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Often times, it depends on what the national is planning to do with the chapter. If the chapter will recolonize, the national will likely hold onto the house, but rent it for the time being. If the chapter isn't likely to recolonize, the house is usually sold, and the money is placed into escrow for five years, pending a recolonization. That way, should the chapter actually recolonize, the money for housing is still there.
Our chapter at Syracuse closed awhile ago (1995?), and we still own the house, but have rented it to numerous organizations. As for the "stuff", the furniture stays, but all of the memoribilia is put either into storage or into the archives at HQs.
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