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Liquidation sales are similar to store closings, when special companies come into a store to sell the remaining inventory.

They are often longer sale processes, where items are sold over the course of weeks, months, and even years.

Unlike cash or securities, certain illiquid assets, like real estate, often require a period of several months in order to obtain their fair market value in a sale, and will generally sell for a significantly lower price if a sale is forced to occur in a shorter time period.

Liquidation value may be either the result of a forced liquidation or an orderly liquidation.

Here are seven tips to making a liquidation sale work for you."You can't just go into the store thinking everything is going to be a good deal.

Don't just walk in saying, 'Hey, I want a flat-screen TV,' and walk out with it.

But liquidation sales can be some of the worst places to shop for deals, so it's important to know the pitfalls."Liquidation sales can be worse than the regular promotions available at the same stores before they announce the closing of their businesses," says Tony Gao, a marketing professor and retail expert at Northeastern University's business school in Boston.

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Liquidation value is typically lower than fair market value.It liquidates its inventory and other assets by selling them off quickly, often for less money than the company originally paid for the items.A business has several options from which to choose when it liquidates its inventory.The International Council of Shopping Centers predicts 148,000 retail stores will shut in 2009.But why put up with poor service, crowded lines and the "all sales are final" policies typical of liquidation sales if you aren't even getting a good deal?

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