selling guns of deceased family member

[mbh66]

I am new so please have patience with me. My uncle passed away about 2 months ago and he has an extensive gun collection including 15 pistols and 6 rifles, most of which would be considered collectables. My mother is the sole benificiary of his estate and I am trying to help her to get rid of the guns as we would prefer not to have them in our home now that he has passed. My question is how do we go about doing this? How do we find someone who can be trusted to get us the best deal on them and would it be better to sell them as a lot or individually? I have friends at work who have given me some help but would like to have several opinions before proceeding. Thank you in advance for any help that anyone can give me.

[thebearpack]

The first place to start is online research: look at sites like Gunbroker to see what similar examples in similar condition have actually sold for (as opposed to asking price). Then once you have a good idea of fair market value, take some good pictures and list them for sale - individually - on a site such as this one with accurate and honest descriptions. You'll either get your asking price or at least offers. When you find a buyer you can meet at any local FFL, exchange money and have the dealer complete the transfer so that you have a record that the firearm was transferred to another person.

Whatever you do, don't take the first offer from a dealer for the collection as a whole. That's the surest way to lose money as the dealer will have to think about resale and will therefore only offer you a fraction of each item's value. Good luck.

[GunLawyer001]

You have to jump through all the hoops. Sometimes people just skip the formal probate process, they just assume that the widow gets everything so they don't go to the register of wills and start an estate, or have someone appointed Executor or Administrator.

If someone is going to dispose of the guns, then that person should have a formal status, and be appointed Executor(if there's a Will) or Administrator (if there's no Will).

Then, you have to do some research and determine rough RETAIL prices and WHOLESALE prices. You can't sell a gun to a dealer and have him pay you what he's going to sell it for. You might get half that.

As discussed in other threads here, auctions are good for ending arguments later, when nosy friends or relatives step in and accuse you of cheating the widow. They may see a $1,000 asking price on Gunbroker and demand to know why you sold it for $400. "Asking" prices mean nothing, even "selling" prices mean little if one person paid too much. A bunch of selling prices will give you some idea of the real market value, if they are for identical guns, same features and accessories and condition.

You can sell privately and skip the auction fees, but that's a lot of work, and you will have to go through a gun dealer to complete the sales. You have 2 main options for auctions: a reputable auction house, or an online service like Gunbroker. Interstate sales via Gunbroker require that you ship to a dealer in the buyer's state, and it's often easier to get your local dealer to do the shipping (there are laws and policies that affect shipments of guns.)

[knight0334]

First step would be to list the guns here and the best photos you can provide.

Some of us are very willing to help research the value of the guns, any maybe make honest offers to buy them. I am willing to help anyone in my time away from work and family requirements.

If you list them, do not provide full serial numbers. Only provide partials with *'s for the last 2 or 3 digits.

[PisnNapalm]

You have to jump through all the hoops. Sometimes people just skip the formal probate process, they just assume that the widow gets everything so they don't go to the register of wills and start an estate, or have someone appointed Executor or Administrator.

If someone is going to dispose of the guns, then that person should have a formal status, and be appointed Executor(if there's a Will) or Administrator (if there's no Will).

Then, you have to do some research and determine rough RETAIL prices and WHOLESALE prices. You can't sell a gun to a dealer and have him pay you what he's going to sell it for. You might get half that.

As discussed in other threads here, auctions are good for ending arguments later, when nosy friends or relatives step in and accuse you of cheating the widow. They may see a $1,000 asking price on Gunbroker and demand to know why you sold it for $400. "Asking" prices mean nothing, even "selling" prices mean little if one person paid too much. A bunch of selling prices will give you some idea of the real market value, if they are for identical guns, same features and accessories and condition.

You can sell privately and skip the auction fees, but that's a lot of work, and you will have to go through a gun dealer to complete the sales. You have 2 main options for auctions: a reputable auction house, or an online service like Gunbroker. Interstate sales via Gunbroker require that you ship to a dealer in the buyer's state, and it's often easier to get your local dealer to do the shipping (there are laws and policies that affect shipments of guns.)

Listen to GunLawyer001....

[mbh66]

We have done some research and one issue we have is the guns are collector's items sold by the American Historical Foundation which no longer exists. We only have paperwork saying how much my uncle paid for some of the guns. I am the executrix of the will so I will be handling the sale of the guns but we really don't want them to be considered part of his estate in case that will take money away from my mother.

Is there a way to find out how much was paid for the handguns that are registered? Is that part of the paperwork that is filed when buying the handguns? Will the broker he used keep a copy of this paperwork?

Thanks to those who replied and supplied me with information.

[ErSwnn]

We have done some research and one issue we have is the guns are collector's items sold by the American Historical Foundation which no longer exists. We only have paperwork saying how much my uncle paid for some of the guns. I am the executrix of the will so I will be handling the sale of the guns but we really don't want them to be considered part of his estate in case that will take money away from my mother.

Is there a way to find out how much was paid for the handguns that are registered? Is that part of the paperwork that is filed when buying the handguns? Will the broker he used keep a copy of this paperwork?

Thanks to those who replied and supplied me with information.

If by registered you mean logged into a State of Pennsyvania database, there is none. PA doesn't have a firearms registration. Any paperwork held by the seller (AHF) is going to hard to come by. A lawyer can definatively (and should be used) to ascertain your legal ability to sell the guns as the executrix. I seriously doubt that is a problem, but we're not talking about some furniture, it's items that have a lot of regulations on sales.

Once you feel clear to sell, you have several options for values. A book store can sell you a price guide, Gunbroker.com can give you ballpark values, and a decent shop can tell you what they will pay. Just don't go figuring because something close to what you have is going for $2000 that your's is the same. Collecting has nuiances and little things mean a lot. For maximized profit, selling slowly a peice at a time as an acceptable offer comes is the method. Next will be auction houses, they sell most, if not all in one or two auctions. But you are shooting craps with that method. Buyers might be lined up out the door or just a couple of guys are bidding. A third option is a shop. Sell them all at once but for a lowball price, the shop is a business and has to resell.

And don't overlook listing them here in the classifieds. You have an audience of about 30,000 members always on the hunt for rare guns or decent deals.

[GunLawyer001]

. . . . I am the executrix of the will so I will be handling the sale of the guns but we really don't want them to be considered part of his estate in case that will take money away from my mother.
. . . . .

That would be considered "tax fraud". As Executrix, you would be personally liable for the crime.