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 Replies: 20 / Views: 1,634 |
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Valued Member
United States
354 Posts |
Well, I'm gonna have to try and sell my coin collection. My daughter is in a serious bind financially and close to being foreclosed. I'm reluctant to dig into my retirement savings (again) to help her so the coin collection has to go.
I'm in contact with a local coin dealer who seems honest enough. Any advice on how to negotiate the selling price or what to expect. He has some of his collection displayed at a local antique shop.
I've got around $3000 (in today's market) in silver bullion, commemoratives proof sets, silver proof sets.
*** Moved by Staff to a more appropriate forum. ***
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Bedrock of the Community
 United States
94367 Posts |
Sorry to hear of your circumstances. Try to find another dealer to get a competitive bid.
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Pillar of the Community
United States
581 Posts |
As a father, I get it.
I hope you get a fair deal on your holdings.
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Moderator
United States
32709 Posts |
I'm interested to hear what folks say as I was thinking that bullion is best sold outside of your LCS on other venues.
"If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Pillar of the Community
United States
7453 Posts |
Local dealers have overhead and that overhead is factored into the price they are gonna pay you for your stuff. Try to get at least two offers. I understand you dilemma... you do what you have to do; especially for your kids. I'm helping my daughter, too. It can be trying.
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Bedrock of the Community
United States
15757 Posts |
Mike, I'm sorry to hear about this unfortunate situation. You could get a better price than what the LCS offers by selling here on the CCF.
Inordinately fascinated by bits of metal with strange markings and figures
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Moderator
United States
56855 Posts |
mike31093, Sorry to hear this. Is there a local coin club near you? That might be a good choice  John1  ( I'm no pro, it's just my humble opinion )
Searched 6.5 +/- Million Cents Since 1971
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Valued Member
 United States
354 Posts |
Quote:
Hondo: You could get a better price than what the LCS offers by selling here on the CCF Unfortunately, I don't have much time. Foreclosure on her house is in 2 weeks. But if I don't get a reasonable offer, I'll try selling here as long as the moderator allows me.
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Pillar of the Community
United States
4077 Posts |
You can also get a better price from a LCS if you catalog everything in advance and show up organized - here's what I've got, here's what I think it might be worth (at retail). That's far better than showing up with a box and expecting them to go through it and value it. Of course they are a dealer and are going want to make something on any resale, so you have to factor that in.
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Moderator
United States
157714 Posts |
Sorry to hear this.  |
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Pillar of the Community
United States
1757 Posts |
If foreclosure is likely anyway in a few months, might be better to let it happen and get it over with. They don't evict right away, takes two or three months in my state. She can rebuild her credit over time. Most of us fathers want to help our kids. But many of us cannot afford to keep making house payments for them.
My daughter had a jerk of a husband, he had an affair, stopped making the house payments, moved out. My daughter could not afford to keep the house. I helped her find a small apartment, helped with rent for a few months. The market had dropped. The house wasn't worth the mortgage amount. House was foreclosed, they divorced.
Edited by livingwater
11/14/2024 11:39 am
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Moderator
United States
157714 Posts |
Good advice. I hope you are not just trying to delay the inevitable. A coworker was in the spot a while back. Sold their house and took the equity they had to pay off other debt. With housing prices as high as they are now, I would hate to lose out on any potential profit.  |
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Pillar of the Community
United States
1757 Posts |
Yes if there is equity in the house, would be much better to sell than foreclose.
Edited by livingwater
11/14/2024 12:05 pm
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Pillar of the Community
 Canada
1484 Posts |
@mike31093 - Sorry to hear of your daughter's problems. The silver bullion shouldn't be hard to convert at a decent price.
Edited by Sharks
11/14/2024 4:05 pm
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Valued Member
United States
354 Posts |
This reply is mostly for my own therapy. But I appreciate everyone's thoughtful comments.
Foreclosure has two downsides. 1. when the house goes up for auction, any difference between the mortgage balance and selling price can be levied against my daughter. So not only has she lost the house but still has a debt maybe in the 10's of thousands. 2. Any equity she may have in the house goes up in smoke. Another slap in the face.
So my next advice to her will be: if you can't find good, stable employment soon, start the selling process NOW. This will have to be the last time I can pay her bills. I'm only buying her a little extra time to find the correct solution to her dilemma.
Without a good job she likely will have to move back in with me and the wife. Even that poses problems such as storing her stuff and moving our stuff out somewhere. Not to mention she has a dog and my dog is anti-social. He doesn't even like my wife being near me!
So much for enjoying retirement...
Relearning guitar after 50+ year hiatus. Check me out. https://m.youtube.com/channel/UCwcJ...aA3hA/videos |
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Valued Member
United States
354 Posts |
Quote:
KenKat: catalog everything and show up organized good advice. I use excel to catalog the collection. It includes retail pricing (from the Guide or here or just the web), coin weight in grams with a computation based on current spot pricing. Selecting which columns to print still results in 28 pages. But it may be worthwhile anyway to print.
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Replies: 20 / Views: 1,634 |
Posted 11/13/2024 8:16 pm
