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Purchasing a collection
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<blockquote data-quote="Glocktogo" data-source="post: 1021224" data-attributes="member: 1132"><p>If you intend to resell them, you would need an FFL or enlist an FFL licensee to transfer the guns to. I would at least get an itemized bill of sale with serial numbers, even if a bulk cash price is agreed upon for the whole lot.</p><p></p><p>You could just build and excel spreadheet with descriptions, serial numbers and approximate values. Doing a detailed assessment of the collection is first priority. Keep in mind that most dealers will either charge a percentage on consignment sales or buy the lot at a percentage of wholesale value. Bulk wholesale purchases usually carry a discounted sales price, often 50-65% of estimated value. </p><p></p><p>You could set up tables at a gun show with the inheritor writing the bills of sale. That would get a pretty good return on the collection quickly. Finally, an auction can be done and they usually fetch high prices there. But the auction house will take a large percentage of the total, so that isn't necessarily the best way to go for return on the investment.</p><p></p><p>I have my firearms estate set up in a spreadsheet with full retail values and expected percentage of return for quick sales. A friend who is a FFL holder will liquidate my firearms for the family in the event of my death. He gets to pick a pre-determined number of firearms to keep for himself in return for his services.</p><p></p><p>Hope that helps.</p></blockquote><p></p>
[QUOTE="Glocktogo, post: 1021224, member: 1132"] If you intend to resell them, you would need an FFL or enlist an FFL licensee to transfer the guns to. I would at least get an itemized bill of sale with serial numbers, even if a bulk cash price is agreed upon for the whole lot. You could just build and excel spreadheet with descriptions, serial numbers and approximate values. Doing a detailed assessment of the collection is first priority. Keep in mind that most dealers will either charge a percentage on consignment sales or buy the lot at a percentage of wholesale value. Bulk wholesale purchases usually carry a discounted sales price, often 50-65% of estimated value. You could set up tables at a gun show with the inheritor writing the bills of sale. That would get a pretty good return on the collection quickly. Finally, an auction can be done and they usually fetch high prices there. But the auction house will take a large percentage of the total, so that isn't necessarily the best way to go for return on the investment. I have my firearms estate set up in a spreadsheet with full retail values and expected percentage of return for quick sales. A friend who is a FFL holder will liquidate my firearms for the family in the event of my death. He gets to pick a pre-determined number of firearms to keep for himself in return for his services. Hope that helps. [/QUOTE]
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