What to do/ how would I handle this?

[misteroman]

long story short, bought some silver off of a guy and tells me of a 70yr old lady with upto 700lbs, yes pounds, potentially of silver and has no idea what its worth. He is in law enforcement and found this lady by a death of her Mom as he was on duty when she died and he went there on the call. He did tell her she had alot of money there because of the silver and I guess she replied"yes it's alot of change indeed!" He doesn't really want to be involved other then he is going to ask her if she wants to get rid of it and if she does, this is where I come in.
My question is what do I offer her? 700 lbs is somewhere around $400K give or take. I don't have that kind of liquid cash laying around. What do you offer her? Do you do a 50-50 split? but this other guy wants a piece obviously and he suggested a 3way split. I just don't know but I do know any amount of money I make on earth is not worth my morals or salvation above. Period. If it truly is 700lbs or approx $20,000 in face what should I offer.
This is possibly a once in a lifetime opportunity and oh my the fun I would have just going through it! this would be me----> lol
Derek

[inflationhawk]

I would offer to act as a broker and sell the coins on her behalf. Tell her she gets a certain percentage of the sale and you get the remainder as a fee. They are HER coins after all. Just because she doesn't know enough about them, doesn't mean you shouldn't be fair. You could still make a very nice profit on this deal and sleep at night too. Just be straight with her and I'll bet she'll be more than thrilled when she gets her cut. I wouldn't be surprised if she actually offered to pay you even more after she realizes how much she is getting. She'll probably realize you could have taken her, but didn't and will think the world of you. She might even recommend you to other people.

[Thogey]

20% under spot would be fair.

Huge risk and a lot of money to move.

If you are a broker 15%-25% is what auctions charge.

But the situatuation sounds complicated, with others involved.

Maybe best to buy what you can handle yourself and let the rest go.

[Rodebaugh]

20% under spot would be fair.

buy what you can handle yourself.

sell....and repeat

[Thogey]

I would offer to act as a broker and sell the coins on her behalf. Tell her she gets a certain percentage of the sale and you get the remainder as a fee. They are HER coins after all. Just because she doesn't know enough about them, doesn't mean you shouldn't be fair. You could still make a very nice profit on this deal and sleep at night too. Just be straight with her and I'll bet she'll be more than thrilled when she gets her cut. I wouldn't be surprised if she actually offered to pay you even more after she realizes how much she is getting. She'll probably realize you could have taken her, but didn't and will think the world of you. She might even recommend you to other people.

This is a great post BTW.

Just consider the hassles of being a broker when dealing with people you don't know

[Copper Catcher]

The best thing you can do is educate her to what she has...so she want do something silly and just take it to the bank. I'd print off from coinflation what a dollar, half, quarter, dime etc is worth and show her. Tell her some dates might be worth more. Help her sell it or offer her a fair price for what you can afford.

If she has bullion silver bars I'd be interested at spot like I'm sure 99.99% of the folks on here would be.

[Thogey]

The best thing you can do is educate her to what she has...so she want do something silly and just take it to the bank. I'd print off from coinflation what a dollar, half, quarter, dime etc is worth and show her. Tell her some dates might be worth more. Help her sell it or offer her a fair price for what you can afford.

If she has bullion silver bars I'd be interested at spot like I'm sure 99.99% of the folks on here would be.

One of my old lady clients had a 5 gallon bucket full of silver coin that her husband had horded.

She had me move it from the porch to the living room and asked if the bank would accept the coins.

I did exactly what Copper Catcher wrote. This was when silver was about 4-5X face. I should have paid her 10 X face.

Oh well! lesson learned

[VWBEAMER]

I had something similar, only different. This guys dad had 1100 Franklin half dollars that his dad had hoarded.,( he had already taken all the kennedy's
to the bank because he didn't think they would be worth any thing. no telling how many were 1964 or 40%....rolleyes).

Anyway, he knew they was worth something, but not exactly. I just told him what I could afford to give, but that they was worth slightly more. At the time they was worth a little over 6 bucks, but i told him I would give him 5 bucks each. He agreed. I bought half right away then had to sell some of it right away to get the rest of them.

In the end you should be able to make a profit for helping her, there are a lot of people that would take advantage of her.

Like others have said, 20% under spot is reasonable. If you want to sell some fast, post it here in the classifieds cheap and I'm sure it would be gone fast, I know I would buy a lot at 10% under spot.

