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Discover the Easiest Method to Liquidate Assets in Real Estate

By The HomeGo Team On 2019-08-20

The topic of liquidating assets can become very complicated very quickly. Entire books have been written on the liquidation process. Let’s break it down to the essential elements since time is often an important factor when talking about the liquidation of assets.

An individual may choose to liquidate their possessions to pay off debts, convert assets to cash for spending, or re-allocate funds. You might liquidate a vacation home to pay for your child’s college; you may want to boost your retirement nest egg. Whatever the reason, liquidating your assets can be a legitimate means to an end.

What Does Liquidating Assets Mean?

So, what does “liquidate assets” mean? To “liquidate” something means to sell it, and an “asset” refers to something that has value, such as a car, house, or other property. When your debts begin to outweigh your assets, liquidation or selling off your assets can help you remain financially stable. When your assets are liquidated, they are converted into cash.

There are several reasons you may need to liquidate your assets, particularly your real estate assets. You may need to:

  • Reduce debt
  • Boost emergency savings
  • Resolve a legal judgment
  • Support children with troubled finances

Liquidation under these circumstances can often carry a negative connotation. At the end of the day, liquidating assets can soothe many different financial wounds. And that’s not a bad thing at all.

If I Have to Liquidate My Assets, Do I Have to Sell Everything I Own?

The liquidation of property comes in two general classes: real estate, sometimes referred to as home liquidation, and personal. Both types can be liquidated but assets such as homes and land are highly liquid. While not in a liquid state, real estate property can be used as currency for its sale.

When Should I Liquidate My Assets?

If you are going through bankruptcy, liquidation can be used to pay off your debts. A court-appointed trustee determines what can be sold to pay off your debts. Depending on what you owe on the property you list in the bankruptcy, a trustee may decide to not liquidate anything— or everything. You may be concerned that you will be left with nothing, but not to worry, bankruptcy law does not let that happen.

The Problem with Liquidating Assets

There is, however, a caveat. The process of liquidating assets can be filled with confusion, mind-numbing slowness, and disappointing returns. If you need to liquidate an asset quickly, it could mean settling for a lower price, more stress, and unintended consequences.

For example, cashing out a life insurance policy might backfire if something happens that prohibits you from buying another policy. Then there’s tax consequences and penalties on pre-eligibility withdrawals from a 401(k) plan. Those are just a few of the reasons why any plan to liquidate assets must be carefully considered.

Time is frequently of the essence when it comes to liquidating assets. Many people approach the effort:

Bankruptcy, however, is the situation that most commonly requires liquidation. During the bankruptcy process, a court-appointed trustee determines if anything can be sold to pay the debts owed. They may call for the liquidation of everything on which debt is owed, but they can also require no liquidation at all. Laws are in place to prevent the party who filed bankruptcy from being stripped of all assets.

A Liquidation Process Without the Headaches

Is there anything you can do to liquidate your real estate and other assets without all the trouble? Yes. If you find yourself in a position to liquidate your assets or those of an estate for which you’re the executor, a slow and aggravating process is one of the last things you want to worry about. HomeGo is ready to help you liquidate real estate assets without the headaches.

Using a realtor or broker to liquidate your house can be a long and drawn-out effort that may take months. HomeGo can close the deal on your home in only seven days. We’re cash home buyers who follow three straightforward steps:

  • Provide your address and tell us about the home. We buy homes as-is, so you don’t have to worry about putting more money into the property.
  • Schedule a quick, 10-minute walk-through of your property. We’ll come to you, often the very same day you provide your address.
  • Accept our offer and consider your home sold.

Your real estate assets are liquidated quickly and without stress, without any of your money being spent on closing costs, commissions, or home repairs.

Liquidating property assets doesn’t need to be a long, involved process. You don’t have the time for that. The experts at HomeGo understand. Request your same-day cash offer and get the financial relief you want!

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The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.