Options
What is it about the collectibles world that brings out the worst in people?
Longacre
Posts: 16,717 ✭✭✭
Everyone always mentions the stories of the proverbial evil coin dealer, whose supposed sole purpose in life is to rip off old widows. However, I am finding that there is a dark underbelly in the collectibles world in general, and perhaps the small percentage of chickanery that goes on in the coin world is just par for the course.
My inlaws are in the process of having a tag sale to clear out junk out of their house that they recently sold. They are moving into a more reasonably priced condo. Not to get into many details, but they've lived high on the hog for the past several years on easy credit (I guess that's the American way), but now that the apple is not so shiny, they need to pay the piper.
They own two old fashioned, wooden pinball machines from the 1950's (completely original). As a realtor was at their house during the open house a few weeks ago, the realtor spied the pinball machines, and asked to purchase them for $25 each. My mother in law, smelling money, immediately said, "sold!", and the realtor paid her the $50 in cash right on the spot. That was a few weeks ago, and the realtor has not picked up the machines yet. No one in the family knew about this sale.
Fast forward to this morning, and I am at my inlaw's house to observe getting an estimate on a mover (which, unfortunately, I'm paying for because my inlaws don't have two nickels to rub together), and I ask about the pinball machines. I am told that they were sold for $50. Being inquisitive, I then got home and checked out the prices online. It seems that these pinball machines are worth approximately $1,800 each.
What is it about the collectibles world that brings out the worst in people? Again, the coin world sometimes gets a bad rap, but it seems that pinball machine world is just as bad. Also, because this realtor (not the one who ultimately sold the house) basically got a rip on the transaction, what do you think should happen? Because my mother in law got paid right on the spot, does she have any recourse, particularly since the realtor has not picked up the machines yet? Any thoughts would be appreciated.
My inlaws are in the process of having a tag sale to clear out junk out of their house that they recently sold. They are moving into a more reasonably priced condo. Not to get into many details, but they've lived high on the hog for the past several years on easy credit (I guess that's the American way), but now that the apple is not so shiny, they need to pay the piper.
They own two old fashioned, wooden pinball machines from the 1950's (completely original). As a realtor was at their house during the open house a few weeks ago, the realtor spied the pinball machines, and asked to purchase them for $25 each. My mother in law, smelling money, immediately said, "sold!", and the realtor paid her the $50 in cash right on the spot. That was a few weeks ago, and the realtor has not picked up the machines yet. No one in the family knew about this sale.
Fast forward to this morning, and I am at my inlaw's house to observe getting an estimate on a mover (which, unfortunately, I'm paying for because my inlaws don't have two nickels to rub together), and I ask about the pinball machines. I am told that they were sold for $50. Being inquisitive, I then got home and checked out the prices online. It seems that these pinball machines are worth approximately $1,800 each.
What is it about the collectibles world that brings out the worst in people? Again, the coin world sometimes gets a bad rap, but it seems that pinball machine world is just as bad. Also, because this realtor (not the one who ultimately sold the house) basically got a rip on the transaction, what do you think should happen? Because my mother in law got paid right on the spot, does she have any recourse, particularly since the realtor has not picked up the machines yet? Any thoughts would be appreciated.
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
Ryan
<< <i>While I hate hearing/seeing someone get taken, who's to say that the realtor didn't just see something he/she likes and make an offer, not knowing the true value either? While probably not the case, always a possibility.
Ryan >>
That's a good point. I just assumed that the realtor knew they were worth more. Perhaps that's the case, but I am not sure.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
In honor of the memory of Cpl. Michael E. Thompson
<< <i>Is it even a legally binding transaction? >>
We have to get Sanction II in here but I do believe a verbal agreement is legally binding when a paid transaction takes place.
In it's place, I would leave an envelope with the original $50 and a note explaining how 'there was a miscommunication in the family' and that those machines had been sold. Add a "i'm sorry you didn't pick them up sooner!"
Might not be considered ethical by some folks, but if this is what a realtor did to my family, this is how I would weasel out of that garbage deal.
If you can find a friend who is willing to store these machines, you can even tell the realtor "who you sold them to". And then if the realtor presses and goes to see the new home of these machines, you can set a correct price based on your little transaction with your friend.
If the realtor threatens anything legal, you say "what, over $50?". I'd like to see the realtor choking down his words after that one.
JMO.
-Randy Newman
I highly doubt the realtor didn't know he was ripping your relatives off.
siliconvalleycoins.com
<< <i>What is it about the collectibles world that brings out the worst in people? >>
Money and greed.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Money
Send the money back
We've all had verbal deals that fell apart. I would give the guy $50 and tell him I won't let on to others about the paltry offer he made to down-on-their luck senior citizens.
However, I do like the charging the realtor for the storage idea.
jom
Your in-laws didn't know what they were worth, but it seems the realtor did. He wins.
Longacre, I really think that your inlaws should not have a tag sale until they are clear that they are not selling anything rare of collectible... I can see the art pottery made by Weller or Roseville that was sold for 50 cents...