[Beau]

.



I did a deal larger than this one for a woman a friend for nothing, about 3/4 million

dollars worth of silver and gold.

The guy I deal with on Large deals payes with cash.

Her Mom and Dad had saved silver all their life 95 years old.

in 5 Gallon buckets, she saved silver, and never spent anything silver either.

Her parents are gone now, and she is 85 years old.

I told her I would help her sell, but after I helped her the price of silver started to

rise, I helped her sell when silver was at 12 times face.

Now she is mad at me and will not speak to me, because she saw what silver is

selling for on Ebay.

I had no way of knowing silver would go up at all.

I lost an old friend that I did not make one cent on.

She will go to her grave mad about the deal she got, which was top money then.

I told her when she sold that it may go up, or may go down, silver was really a hard

call, and I thought it may go down, but as you know it went up quick.

I refuse to help anyone sell if I know them, but I do set up a deal, and tell them

what I think. [which is hard to do].

if I don`t know the people I will buy or help them sell with a 10% profit in

my favor, and if something happens I could care less, but that one deal I have beat

myself up so many times.

it almost made me quit collecting, and I have been collecting since I was 5 years

old, now 60.

I learned not to deal with personal friends.

I have helped on personal deals of friends before then and after, but I let the buyer

pay them, after we negociate a deal and I never get anything, sometimes I get a

THANK YOU sometimes nothing.

GOOD LUCK

Beau


.

[VWBEAMER]

Wow, she sounds really ungrateful.

[shinnosuke]

long story short, bought some silver off of a guy and tells me of a 70yr old lady with upto 700lbs, yes pounds, potentially of silver and has no idea what its worth. He is in law enforcement and found this lady by a death of her Mom as he was on duty when she died and he went there on the call. He did tell her she had alot of money there because of the silver and I guess she replied"yes it's alot of change indeed!" He doesn't really want to be involved other then he is going to ask her if she wants to get rid of it and if she does, this is where I come in.
My question is what do I offer her? 700 lbs is somewhere around $400K give or take. I don't have that kind of liquid cash laying around. What do you offer her? Do you do a 50-50 split? but this other guy wants a piece obviously and he suggested a 3way split. I just don't know but I do know any amount of money I make on earth is not worth my morals or salvation above. Period. If it truly is 700lbs or approx $20,000 in face what should I offer.
This is possibly a once in a lifetime opportunity and oh my the fun I would have just going through it! this would be me----> lol
Derek

Sir, just go look at it. Act professional and tell her you will get back with her right away. Then come tell us what she has. This may the opprotunity we were looking for to work on a project together. If we can buy it at a price that is fair to the lady (that's one reason why I like this group...it seems to be a collection of honest and decent people) and under spot, I am sure many of us will participate. Heck, I'll drive up from TX.

At any rate, go see it so you can tell your grandkids about the one that got away in case you are unable to assist the lady.

[Treetop]

If it were me whatever I did I wouldnt clean here out. It appears much more then likely that PMs will trend up as FRNs trend down. Heck its even possible we have to defund SS or other things that this women lives on? (Ive got no idea, pensions could be in trouble as well) Id even feel better about offering her a lower amount for what I did buys value, and leave her with 5-10 percent of it and recommend she keep it. Of course this is all just my thoughts.

I watched people fill the lobby of a hotel before and line up to sell silver for less then half its value. Who knows if they even bothered to find out what it was worth. Of course this is a different situation then that, since your approaching her to buy, rather then her coming to you wanting to sell it.

That would be an amazing horde to sort. It sounds like she doesnt know much about it, it was probably her husband or brother or dads horde....

[jtlee321]

I think you should go see what there is. Let us know and see if some of us would be interested in purchasing lots. I am sure it could all be moved between all of the members on here. She could make a lot of money we would get some silver for under spot and everyone would be happy. I'm sure if we bought at say 15% under spot we would not have any problems paying for the shipping. Let us know. I know I would be very interested in picking some up.

[Sheikh_yer_Bu'Tay]

700 pounds?! Yeah, man, go see it!! Act as her agent and make a percentage like everyone here is saying. Sell it here in the classifieds at a 10% discount and we can all benefit from this win-win situation!

I will have to sell a few things around here so I can have FRN's available.

