Trying to update Homebrew with brew update I got the following error
error: The following untracked working tree files would be overwrittenby me
Another option is to just use git stash.
The brew update command performs a git pull, so if there are any changed files (or even file attributes, which happened to me when I changed permissions in the directory recursively) you have to somehow fix the conflicts. Using git stash is one way; it takes any changes and puts them aside so you effectively revert to the last updated repo version. The Homebrew 'location' is by default /usr/local and it installs as a git repository. You can look for a .git folder to see for yourself. I'm writing a homebrew uninstall script to be posted on my GitHub profile soon with more info.