Experience the World through Numismatics...it's more than you can imagine.
<< <i>
<< <i>Is it even a legally binding transaction? >>
We have to get Sanction II in here but I do believe a verbal agreement is legally binding when a paid transaction takes place. >>
I ask because the in-laws had the realtor in the house during what might be considered a moment of duress and, additionally, the realtor might have been viewed by the in-laws as someone also skilled in furniture value or appraisal since they are in the business of home value or appraisal. Under those circumstances it might be implied that the realtor had an unfair leverage regarding any sales of possessions within the home.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>Your in-laws didn't know what they were worth, but it seems the realtor did. He wins. >>
If the realtor really was so bright, he/she would have picked those machines up the next day. The realtor is obviously clueless and possession is 9/10 of the law. Keep the machines and give the realtor the $50 back. End of story.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
It has been like this for as long as I have been collecting and I see no reason why it will change in the future.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Has this person no idea at all of the value? I can't imagine any rational being accepting such an offer.
Tell me the transaction was not completed
Liberty: Parent of Science & Industry
Welcome to planet Earth!
Here is some advice for those of you who are meeting human beings for the first time: we attempt to take advantage of each other all the time!
During your travels here on beautiful planet Earth, please keep in mind that almost everyone you meet will be happy to steal from you, especially if they recognize you as a "tourist". Shop owners will raise their prices when they see you coming, pickpockets will attempt to take the money out of your pockets, people will attempt to sell you things of little value for large amounts of money.
And, worst of all, human males will attempt to give you alcohol or other disabling drugs in order to mate with you. (Unfortunately, I believe you are already familiar with the strategems human females use to extract large amounts of money from the foolish and the unwary.)
So, relax - return the realtor's $50 (remembering to explain your mother-in-law's mental incapacity) and then find an auction house for the pinball machines.
Oh, and enjoy your visit to lovely planet Earth!
Check out the Southern Gold Society
<< <i>What is it about the collectibles world that brings out the worst in people? >>
One word. Coinlieutenant already said it. Avarice.
To post its more common synonym: Greed.
that somehow sounds like it should be halted and sale pending that states realty board for review
sad
I recall placing a deposit on a home with it's owner only to have the owner's girlfriend (a realtor by the way) call me up that evening to state that there were other parties now interested and that I would have to raise my offer to stay in the hunt. I told her to pound sand.
roadrunner
First of all, everyone is assuming that these original pinball machines are in perfect working order. If they are, $25 each is a major ripoff and I would also make those machines disappear ASAP despite the fact that consideration has changed hands (paid for). So in this instance, I am in agreement with the majority of the responses. Let the legal guys hash it out if the realtor has a problem.
Perhaps the in-laws knew the machines are not in working order and they also know that replacement parts are difficult, if not impossible, to get at reasonble prices. In this case, the machines are basically used for spare parts and it may be worth it to have someone take them away for you and pay you $50 on top of that.
We just don't have all the facts in the OP.
Perhaps the in-laws and the realtor shared this info and the realtor is just going to use the machines to "stage" a home for sale. For example, I went to what was advertised as an estate sale at a $1 million home today to look at furniture and the other items in the home. I was greeted by a realtor that was busy pricing all the furniture. There were no housewares or personal belongings - just furnitire that was used for staging. A pinball machine (working or not) would have looked great in the pool room - and worth $25 for the 'effect'.
As an aside, I went to another estate sale in Pinehurst, NC today. It was the second day of a two day sale so it was pretty well picked over. But in the garage was a nearly new Testrite CS-9 copy stand with a price tag of $20 on it. 20" x 30" base with a 36" counterbalanced camera post with two lighting posts with two lights on each post. Everything in the house was half off so I carted off a wonderful copy stand for the sum of $10 - I couldn't even buy the 4 light bulbs for that these days. The funny thing was nobody knew what the heck that "thing" was in the garage - I was asked three times what it was and I responded "a copy stand". Once I paid for it I explained what it was used for. All I got was blank looks in return. Do I feel evil? I think not. (Yeah, I know - a copy stand is not a collecible)
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
``https://ebay.us/m/KxolR5
<< <i>"Sold!" for $25 each?
Has this person no idea at all of the value? I can't imagine any rational being accepting such an offer.
Tell me the transaction was not completed >>
i have nothing good to say about either party.
next.
...real estate agent. When the surviving relative found out she flipped. The buyers did not pick up the items, because they weighed about 1200 pounds, in this case large metal gates. They stopped payment on the cheque that they had written and proceed to file a lawsuit asking for the items they paid for.
So it all ended up in court, of course my relative won, because she had never authorised the sale of the gates in the first place. Then the "buyers" stopped payment on the cheque, which would further nullify any sale. But the ridiculous part was that the legal fees associated with the whole matter predicated any value of the gates, sold, or unsold. People are just greedy and freaking sue happy.