gregintenn
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Post by gregintenn on Jan 30, 2016 13:35:56 GMT -5
I went to an estate auction this morning near my home. I didn't see much I was interested in except for a pickup truck. I noticed the fella bidding against me was the guy who was selling his deceased father's things. This mildly irritated me, so I left. I don't suppose there was anything technically wrong with this, but it didn't feel right to me. What do you think about it?
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Wisconsin Beth
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Post by Wisconsin Beth on Jan 30, 2016 14:10:50 GMT -5
I'm told that when we were dealing withy grandfather's estate, which coincided with Oma moving into a retirement community, the contract with the estate seller was for everything Oma wasn't taking. If any of the kids, grandkids or great grands wanted anything, we had to come and bid like anyone else. They didn't want the family cherry picking the good stuff and leaving them to host a sale full of junk. This was over 10 years ago.
Anything that didn't sell after it was over was fine for us to take.
So I don't know if the guy was trying to run up the bidding or just wanted the truck.
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Wisconsin Beth
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Post by Wisconsin Beth on Jan 30, 2016 14:14:06 GMT -5
Also, while the housr was being prepped for sale, a lot of stuff was distributed among the family - I bought 3 wooden book shelves from Oma at that time. But once the estate selling people did their walk thru, we couldn't remove anything else.
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jan 30, 2016 14:29:47 GMT -5
Interesting. When I read the original post, I assumed he was trying to run up the price. But, Beth's point makes sense.
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Wisconsin Beth
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Post by Wisconsin Beth on Jan 30, 2016 14:46:59 GMT -5
Yeah, it could go either way, in my opinion.
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Tiny
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Post by Tiny on Jan 30, 2016 15:16:35 GMT -5
Was the family really the beneficiary of the sale or was someone else (ie was every thing being sold to pay off creditors? that's not really what I mean - but I think sometimes the proceeds from a deceased person's "estate" don't always go to their immediate family...)
Without knowing what was going on with the sale - it's hard to tell if the guy was trying to run up the price of the truck (which didn't work very well - since it seems you were the only other bidder, and you were 'out bid' meaning the truck will most likely be sold some other way if it didn't sell at the auction - I'm assuming the guy trying to get more $$ for the vehicle BY paying MORE for it himself is actually going to buy it.) OR if he really wanted the truck and this was the only way to get it.
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Deleted
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Post by Deleted on Jan 30, 2016 15:19:51 GMT -5
Either way it works that you walked away. If the guy was running up the price you don't want to buy it. But I wouldn't want to run up the price if he had to buy his own father's truck back because of some estate rules.
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gregintenn
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Post by gregintenn on Jan 30, 2016 18:38:15 GMT -5
I'm told that when we were dealing withy grandfather's estate, which coincided with Oma moving into a retirement community, the contract with the estate seller was for everything Oma wasn't taking. If any of the kids, grandkids or great grands wanted anything, we had to come and bid like anyone else. They didn't want the family cherry picking the good stuff and leaving them to host a sale full of junk. This was over 10 years ago. Anything that didn't sell after it was over was fine for us to take. So I don't know if the guy was trying to run up the bidding or just wanted the truck. O.k. I understand this, but as far as I know, this guy didn't have any siblings, and should have been the sole heir. Weird things happen however. I imagine he did cherry pick what he wanted. There were a lot of guns there, but only junk. I would be surprised if the old man didn't have some nice ones. Oddly enough, after I stopped bidding, someone else made a final bid and bought the truck.
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sesfw
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Post by sesfw on Jan 31, 2016 15:10:19 GMT -5
But once the estate selling people did their walk thru, we couldn't remove anything else.
This is how it was when we cleaned out my uncle's home for estate auction and sale. We took everything we wanted before contacting the estate people so what they saw is what they got. The guy running the show sorta irritated me because he wanted to unbolt a bench from the back porch and sell separately. I told him no, that it was part of the house sale.
All that was left was household junk ............. and the auctioneer added some of his junk from other places to the pile. I don't remember what his cut was but I'm thinking it was 1/3 of the proceeds.
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Wisconsin Beth
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Post by Wisconsin Beth on Jan 31, 2016 15:19:14 GMT -5
Yeah, I wasn't very involved in the estate sale part. One uncle and his wife did the vast majority of the work.
I was one of the pack horse hauling boxes of stuff to the so that walls could be found for painting, etc. prior to the estate sale. There was a lot of rusty nails and badly mildewed books and magazines.
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Post by Deleted on Jan 31, 2016 15:28:36 GMT -5
gregintenn it totally depends on how the gentleman's will/estate documents were structured. If his will said that all possessions are to be sold and proceeds to go to his son, son is stuck with that and has to bid to get possessions that he would like to keep. He could have also had a minimum price at which he would rather buy the truck than let it go for less. It seems to me that there must have been something in how the will was structured that caused him to bid on the truck. Also if the estate is insolvent, then son gets no say so & creditors can demand that everything be sold at auction regardless of what someone puts in their will. Adult children (non-dependent) don't get interests ahead of creditors unless state law allows for some sort of homestead exclusion (family can take $25K of goods for example).
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bean29
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Post by bean29 on Jan 31, 2016 15:32:25 GMT -5
Two things,
First,
When my Grandma Passed, the family did have to bid against outsiders for anything they wanted. One of my cousins was bidding against my Aunt for something (Maybe a tredle sewing machine)? and decided to drop out and let our Aunt have it. Two of my cousins also bid on the sewing basket which had quilt piecework in it. They took the pieces and had someone make them into patchwork teddybears - they were just adorable. There were some things family members wanted that they ended up paying a pretty penny for b/c someone was bidding against them, and there were things that people let go b/c the price was just too high. There were 7 children and 32+ Grandchildren, so I am not sure why family had to bid against outsiders - Mom just said it was the way the executor (one of Dad's brothers chose to do it, and that the job was very stressful and she refused to question him or second guess him), but with that many people involved it may well have been the most fair method.
second,
Maybe the son was just trying to estabilish a "floor" after having failed to do so? Idk. Since he did let it go to someone else, it almost looks like he just had a bottom price in mind.
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gregintenn
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Post by gregintenn on Jan 31, 2016 17:13:41 GMT -5
Two things,
First,
When my Grandma Passed, the family did have to bid against outsiders for anything they wanted. One of my cousins was bidding against my Aunt for something (Maybe a tredle sewing machine)? and decided to drop out and let our Aunt have it. Two of my cousins also bid on the sewing basket which had quilt piecework in it. They took the pieces and had someone make them into patchwork teddybears - they were just adorable. There were some things family members wanted that they ended up paying a pretty penny for b/c someone was bidding against them, and there were things that people let go b/c the price was just too high. There were 7 children and 32+ Grandchildren, so I am not sure why family had to bid against outsiders - Mom just said it was the way the executor (one of Dad's brothers chose to do it, and that the job was very stressful and she refused to question him or second guess him), but with that many people involved it may well have been the most fair method.
second,
Maybe the son was just trying to estabilish a "floor" after having failed to do so? Idk. Since he did let it go to someone else, it almost looks like he just had a bottom price in mind. Actually, the truck had a reserve set on it. It was the only item at the sale with a reserve. It was after the auctioneer stated the reserve was met when I saw the son bidding.
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