He Who Hesitates Is Lost

September 17, 2012 | Julie Hall

There’s no doubt about it! The market is crazy, and in my opinion, predictable due to the economy. While mainstream media has us believing everything is getting better, some of us have an intuition that may not be the case.

Professionals in the field of personal property will tell you that the market is soft. Prospective buyers are buying, but at lower prices than most people want to accept or believe, and the pattern of what they are buying and for how much is shifting.

You don’t have to be a rocket scientist to understand the trends and feel what’s going on. Many families are making serious mistakes when it comes to handling an estate and its contents. Here are some examples of what I am seeing:

1. Many cannot bear to deal with the estate from an emotional perspective, or experiencing sibling challenges, or the executor is not doing their proper job. As a result, the estate “sits.” As I mentioned in an earlier blog, that home becomes a sitting duck and a welcome for thieves. Another downside is that the home itself decays. A home is a living, breathing thing and when no one lives in it, it begins to deteriorate very rapidly and invites unwanted guests such as critters, plumbing problems, electrical issues, flooding, etc. Next thing you know, the value of the home (and its contents) have also deteriorated. I see this every day.

2. Missed opportunity. Okay, so the market isn’t so great. But it might be better now than in the future. Since we don’t have a crystal ball, there is no way to know what the future holds, but it isn’t looking like “top dollar” is right around the corner. Some families are storing items, and in the long run, get tired of doing so and decide to sell at the wrong time! They are just tired of dealing with it and who can blame them for that?

It’s important to note that many people feel if you hold onto it long enough, the value will increase. They may think traditional dark furniture values will go back up, or depression glass will once again be en vogue. It could happen, but I wouldn’t hold my breath – at least for quite some time.

My advice? Hold on to precious metals and extremely rare items that are authenticated by professionals. Let the rest go and lighten up your life.

3. Do not adore family lore. Most of it is pieces of the truth that have been exaggerated through the years, though the stories are fascinating! Family lore has us believing many of these pieces are worth a fortune, and more often than not, this is not the reality of the situation.

What to do? Holding on to stuff is eventually going to be like holding on to a cactus … very uncomfortable. It has a tendency to squeeze us into discomfort, cause family or marital strife, financial strife, family squabbles, etc. The solution is easier than you think … just let go! Your loved one’s memory is in your heart and mind, not in the things that weigh you down in life. Your loved one would never want that for you.

Beware of Snowballing Family Lore

May 7, 2012 | Julie Hall

I would be a rich woman if I had a dollar for every time I heard a family member tell the story of an heirloom in which the story gets bigger and better with every telling. It’s like the old parable, “The fish that got away was THIS big …” and every time the story is told, the fish miraculously gets bigger.

So too is the challenge we professionals have with discussing and valuating family heirlooms. I visit clients in their homes and enjoy each of them and listening to their stories. However, I know what the values really are, regardless of the verbal family stories. The hard part for me, and for the client, is providing proof that the following really took place: “Did you know Abraham Lincoln sat in that chair?” “This belt buckle belonged to Robert E. Lee.” “Our grandmother told us Teddy Roosevelt took a picture with daddy, but we don’t know where that picture went.” We know what these items are worth on a monetary level, but you can’t place a value on sentimentality. Sentimentality is priceless and in the mind of the beholder.

Could some of these family stories actually be true? Perhaps they are, but without provenance, or history of the piece (proof of some kind, like a photo of Abraham Lincoln really sitting in that chair), it leaves a question mark and is difficult to valuate. Without proof, we can only appraise what we see based on its’ characteristics.

I look back into my experiences with all kinds of families and wonder why most people seem to exaggerate about old possessions. Here’s what I came up with:

It’s their version of the truth as they see it.
For attention. (I have something special.)
To accentuate the positive.
To make the mundane more exciting.

Maybe Abraham Lincoln did sit in that chair. Or maybe he sat in one just like it and that’s how the story got convoluted. Someone heard what they wanted to hear, and generations of tongues did the rest.

I don’t want you to be disappointed when you go to sell these items and the prices brought don’t match the stories behind the piece. If your items mean that much to you, hold on to them and do your best to research the history of that piece for generations to come.

When Your Loved One Dies

January 9, 2012 | Julie Hall

A parent or grandparent has just passed away, and you are responsible for their estate liquidation. What do you do? Here are the most important practical steps to take, as you begin this process.

Change the locks on the estate immediately to prevent unscrupulous heirs from entering. While this will ruffle some feathers, it is absolutely the right thing to do to protect the assets from disappearing — and they will.
Secure the valuables, jewelry, money, sterling, artwork, etc. in a safe deposit box (if the executor has a safe at home) or other secure location with the understanding that the storage is just temporary. Never leave valuables in a vacant home as it will become a target. Also, this is not an excuse for heirs to “help themselves.” The executor will need to take charge and remain firm.
Look for a cash stash. Many people, particularly seniors, tend to hide money in places you would never think to look. If memory impairment was evident, leave no stone unturned because valuable items can surface in the strangest places. But remember too, a loved one with dementia will also give things away.
Search for important papers: will/trust, tax documents, papers for house/car, deeds, any inventory or appraisals, anything with family history documented, life insurance documents, etc.
Hire a professional certified personal property appraiser who is well-respected in the community to review the contents of the estate and ascertain what has value vs. what doesn’t. The appraiser can also act as a consultant who can advise on the distribution of the contents. They should never offer to buy what they appraise; that’s a conflict of interest.
Knowing ahead of time if there will be contentious moments with heirs and if you suspect trouble, get that appraisal report and divide the estate as equitably as possible, unless the loved one left specific instructions otherwise.
High end personal property should always be sent to an upper-tier auction gallery. Have it professionally valuated to see which auction it should go to. If liquidating the estate and it contains good, usable contents and plenty of small items, antiques and collectibles, hire a professional estate liquidator. (www.ASELonline.com)
Whoever you choose to hire, investigate them first by contacting the BBB, ask and check professional references, and make sure their company is registered in the state. Not every company is as it seems. You want a pro you can trust.

