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Advice Requested - Selling Collection.

Started by jop,

51 posts in this topic

jop

jop

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[font:Comic Sans MS]Due to health reasons :sick: going downhill and the purchase of our 1st home :cloud9: I have decided to sell my funny books :cry: that I have collected in the last few years WOW have i only been here 3 1/2 years.... as medical bills and such are mounting. :pullhair:

 

I have talked to a couple people and have an offer basically on the table from a local guy for 25k receiving a business check. Yes I know I am losing money My slabs using GPA 90 day average go between 30 and 35k plus 25-30 boxes of raws which change value depending on who's in a movie .

 

All that time I spent getting that run of Hulk and all other books Sharon for such great GA books, Peter for such a beautiful Tec 44 Colin for the truly beautiful OO Hulk 180,181,182 boatfund for reminding me our govt is always watching, jhutton2 for turning me back onto DC horror, storypapers for a dime novel and a great book on them also, jimjum12 for my Preacher, Barth for getting me into the BA 12, nearmint for my 1st Pedigreed Book, Valiant for foreign variants, Hector for many buys Rupp for the same, edowens71 for my 1st big buy, Swick, Andy for great advice and everyone else I have made buys from talked to or got advice from... If not listed you are not left out just not near my thought process this late at night no slight of honor intended...

 

My question is the deal is being brokered and I have mutual friends with the broker but don't know the buyer.

 

If I accept being a business check is there any way I could get screwed on this? Would a cashiers check be safer?

 

Also since I can't purchase life insurance would you recommend an investment with the sum or a top grade major key that wouldnt go down in value for my son? [/font]

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thehumantorch

thehumantorch

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Sorry to hear you're thinking about selling your collection.

 

You mention an offer of $25k for a collection that probably is worth $40k plus and at the end of your post you mention buying a big key with the proceeds. Perhaps I'm missing something here but rather than accepting roughly 50 cents on the dollar and then buying a key wouldn't you be better off to keep your best books as an investment- say 1 short box that's easy to store - and sell off the rest?

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CKB

CKB

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It's just like personal check. I'd get cash or wait for the check to clear before handing over the goods. Even with a cashier's check, the buyer could put a stop payment on it.

 

I agree. The only check you should think about taking is a bank check.

 

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thirdgreenham

thirdgreenham

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Sorry to hear about your situation. :foryou:

 

If your books are "worth" 30-35, then 25 is decent enough, I'd say.

 

The business check is like a personal check. Accept it and wait for it to clear before delivering any books. Either that or have the buyer certify it. Then the funds are set aside on the buyer's end and guaranteed for you.

 

Good luck going forward, my friend.

 

Andy

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jop

jop

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Sorry to hear you're thinking about selling your collection.

 

You mention an offer of $25k for a collection that probably is worth $40k plus and at the end of your post you mention buying a big key with the proceeds. Perhaps I'm missing something here but rather than accepting roughly 50 cents on the dollar and then buying a key wouldn't you be better off to keep your best books as an investment- say 1 short box that's easy to store - and sell off the rest?

 

not thinking but having to do so I only have a handfull of high dollar books an

OO Hulk 9.4 180, 9.4 181, 9.6 182 Tec 44 8.0 BA 12 9.6 GL 1 3.5, DD1 2.5, FF 48 6.0 bunch of couple hundred dollar books the slabs are around 201 total

 

A lot of the rest are varied but I just dont have the energy to deal with selling them individually hence the reason I am willing to accept losing money I was never in it for profit or flipping when I sold it was to buy more books I bought all this starting with 0 books when I arrived here if I am lucky enough to move into my home and see my son start school next year then there is hope but the reasoning is for my son would buying a mega key like a AF 15 be worthwhile for him as an investment in his future......does that make sense?

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DarthBane

DarthBane

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Congrats on the home and best wishes with respect to your health.

 

Definitely get bank certified check. Is it too late to consider selling the more liquid/key slabs here on the boards to maximumize $$$ potential?

 

Sometimes when you crunch GPA, you have to factor in turn around times/pool of prospective buyers in a short time frame, etc. How much of a discount that is worth will vary among sellers. (Which you have obviously calculated)

 

Regarding the life insurance; most all states have a major carrier (Mutual of Omaha comes to mind [not in NY]) who will write you up to a $100K term policy without any medical exam requirement. The questionnaire is very brief but not sure how probing it is.

