Sometimes referred to as tag sales, estate sales typically occur when there’s a need to liquidate family assets. This can happen after a family member passes or when there’s a need to downsize or raise money for other purposes. If precious metals in solid form will be among the items offered at an estate sale you’ll be a part of, here are four tips to keep in mind, offered by the experienced professionals from First National Bullion. Carlsbad precious metals owners know they can rely on us for exceptional service and unparalleled expertise.
1. Know the Value of Your Bullion
Before you sell any family gold or silver, know the actual current value of anything you’ll be selling. There are several ways you can do this, including:
• Getting a third-party appraisal
• Checking current market value
• Looking for existing documentation listing the value of any bullion being sold
2. Keep Asking Prices Reasonable
While there’s something to be said for what coins, bars, or other forms of bullion mean to you personally, potential buyers may not follow through with a purchase if your asking price is a lot higher than what’s considered a fair price. Another option with pricing for an estate sale is to conduct it as an auction. You’ll be able to start with a fair price for family-owned bullion and give buyers the opportunity to outbid one another. You could then earn more than the actual value of the bullion in a way that encourages buyers rather than dissuading them.
3. Determine How Profits Will Be Used/Divided
With an estate sale, earnings usually go to the estate of the person who owns the property. If the owner of the property is still living, he or she would receive any proceeds. However, if the owner has passed away, there may be family disagreements over who gets what from anything that’s sold. If there’s a possibility this may be the case, determine ahead of time who will benefit from the bullion that’s sold.
Further avoid any issues with what’s earned from the sale of bullion by carefully tracking everything that’s sold. You can do this by:
• Issuing receipts for all bullion purchased
• Recording all purchases in a ledger or sales book
• Creating a spreadsheet that tracks all sales and sharing it with all family members and involved parties
4. Decide What’s for Sale & What’s Not
If you accidentally sell bullion that actually belongs to someone other than the owner of the estate, it may be difficult or impossible to legally get it back from the buyer. There’s also the possibility of unintentionally selling something meant to be kept in the family. Avoid these potential issues by sorting through any bullion that’s part of the estate before the sale. Doing so gives you and other family members a chance to decide what’s going to be sold and what’s not. Make sure any bullion that’s not going to be offered for sale is put away in a safe place so it doesn’t accidentally get sold.
When they need advice on the best ways to buy and sell gold and silver bullion, Carlsbad residents should reach out to the trustworthy professionals at First National Bullion. We can answer all your questions and help you find all the information you need on how to handle your precious metals. Give one of our experienced dealers a call today at 760-253-8072.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.