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Common Estate Appraisal and Liquidation Terms
Liquidation happens when a company or individual has to sell their assets for cash. If someone is filing for bankruptcy or a commercial location is going out of business, they may need to liquidate their assets to pay off their debt. Liquidation may be necessary to pay taxes or creditors. Those who need to determine the value of their assets will use an estate appraiser. They can often be found online. While appraisers often work in real estate, they can also be used to determine the value of items within an estate. Appraisers must be certified by a professional organization and their duties include finding a comparable, making valuation assessment and documenting their findings. They will determine the value of real estate locations, collectibles, vehicles and jewelry.
Bankruptcy - Bankruptcy is when a person or commercial business is unable to pay the debts that they owe and are seeking protection from their creditors.
Assessment - An assessment is determining the value of a property for tax purposes.
Depreciation - During an appraisal, depreciation is when a property loses value because of deterioration or reduced market value.
Unsecured Debt- Unsecured debt is debt that is not attached to any collateral or property. Most consumer debt is unsecured and can be tracked online.
Valuation - Valuation is the process of making an estimate regarding the market or insurable total value of a property or item. During an appraisal, real estate appraisers will compare one property with a similar property to reinforce the valuation process.
Foreclosure - Foreclosure is when someone defaults on their mortgage payment, and the bank is forced to sell the property. This can occur in both residential homes and commercial properties.
Having an assessment of your property done, should it be for relocation matters or if you're just curious, having a realtor with the proper license and certification will ensure that you are getting a professional valuation. Real estate is constantly changing, but if you play smart, you can often make money in the sale of property. You can contact local advisors that have earned certification to provide their services to determine how much your estate is worth. This can involve any real estate, stock, and property you own. They will normally charge a fee to provide their services, and you can easily shop around to see who you will save money with. Some companies many only work with businesses or commercial assessments due to law and their certification. To find a consulting company that will appraise your assets, you can look online to find local businesses, or ask family and friends if they have hired anybody for a property assessment. When asking about different companies, you can ask how professional they were and if they would work with them again in the future. Some people may not be impressed with their methods, or thought they charged too much for their services. Some consulting companies will be a member of a local board when it comes to real estate. Reality companies will use software to help them come up with a value of your assets. This of course is just a number to go by. You can talk with the realtor and ask how the market is doing in your area to determine if it's the right time to sell.