 

http://www.mutualofomaha.com/life-insurance/

https://www.mutualofomaha-lifeinsurance.com

 

If you need some help selling off particular slabs, shoot me a PM. I would help you out at no cost. Sending you good mojo and thoughts of wellness :foryou:

 

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Aman619

Aman619

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25K certified check is a pretty good deal to sell them all at once. Yes they may add up to 35k retail, but you would never collect full retail. There would always be discounts and expenses in selling them for "top dollar"

 

Sure, it feels like you are taking a big hit on your value, but as they always said, it's easier to amass a collection at retail than to sell it...

 

Only take cash or a certified bank check. Tell the buyer he's getting a good deal and he should pay you as you want and be done with it. If he hems and haws, don't do the deal.

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MK Ultra

MK Ultra

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I believe, but am not certain, that the Uniform Commercial Code (UCC) allows a check to be returned for several months. You could ask your bank, but they probably give you 30 days or so after you get the statement so that could, based on timing, be two months.

 

Get cash. You'll probably find several people on here that would give cash, if your inbox isn't already filled.

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boatfund

boatfund

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[font:Comic Sans MS]

 

Also since I can't purchase life insurance would you recommend an investment with the sum or a top grade major key that wouldnt go down in value for my son? [/font]

 

Sorry doesn't adequately convey my thoughts on your situation, it's a difficult situation each one of us hopes we are never in.

 

About investments for your son, is your thought having something of value that you also liked (comics) or purely investment. Also, are you thinking immediate funds for your son or a longer term investment.

 

If investment for a longer term (and all have risks) a lot of financial people (I am not one) would recommend a low fee S&P Index Mutual Fund. Your banker may be able to help you.

 

If to leave an investment that you also liked, I don't think a major key would go down in value in the short term. It's something that you could see everyday knowing it's there for your son; while a mutual fund is just an investment.

 

if your family is not comic knowledgeable you should tell your wife the best way to sell the major key (Heritage, comiclink, etc...) if you purchase one.

 

Best of luck to you and praying for many good days for you.

 

 

 

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jop

jop

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[font:Comic Sans MS]

 

 

 

Junk,

 

Never thought about someone actually bringing that kind of cash but yet I have sold used cars for not quite that much and it has always been a cash transaction I will inquire about it for sure and thanks again.

 

Andy,

 

Thanks for the good wishes and yeah Im not really complaining about the number of course wishing it could be more but realize it is what it is.the 30-35 is just my slbbed books going off of 90 day gpa data. In a way its buy the slabs get the raws for free sort of.

 

Darth,

 

Thanks for the good wishes and being realistic piecemealing it out could net a slightly better return maybe but the 30-35 as I said is the 90 day gpa on my slabs and there are most of the value in maybe 10-12 books there in the 500+ but then I would be left with the raws and while some are upwards of 100 bucks some are in the buck bin. Most of what I have bought have been off the boards, Heritage, CLink, Metropolis with some random Ebay and Facebook thrown in but my Raws are in haphazard collecting I would pick something then shift to something else.

 

I did go through the site you linked to as most times when I called the agent they had to call underwriting with my issues and their own online application was no different I had to answer some yes questions about my health now they would take my money but not sure if they would actually issue a policy once all was said and done. I have plans to actually call and talk to an agent typically when checking prior if they would write me they wanted huge monthly amounts that didnt make financial sense and they wouldnt pay if something happened in less than 2 years.

 

 

aman619,

 

Thanks for the advice I appreciate it and will keep it in mind going forward

 

 

BronzedJbone,

 

I dont like the sound of that it does seem like cash would be the way to go.

 

boatfund,

 

Something that would be worth something to him someday down the road and something that could be used as a rememberence of me not just a vanilla piece of paper.[/font]

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mattn792

mattn792

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Jop - If you haven't done so already, I'd suggest looking into starting up a Roth IRA for your son if you're going to put some money in the market for him. He won't be able to access it until he's near retirement age, but it will also grow throughout his life and be tax free at withdrawal time.

 

I've set my own up with a mix of bond, stock, and real estate investment trust Exchange Traded Funds.

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skypinkblu

skypinkblu

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John, I'm so sorry you are still not feeling well and I sincerely hope you have a turn around. As for buying a comic for your son, no matter how "blue chip" it's risky, have you considered something like this? http://www.pa529.com/plan/guaranteed-savings-plan/

 

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