What Currently Has Value?

November 21, 2011 | Julie Hall

Q: What currently has value or is selling fairly well?

A: Reader, thank you for this question, and it is the million dollar question. The answer is “not much” these days, except the following:

Precious metals/fine estate jewelry
Certain scrap metals
Electronics/home furnishings
Mid-century furnishings (1950s and 1960s)
High-end antiques, art, etc.
Used gas-efficient cars

And, believe it or not, utilitarian items such as kitchenware, linens, clothing, etc are selling very well at estate sales.

Keep in mind that even the bottom half of this list is not bringing in what it has in the past. If a collector wants something bad enough, they will dig deep for a special item, but we are not seeing it as much as we used to.

I fully expect prices on second-hand furniture (especially traditional, dark furniture) to continue to drop in price, as will real estate markets, land, larger vehicles, and many luxury items.

We are in for a bumpy ride, friends!

Why can’t I determine value on the internet?

July 25, 2011 | Julie Hall

Q: You make it sound complicated to establish value of my heirlooms. Why can’t I just look at the internet and find the value myself? Surely there’s plenty of stuff for sale on Ebay that I can find a similar item and see what they are asking for that item.

A: The arrival of the 21st century has enabled us to find 90% of what we are searching for on the internet. What a great tool — but with greatness also comes weakness. What a double-edged sword. If used correctly, you can find the answers. If used incorrectly, it can truly mislead you, or cause permanent damage to one’s reputation.

I read numerous articles, newsletters, and blogs; I see so many wanting to research what their possessions are worth.

There are multiple factors involved in assigning a value to a particular item, not limited to the following: marketability, condition, collectability, age, rarity, provenance, materials used, handmade vs. factory made, etc. Age alone is not the only important characteristic, for all that is old is not necessarily valuable. Original condition is a very important factor, as is rarity.

One problem is everyone seems to believe they have something hard-to-find or rare, based on family stories told over years. Families are often disappointed to learn that the old bench great-grandfather made in 1857 is just an old bench and has more sentimental value than monetary value.

People have a tendency to jump onto Ebay, which is not always a good thing. While Ebay is a huge site with a broad variety of items, the market is currently down and often cyclical. There are better times of year than others to sell on Ebay. It’s also important to compare apples with other apples, and not an item that just looks like grandma’s old figurine. You must first have an accurate description of the item, then you can begin your search.

Remember too, the cardinal rule: If you go searching on the internet, make sure you accurately find the price the item sold for, and not just the asking price. Many times people say, “Julie, you only appraised this item for $200 and I see it on the internet for $675. Why is your appraisal so different?” My research in comparables accurately depicts what it sold for. Anyone can ask any price they wish. Go on Ebay and you will see some pretty ridiculous asking prices! But note, the items have not sold for these prices.

It is important to also remember to search multiple search engines, as well as different values: not just Ebay, but online auctions, in-person auctions, estate sales, etc. Find the fairest comparables you can. Keep in mind that professional appraisers have extensive training and knowledge in research, writing, and databases, which the average person does not have. When in doubt, please hire a professional appraiser to offer you the knowledge you need to make good, sound decisions about your personal property.

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.

Who is the Estate Lady?

September 8, 2009 | Julie Hall

The Estate Lady is a fitting name for my company. I am the company — a mixture of compassionate advocate, honest rescuer, detailed organizer, wise advisor, certified expert in personal property worth, and observer of human behavior.

I’ve always treasured older adults! Unfortunately, I’ve witnessed many situations when seniors are blatently taken advantage of, when it comes to both their money and their personal belongings. That’s why I paired my love of appraising personal property with dismantling households and channeling accumulated life treasures into the most appropriate way to benefit their owners.

It doesn’t take seniors or their children long to discover that I know what I am doing. My hallmark is trustworthy counsel and behavior in appraising and handling their personal property. My clients — professionals representing seniors such as attorneys, financial advisors, accountants, and bank trust officers, children of older adults, or seniors themselves — discover that my name and my company have built a reputation of honesty and compassion in providing comprehensive personal property services. My point of difference in this industry is that I do a total turnkey in personal property appraisal and liquidation, wiht a host of certifications that reinforce a strict code of ethics and knowledge in all my dealings.

My work is physically exhausting and sometimes sad or dangerous when liquidating and conducting estate sales. It is detailed and precise in appraisal reporting. But, it is always filled with passion and a sense of purpose in helping older adults. I see the most remarkable human behavior, and often the worst behavior, in my line of work!