1. Please take 30 seconds to register your free account to remove most ads, post topics, make friends, earn reward points at our store, and more!  
     
    TalkBass.com has been uniting the low end since 1998.  Join us! :)

Tool Appraisal?

Discussion in 'Off Topic [BG]' started by 48thStreetCustom, Sep 7, 2016.


Tags:
  1. My dad had a workshop in his basement. Bandsaw, drill press, big old heavy work bench, giant vices, countless hand and power tools. Right now, it's a mess and i don't even know what a lot of the stuff is. How do we go about putting a value on all that for the estate?
     
    Last edited: Sep 7, 2016
  2. fingerguy

    fingerguy

    Aug 2, 2016
    CT
    Google the tool and see what people are selling it used. Me personally, I grabbed a lot of my father stuff when he retired and sold them at a tag sale. I made a killing and sold all the tools in 2hrs.
     
    MJ5150 likes this.
  3. He spent 80 years collecting tools. I'd be googling til the cows come home.
     
  4. fingerguy

    fingerguy

    Aug 2, 2016
    CT
    Well...what do you expect from us? Just magically have the right answer? If you want to know what something is worth you have to do the work to find out.
     
    Old Garage-Bander and MJ5150 like this.
  5. bholder

    bholder Affable Sociopath Supporting Member

    Sep 2, 2001
    central NY state
    Received a gift from Sire* (see sig)
    Hire a professional appraiser.
     
    twocargar and 48thStreetCustom like this.
  6. fingerguy

    fingerguy

    Aug 2, 2016
    CT
    There goes his profit.
     
    48thStreetCustom likes this.
  7. bholder

    bholder Affable Sociopath Supporting Member

    Sep 2, 2001
    central NY state
    Received a gift from Sire* (see sig)
    With madness and family discord being the alternatives, it's likely worth it.
     
    PWRL, Gaolee and 48thStreetCustom like this.
  8. blastoff99

    blastoff99

    Dec 17, 2011
    SW WA
    Yeah I think in your situation you need to do everything as professionally as possible, which means hiring an appraiser or maybe even a company to handle the sale. You will not make as much money this way for sure, but do you really want your sister coming at you later with her irrational claims that if you hadn't been intentionally trying to stiff her you'd have got another $17 for that table saw?
     
    48thStreetCustom and shadowtippy like this.
  9. fingerguy

    fingerguy

    Aug 2, 2016
    CT
    Another view point, you didn't buy the stuff so no matter what you get, it's still a profit. I stand behind GOOGLE it and hold a tag sale. Advertising tool for sales really brings in a crowd.
     
    MJ5150 likes this.
  10. blastoff99

    blastoff99

    Dec 17, 2011
    SW WA

    Duuuuuuuuude has a bigger problem than just an estate sale. You're right, on the face of it, but crazy trumps all.
     
    Gaolee and 48thStreetCustom like this.
  11. When my dad passed away, I hired an estate liquidator to sell everything in the house: furniture, dishes, appliances, garden tools, etc. I think he took a 25% commission, which sounds like a lot, but he handled all of it: picked up everything from the house, auctioned it off, and sent a check for the proceeds. I didn't have to do anything. I live in a different state and have a full time job, so it wouldn't have been practical for me to do it myself. You could probably get more money if you sold each individual item on eBay, but that would take a lot more time and effort.
     
    kesslari, Gaolee and 48thStreetCustom like this.
  12. hbarcat

    hbarcat Supporting Member

    Aug 24, 2006
    Rochelle, Illinois
    Forget trying to look up all this stuff up yourself and don't waste money hiring a professional appraiser.

    Search around locally for another shop guy like your dad who is familiar with these tools. Tell him you'll give him a percentage (say 10-15%) of the proceeds if he can put a price on everything.

    Maybe your pop already knew someone that fits the role - and maybe is listed in his contact information.
     
    MJ5150 likes this.
  13. MJ5150

    MJ5150 Terrific Twister

    Apr 12, 2001
    Lacey, WA
    I'm with @hbarcat , sort of.
    I'd scrap looking it all up, and I wouldn't hire anyone.
    If you have the right area for a garage sale, pick some prices and go that route. Maybe you'll lose a little money here and there on some items, but you saved a ton of time trying to discern what's worth what.
    The wife and I are in the midst of a major downsizing effort, and we just had a moving sale. I put out what I felt were reasonable prices on my tools, and every single one sold in a couple hours, 14 or 15 tools total. Heck, I probably left some money on the table, but that's ok.

    -Mike
     
  14. bholder

    bholder Affable Sociopath Supporting Member

    Sep 2, 2001
    central NY state
    Received a gift from Sire* (see sig)
    all depends on what one's criteria are, really, and I can see just getting it over with quickly as being a major advantage, but we don't all have the same priorities. ;)
     
  15. hbarcat

    hbarcat Supporting Member

    Aug 24, 2006
    Rochelle, Illinois
    Why not have an auction?

    I don't know what the break even point is, but if this is a decent shop with lots of quality tools, then I'd expect it would be worth it to cover the auction fees.

    The benefit to you is the buyers will bid prices up to close to their street value and you don't have to spend time and money to determine it for yourself.
     
    PWRL and Bob Lee (QSC) like this.
  16. hbarcat

    hbarcat Supporting Member

    Aug 24, 2006
    Rochelle, Illinois
    This post doesn't help the OP, but I wanted to throw this personal anecdote on the pile for general consideration.

    I own very little, and if I were to die in the near future, my next of kin would only have to sell a couple of used cars and a small pile of miscellaneous stuff that could easily sell at a garage sale.

    EXCEPT FOR . . . the large pIle of music equipment that I've accumulated over the past few decades.

    Three years ago I did my family a favor and catalogued all my music gear and included an estimate of what every item would sell for on the street. I periodically update the list and I currently have at least $15,000 in music equipment. Without this list, my family would be in a real predicament trying to find the value of moat of it and they'd certainly lose many thousands of dollars.
     
    Gaolee likes this.
  17. MJ5150

    MJ5150 Terrific Twister

    Apr 12, 2001
    Lacey, WA
    I agree. I wasn't suggesting my plan was the best idea.

    -Mike
     
  18. Gaolee

    Gaolee It's all about the polyester

    Normally that would be a great idea, especially if there isn't a crazy person who throws around nickles like they are manhole covers. He's not dealing with normal, though. If there's the potential for money left on the table, I'm sure there's going to be repercussions. Crazy sucks. Greedy sucks. Leaving money on the table is part of what a reasonable, sane person does. You are sane and reasonable and so is he, from what I can tell. He's got a crazy second guessing him and making life miserable, unfortunately. In those circumstances, I think turning it all over to some kind of auction house or other professional estate sale person is probably worth the cost. Which means leaving money on the table, because that money goes to the agent. Reason and sanity come up again. Go figure.
     
  19. ^ This.

    We have to get everything appraised. Dot out i's and cross out t's or she'll sue.
     
  20. Michedelic

    Michedelic MId-Century Modern

    They're OK, they need more guitar solos.