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Dealing with the heirs on '32 parts ect. Hi all; Just a recent experience story; An Oregon estate included an amount of '32 parts left over from a Dearborn restoration. A collection of '32 V8 blocks and mechanical bits. The heirs think all this is extremely valuable and have that idea in their minds. However nothing has been inspected for seviceablity, damage, cracks ect. Apparently nothing can be done to logically convince the heirs that the 'pile of iron' is just that.! Also it is all in a tiny isolated rural town in the Oregon wilderness. No local shops or market. Sad situation. Newc
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Re: Dealing with the heirs on '32 parts ect. Mention to them that the good parts were used on the restoration. Explain the situation and leave an offer. When they finally get tired and call the scrap metal man hopefully your offer will be the high bid.
Charlie Stephens |
Re: Dealing with the heirs on '32 parts ect. This seems to be a recurring event these days. In my case, the family called the old guy a hoarder and often expressed embarrassment at the mess around his property. After he died, his collection suddenly turned into an embarrassment of riches for the heirs, or at least they thought so. No buyer ever offered what they were expecting and, when the entire estate was sold, the new owner had it all hauled off as scrap.
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Re: Dealing with the heirs on '32 parts ect. On the other hand, there have been numerous instances where the heirs had no preconceived notions about the value of the "junk" that their benefactor had willed to them and along comes a unscrupulous person and offers scrap prices for valuable parts, a tiny fraction of their fair market value.
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Re: Dealing with the heirs on '32 parts ect. Better an "unscrupulous" enthusiast get them for scrap price than a scrapper.
In either case, it is the heirs responsibility to make even a modest effort at determining the value of the estate. It is their responsibility under the law (at least in Minnesota). If they are so lazy that they wouldn't bother to value, say, a complete set of Ardun heads, they deserve what they get. The same applies if they sell a pile to scrapper for $20 that they could have sold to an enthusiast for $500. In the latter case, depending on the number of heirs involved, they may even be guilty of abandoning their fiduciary duty under the terms of the will. |
Re: Dealing with the heirs on '32 parts ect. What, ethics is a one-way street?
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Re: Dealing with the heirs on '32 parts ect. Well, there is this fabulous auction site called eBay, they obviously know it is all 1932 parts so they could gamble and list them one by one on there and let the true market determine the price.
I wouldn’t be able to sleep at night buying 32 parts at scrap prices, they certainly have way more value than that. 41- and later parts maybe but not 32 parts. |
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Re: Dealing with the heirs on '32 parts ect. Want to bring additional perspective: I believe there is a responsibility on the original owners part to do his/her best to either inform their beneficiaries of what they have, estimated value, how/where best to sell it, etc.. - or better yet, deal with it themselves while they are able!
To leave a bunch of our stuff to folks who know nothing about it - doesn't really make any logical sense. Truth be told, I ponder this very thing with my family. I am the only one who truly loves these cars, the numerous rare/vintage parts I have, etc.. None of them will ever do anything with anything that I have - including running/driving and valuable cars. If I truly want to "leave them something" - I think it is very wise to try to sell, donate, gift (whatever makes you happy) my stuff to those who do care and in hopefully some cases honor the work, time and effort I put into them - and sell the rest. Only I can make those decisions well - while I'm of able mind to do so. To think my heirs/family are going to deal with ANY of my cars/pats well . . . I think that would be naïve and also a bit thoughtless on my part. I and they would be far better off if I sold as much as possible before I croaked or became infirm - and just GAVE them the money. Lastly, I think it is a bit much to expect my heirs (who know little about any of this) to sort through all my crap, under the despair of trying to settle an estate and do justice in organizing, valuing and selling any of it. It is not really fair of me to expect them too - or ignore my situation and kick the can down the estate road. To do so, would invite a complete disaster - not only for them, but for the cars/parts we all cherish. Hopefully I heed my own advice and get my "house in order" before the Big Guy calls me home! LOL |
Re: Dealing with the heirs on '32 parts ect. Tubman,
Please re-read the first sentence in your post #5 for "exactly what I mean". Ethical behavior is not reserved only for sellers. |
Re: Dealing with the heirs on '32 parts ect. One of my dear friends of 41 years who was a MAJOR 32 collector died 5 years ago. I knew his nephew was to inherit all the cars (28 of them) and all the parts (he bought out 3 dealerships in the 60s) After having a good heart to heart talk with him, he told me who he wanted to be the first dealer in to buy parts, he also gave me a "do not sell to this person parts under any circumstances list" because he knew they would be sitting in the rain. His nephew knew he trusted me and I promised him before he passed that I would make sure they didn't sell a 32 distributor for $20 because it looks just like a 33-36 to most people. I knew his prices on parts as I helped run his swap meet stalls for at least 30 years. So I have been keeping my word to my departed friend now as I helped sell many of the cars, and we have been having sales where the parts are stored. There are still many parts left and until that location sells, I will keep having sales for the nephew.
