What to do/ how would I handle this?

[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. . .

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!

I agree, you have a huge task in front of you. As you have pointed out there are no easy solutions here. My advice is to take it step by step.

1. Get in there ASAP to evaluate her stash. As you do that encourage her keep it out of sight from prying eyes and advise her not to talk about it.

2. Once you her give an estimated value ask her she wants to do with it. Once this lady knows what she has, she may want to keep at least of some it.

3. Lets say she does have a collection worth several hundred thousand dollars and she wants to sell. There are risks to handling such a large transaction informally. If this lady's relatives show up while you are in the middle of selling her stash, things could get ugly fast; resulting in a potential lawsuit (Has anyone read "The Rainmaker" by Grisham?). Although, having the Sheriff on your side would help, you might find yourself in a difficult situation without a written contract to protect you. You may want to consider involving an auction house.

Good luck and keep us informed.

[IdahoCopper]

The hardest part of the job is fairly searching and evaluating the coins for rare dates. That will be a lot of work.

[Delawhere Jack]

20-25% under spot seems fair if it's coins / bars. 25% off would equate to a 33% gross margin if you could resell at spot. That's a pretty low margin, but it is a product that is easy to move, so you could turn it over quickly. Just don't get burned on getting paid for it yourself.

You really could get in her good graces by suggesting that she only sell enough to cover her current funding needs, since you're fairly certain it will only appreciate in (frn) value.

[Tourney64]

My guess is the sheriff won't provide the name of the person without some sort of cut. You will have to negotiate a finders fee for him. This is very unethical of the sheriff. The sheriff wants you to take advantage of the lady and then give him a piece of the action. If you don't get involved, then the sheriff may really take advantage of the the person. Can you check the obituaries and see if you can guess who the person is?

Right now silver is around 25 x face value, but you won't pay that. You can pay 20 times face, less the cost of the sheriff cut. You can negotiate with the person and sell for her what you can't take for a fee. Maybe selll some of it thru RealCent or FeeBay. It might even be too big for you to handle and just let the big guys take it.

Whatever you do, make sure that you can live with decision and things will not come back to bite you in the you know where.

[Pennybug]

Tell ya what you should do....

Tell her you'll sell ALL OF it right now for 15% under spot and will pay her as you sell it. Come on this site and offer it for 7.5% under spot. You keep the other 7.5% as a fee (or keep an X amount in remaining silver as a fee). I'd offer someone that deal and have a clear consious about it.. and would allow others to walk away happy as well.

[misteroman]

few more things to consider.The lady has NO relatives at all. no brothers sisters, aunts, uncles, nieces, nephews,etc. I bet I could find out who she is and contact her but bet the cop could/would get VERY angry and that could make it a very bad situation indeed. I think my best bet is to just go over there when I can an see everything first. There is no possible way it is 70lbs as the cop said he could barely move the one box he tried to lift and there were many of them along with totes on the ground. I have no problem giving the cop a cut and would not even have a problem giving him 5 figures. people deserve to be compensated and he's trusting me over others to get this deal done and somewhat fairly.

[Thogey]

Dude,

You're not going to move 700 lbs of silver on realcent.

I would take this deal slow. Start with 10K and see how it goes, adjust and move forward.

We may assume the cop is a slime bag, because he's a cop. Sounds like he's just trying to get some help from an honest man who knows what to do. If he was a slime bag, you would not know about the silver.

Just deal slow and see what's best for her and take a reasonable cut. I'm sure you know what that is.

[Thogey]

Also,

I would advise who ever has influence over her to secure this stash right away. Hell, we're discussing it on the web. Her cop friend may have told others about it.

Get it to a bank tomorrow.

[zerocd]

Gramma, is that you?

[Pennybug]

Dude,

You're not going to move 700 lbs of silver on realcent.