[Lemon Thrower]

i think you confused as to what to do because it is so much. the answer is to break it up into small chunks.

buy a hundred or a few hundred face from here, pay her for that, liquidate it, and then move on.

presumably you are doing a lot of work - counting, sorting, boxing, shipping, insuring, etc. you can look up what dealers pay on some public websites. I would double their discount considering you are doing twice as much work.

it you have a table top counting machine and bags you could really provide a service to her. just knowing what she has will probably greatly improve (and extend) her life.

[hejira11]

If she has bullion silver bars I'd be interested at spot like I'm sure 99.99% of the folks on here would be.

Yes, You can PM me with contact info. I can't take it all but would take a slice off your hands at Spot plus shipping.

[hobo finds]

long story short, bought some silver off of a guy and tells me of a 70yr old lady with upto 700lbs, yes pounds, potentially of silver and has no idea what its worth. He is in law enforcement and found this lady by a death of her Mom as he was on duty when she died and he went there on the call. He did tell her she had alot of money there because of the silver and I guess she replied"yes it's alot of change indeed!" He doesn't really want to be involved other then he is going to ask her if she wants to get rid of it and if she does, this is where I come in.
My question is what do I offer her? 700 lbs is somewhere around $400K give or take. I don't have that kind of liquid cash laying around. What do you offer her? Do you do a 50-50 split? but this other guy wants a piece obviously and he suggested a 3way split. I just don't know but I do know any amount of money I make on earth is not worth my morals or salvation above. Period. If it truly is 700lbs or approx $20,000 in face what should I offer.
This is possibly a once in a lifetime opportunity and oh my the fun I would have just going through it! this would be me----> lol
Derek

No way a three way split. Pay him a finders fee and he should be done as you will be doing the work!

[theo]

I'm not sure if anyone else has mentioned this, but I'd be concerned about this lady's security. If the wrong people find out she has nearly a half million in hard assets in her house, well. . .

[IdahoCopper]

I think you should advise her to keep a minimum of 25% of the hoard as security against an uncertain dollar and future.

That would also reassure her that you are looking out for her interests and future welfare, and not just trying to get all you can (not that you are, of course) today.

[TXBullion]

Let us know what comes of this.

[shinnosuke]

I wonder what happened to misteroman. Since starting this thread on Wednesday evening, he hasn't posted here again.

[Treetop]

I wonder what happened to misteroman. Since starting this thread on Wednesday evening, he hasn't posted here again.

he posted a few things for sale yesterday morning.... So he has been around.

[misteroman]

I'm not sure if anyone else has mentioned this, but I'd be concerned about this lady's security. If the wrong people find out she has nearly a half million in hard assets in her house, well. . .

This is the biggest thing so far as to why the sheriff would like to see it taken care of if you will. The first plumber, heating/ac guy or meals on wheels person that sees this and has an ounce of deception in him will be all over this. Whether it is just an outright burglary or best case scenario, he buys it for face. I've PM/ talked to a few people on this on here and guess I forgot to post it up her. I wont know anything for week or two probably. he wants to see her outside rather then just going up and knocking on the door to talk to her. With the warmer weather approaching up here it should be soon If not he said he would just knock.
My main reason for posting this was to try and figure out a price. I know where/when/how to move it but no clue on the price.
I mean if there really is $400,000 there what is fair? I know if for instance there is say 20K face and I offer here $22k for it that is not fair. I also know that offering her $400k isnt fair to me so where is that middle ground? Do I offer to sell it for her and we split it 50-50 and I just give that guy a cut of mine? Do I try and buy $25K at a time which I don't like. Do I come up with $200K and do that? I really don't honestly believe all she has there is silver and that its worth 400K but he says there is ALOT and what he did look through briefly was silver.
On a side note I just heard about an older couple taking books of silver to the bank and just asking for cash!

[barrytrot]

.
---Cut a bunch out. A good read, see above ---

I learned not to deal with personal friends.

I have helped on personal deals of friends before then and after, but I let the buyer

pay them, after we negociate a deal and I never get anything, sometimes I get a

THANK YOU sometimes nothing.

GOOD LUCK

Beau

Actually: You learned this lady was NOT YOUR FRIEND. You should not stop helping out friends. You should just be a bit better at discerning who your friends are.

A friend would never think a friend did them wrong. Because a friend would NEVER do a friend wrong! (Not intentionally.)

[Dumpster Diver]

Are you sure it's not a 700 lb lady with 70 lbs of silver?

That would change the whole dynamic of the deal.