In this way, I feel I am still helping my friend who I think of every day. Over the years I painted 5 cars for him. I feel good about what I am doing because I am keeping my promise and it never feel like this is a burden even though I live 100 miles from where the parts are. I also up to this point anyway, am keeping the parts in the hands of those who can use them instead of the scrap dealer. Think ahead folks, have a plan and it doesn't have to be a nightmare story which unfortunately happens all too often when people with no idea inherit this stuff. |
Re: Dealing with the heirs on '32 parts ect. they see those auto auctions on tv & the pickers & they think every old car regardles of cond is worth a large sums of money that tv crap has ruined the hobby
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Re: Dealing with the heirs on '32 parts ect. Am I supposed to tell a seller that the price he is asking is too little? What is unethical about buying an item that is under-priced. The only exception I can see here is when your dealing with friends.
I don't sell that many parts. But I try to under-price (not a lot but some) so I can sell it - not having to store it forever. A reasonable seller will try to find the value of his merchandise before putting a price on it. This applies to those sellers who overprice as well as under value an item. |
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Re: Dealing with the heirs on '32 parts ect. One of our RG club members at a swap meet about 10 years ago went to a booth that had a working 40 radio. The vendor's kids were working the stall while he was out looking for parts. The radio was supposed to be for sale for $200. The kids heard the father tell a different buyer it was "2" meaning $200. and was understood by the previous shopper. While the kids were there they sold the radio for $2. to our club member who bragged about it. I believe there are ethics involved when someone that doesn't understand the true value of something sells it for a ridiculously low price. Especially when it is a kid who probably caught hell from his dad. I haven't spoken to this person since. Ethics, you either have them or you don't is my belief.
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Re: Dealing with the heirs on '32 parts ect. B&S is right on the money with his guidance.
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My gosh, You have quite literally stated what I have been practicing for the past ten years or so. I figure my wife will have her hands full enough when I pass. And, as such doesn't need the additional burden of sorting, making calls, listing, etc. I have pared my collection down a lot in the past ten years. Nine cars are no longer here as well as a small warehouse of parts - all gone. The money from those sales is mostly invested for our (her) long term future and well, a couple of investment grade sports cars :) Some stuff that I want to look at until I die, I have marked with the date and realistic current market value. Even if these things lose their entire value, we don't care. They bring me enjoyment - future value loss be damned. I have identified nearly all of my parts. Yeah, I figure if I check out soon, at least there's some reasonable order around here. I've been in this hobby for 51 years and have seen many a widow ripped off. That's one reason I've prepared the way I have. The other? I love my wife very much and want her life after me to be as good as possible. All of those cars and parts have bought her some very nice horses and will no doubt buy more. |
Re: Dealing with the heirs on '32 parts ect. I decided to get out of everything but flatheads. Had a nice 62 cad 390 (that was given to me) that I gave to someone. They sold it and it sat outside. ruined. I regret it, should have kept it.
Maybe I picked the wrong guy or whatever. A guy that pasted last yr that we would talk cars. He said never sell a car that is going to be driven local. When it goes to shit you dont have to see it running around town. hahaha. If you don't have a plan it'll go for scrap. Market has a way of sorting it's self out. When the cost of storing it is more then selling. If you have a buyer, sell. Auctions are not always great for the seller, great for the buyer. . |
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