Part A
I would inform the widow that for bikes you may only be able to realize 75% of the now market value. This is because costs, particularly at the big auctions, can eat up the proceeds, but there is a chance that sales price may be high enough to justify the high costs.
Ebay is not a bad option with a popular machine. There is a big audience. The cost of shipping and lodging are gone and there is no premium involved. Buyers can back out of either, but there are fewer costs if you are selling from home.
I would say that any parts are worth 25% to 50% of retail, but again you can hope to earn more. It takes the same amount of work to sell a foot peg as a whole bike, which is an over blown statement, but you will not feel that it is over blown if you are trying to sell 200 items. It is a lot of work. It might be best to sell them as a lot. You could also consider giving them to someone who is going to one of the rallies and will sell them in exchange for a few items. The value of parts is based on need and so it varies wildly from person to person. The big items are good, UFM, RFM, Forks and cases, but the small items are tough. If you have to mail each part to a different person that can become tedious. If you advertise in MPH or Ebay I might try and group the parts for shipping and handling purposes.
The values I cite seem low, but if you try an maximize everything, you or she needs to realize it is a full time job and you are not taking salaries. So, I would cherry pick the best items and try to maximize the values and not put everything in the same basket. Choose a few outlets. The small stuff should be made into lots or a lot and sold rather aggressively.
Check to see what you need to sell the bikes. Are the bikes titled or will it be a bill of sale situation. For the expensive stuff I would want to have an original copy of the Death Certificate. These are about $10-$15 each. You will need original copies of the Death Certificate for titles (I think) as they will be filed with the title. You can make some xerox copies for anyone who wants one for a UFM or parts. I think you may also need a copy (xerox) of the order of the Probate court appointing the widow Executrix or Admisnistratrix. With the title (bill of sale), signed by the widow, a Death Certificate, and the Order of Appointment, you have a clear chain of ownership.
Depending on the situation, you may want a Special Power of Attorney from the widow. This would allow you to buy, sell, swap, trade and give away parts as you see fit. It could also give you the power to transfer ownership of the items. The widow's probate attorney should do this in consultation with both of you if you think it would facilitate things. If you were taking items to an auction I would have one so you can sign any paperwork on her behalf.
This is a pretty general outline, but it should help with the questions you should be asking. The details may vary. Warning: this is not legal advice!
David
David
I would inform the widow that for bikes you may only be able to realize 75% of the now market value. This is because costs, particularly at the big auctions, can eat up the proceeds, but there is a chance that sales price may be high enough to justify the high costs.
Ebay is not a bad option with a popular machine. There is a big audience. The cost of shipping and lodging are gone and there is no premium involved. Buyers can back out of either, but there are fewer costs if you are selling from home.
I would say that any parts are worth 25% to 50% of retail, but again you can hope to earn more. It takes the same amount of work to sell a foot peg as a whole bike, which is an over blown statement, but you will not feel that it is over blown if you are trying to sell 200 items. It is a lot of work. It might be best to sell them as a lot. You could also consider giving them to someone who is going to one of the rallies and will sell them in exchange for a few items. The value of parts is based on need and so it varies wildly from person to person. The big items are good, UFM, RFM, Forks and cases, but the small items are tough. If you have to mail each part to a different person that can become tedious. If you advertise in MPH or Ebay I might try and group the parts for shipping and handling purposes.
The values I cite seem low, but if you try an maximize everything, you or she needs to realize it is a full time job and you are not taking salaries. So, I would cherry pick the best items and try to maximize the values and not put everything in the same basket. Choose a few outlets. The small stuff should be made into lots or a lot and sold rather aggressively.
Check to see what you need to sell the bikes. Are the bikes titled or will it be a bill of sale situation. For the expensive stuff I would want to have an original copy of the Death Certificate. These are about $10-$15 each. You will need original copies of the Death Certificate for titles (I think) as they will be filed with the title. You can make some xerox copies for anyone who wants one for a UFM or parts. I think you may also need a copy (xerox) of the order of the Probate court appointing the widow Executrix or Admisnistratrix. With the title (bill of sale), signed by the widow, a Death Certificate, and the Order of Appointment, you have a clear chain of ownership.
Depending on the situation, you may want a Special Power of Attorney from the widow. This would allow you to buy, sell, swap, trade and give away parts as you see fit. It could also give you the power to transfer ownership of the items. The widow's probate attorney should do this in consultation with both of you if you think it would facilitate things. If you were taking items to an auction I would have one so you can sign any paperwork on her behalf.
This is a pretty general outline, but it should help with the questions you should be asking. The details may vary. Warning: this is not legal advice!
David
David