, techforward.com and myboneyard.com all offer varying amounts of compensation for electronics.
Mygreenelectronics.com tells you where to find nearby recycling centers for electronics.
Paper, cardboard, and scrap metal are commodities that are traded. Find a buyer in your local phone book.
Scrap metal and other household metals, photo frames, etc. are wanted by artists. (If you take scrap metal to the right place, you can end up with some $$$ in your wallet.)
Charities are in a funding crisis; paper, books, games and toys help daycares, senior centers and after-school programs. Give them a call; they are happy to give you a wish list.
Alzheimer’s facilities are always looking for clean linens, towels, etc.
Many religious organizations/groups set up homes for refugees, domestic abuse victims, pregnant women, disabled adults, etc. They need many everyday items that you need to dispose.
Inventory the home before buying materials. Garbage bags, boxes, and cleaning supplies are normally already in the house.
Worn sheets and towels, leashes and pet bowls are very much needed by local pet shelters.
Remember, one man’s trash is another man’s treasure!

With my prediction of millions of households being liquidated in the next few decades, the very thought of the amount of trash the U.S. will generate is mind boggling. Do your part to help!

Why You Should Never Keep Things in the Attic

April 12, 2010 | Julie Hall

After cleaning out estates for almost 20 years, my assistant and I have a saying I’d like to share: “People shouldn’t put stuff in attics. They’re young when they put it up there, and when they finally think about cleaning it out, they are too old.” Somewhat comical, it holds a ring of truth as well. I’ve seen so many attics in my lifetime; I can predict with 98% accuracy what’s up there and the position it is placed in!

It’s pretty amazing to consider that the majority of people you know have full attics. What’s even more amazing is that 90% of what is in the attic is no longer usable; it can’t even be donated anymore because it has passed its’ expiration date! Some people store clothing, floral arrangements, cardboard boxes they think they will use again, lawn furniture, electronics that for whatever reason no longer performed well, or they were broken altogether. So I must ask the question, “If they didn’t work then, why were they stored in the attic for 40 years?” Why weren’t they just discarded to begin with? Herein lies one difference between the generations.

The younger Boomers, Generation X and Y, do not want clutter or anything that is considered garbage laying around the house. It simply doesn’t belong there if it can’t be used or enjoyed.

Your attic is a breeding ground for critters: furry, slithery, creepy-crawly, and little un-named things in the dark that gnaw and poop, often at the same time. Clothing get eaten or rot, any kind of plastic will become brittle, dolls’ faces decompose, quilts disintegrate, old trains rust, furs fall apart, cardboard flakes in your hands, and old electronics that were obsolete then are still obsolete.

Let’s not forget the smell!! You know the smell I am referring to — that mildewy, mold-like stench that refuses to dissipate and only irritates your respiratory system from the moment you step into the attic.

I believe the original intent of attics was simply to hold things like luggage and some Christmas decorations. But if the hundreds, maybe thousands of attics I have stepped into are any indication, we treat them as another home that simply holds things we are too tired to deal with. So we keep stuffing it up there, where no one goes to look. You know the old saying: “Out of sight, out of mind.” That might be so … until you pass away and your loved ones need to empty it in the midst of grieving.

Use the Estate Lady’s rule of thumb: If you haven’t used it, haven’t seen it, or had no need for it in 6 – 12 months, let go of it! It will only be a burden to someone else one day!