I disagree with you there for sure! I've already seen threads on here where folks are trading off $1000's in Cu pennies! One thing I've learned about this site is that there is a WIDE range of individuals on here! If the deal is right... you never know what someone else may have in their possession and is willing to do to get a good deal! $400K... I could EASILY see one person going for all of it... or several individuals going for hefty amounts! I mean... if I saw a deal on this site come up for significantly under spot... PARTICULARLY somewhere in the neighborhood of 35% under spot... you have NO IDEA how much even a little fish like me may come up with in cash! And if you're thinking shipping is the hold up... for me... if the price is right... ROAD TRIP!

Also,

I would advise who ever has influence over her to secure this stash right away. Hell, we're discussing it on the web. Her cop friend may have told others about it.

Get it to a bank tomorrow.

ABSOLUTELY!!!!! THIS TO ME IS THE MOST GLARING part of this entire scenario! I can't imagine just having $400K in liquid assets (I mean... it's around 20K FACE!) just laying in my bedroom floor without any real means to protect it/myself and people knowing about it!!!! I kinda doubt this little ol' lady has an AK under her mattress... although I'd check that too! She REALLY needs to get this stuff secured somehow! Tell her to sell off $3K now and get a good safe!

[Treetop]

Gramma, is that you?

[VWBEAMER]

35% underspot I can come up with a lot of cash and time to go get silver!1

Dude,

You're not going to move 700 lbs of silver on realcent.

I disagree with you there for sure! I've already seen threads on here where folks are trading off $1000's in Cu pennies! One thing I've learned about this site is that there is a WIDE range of individuals on here! If the deal is right... you never know what someone else may have in their possession and is willing to do to get a good deal! $400K... I could EASILY see one person going for all of it... or several individuals going for hefty amounts! I mean... if I saw a deal on this site come up for significantly under spot... PARTICULARLY somewhere in the neighborhood of 35% under spot... you have NO IDEA how much even a little fish like me may come up with in cash! And if you're thinking shipping is the hold up... for me... if the price is right... ROAD TRIP!

Also,

I would advise who ever has influence over her to secure this stash right away. Hell, we're discussing it on the web. Her cop friend may have told others about it.

Get it to a bank tomorrow.

ABSOLUTELY!!!!! THIS TO ME IS THE MOST GLARING part of this entire scenario! I can't imagine just having $400K in liquid assets (I mean... it's around 20K FACE!) just laying in my bedroom floor without any real means to protect it/myself and people knowing about it!!!! I kinda doubt this little ol' lady has an AK under her mattress... although I'd check that too! She REALLY needs to get this stuff secured somehow! Tell her to sell off $3K now and get a good safe!

[Treetop]

Im sure apmex or bullion direct or somewhere you could drop 400k in a day..... theres no reason misterroman would need to sell 35 percent under spot....

Of course if he wants to, i would be happy to buy with both hands....

[shinnosuke]

Long, long ago, in a kingdom far, far away, the king was worried about the possibility of the neighboring country attacking his lands. He called all his nobles together and told them to prepare for war. Sure enough, one day the other country attacked. His brave nobles gathered their troops and went to meet the threat. The attack was repulsed, but a few of the men of nobility were captured in the battle. The enemy king decided to torture the nobles to make them tell about their troop strength and fortresses. First, a duke was tortured. Because he was loyal to his good king, he wouldn't talk. So the bad king told his executioner to chop off the duke's head. The duke died bravely. Next, an earl was tortured. Because he was loyal to his good king, he wouldn't talk. So the bad king told his executioner to chop off the earl's head. The earl died bravely. Next, a count was tortured. Because he was loyal to his good king, he wouldn't talk. So the bad king told his executioner to chop off the count's head. The executioner raised his axe high above the neck of the count. Even though he had seen the grim fate of the duke and the earl, the brave count wouldn't talk. The bad king gave the signal and the executioner began his downward swing. Just then, the count yelled, "Wait, I'll tell!" But it was too late. His head fell into a basket. The moral of the story? Don't hatchet your counts before they chicken.

[Mossy]

(groan)

[HPMBTT]

Sigh.

[misteroman]

lol who the heck came up with that??!!??!!

[shinnosuke]

lol who the heck came up with that??!!??!!

Dunno. I heard it the first time when I was in high school about 35 years ago. It's pretty bad.