Author Topic: Estate Sale Excess  (Read 3311 times)

Mikila

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Estate Sale Excess
« on: December 15, 2017, 09:18:34 AM »
W-O-W.
This morning at an estate sale I saw levels of excess I have rarely seen.  The decedent had thousands of luxurious shoes, filling 3 walk-in closets and 2 cabinets.  Most were Italian made leather.  A room filled with fancy leather purses, wallets, and briefcases.  Ornate carved mahogany furniture.

Then I looked at a dining set out of curiosity.  It was a glass top over mahogany base.  The sign said, "Will not be reduced!  5 K firm.  See receipt."  There on the receipt I saw this lady had paid $5600 for this table and 4 chairs in 1999 and *gasp* the invoice read (at the bottom)
Visa ******2333 $375
MC *******2346 $493
Visa *****8777  $896
etc and on down the line.

Clearly she paid for it with almost-maxxed credit cards.  And that's just sad. 

It is  a reaffirmation to me that frugality and self-discipline are to be prized above fancy possessions.


JAYSLOL

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Re: Estate Sale Excess
« Reply #1 on: December 15, 2017, 09:47:28 AM »
Lol at that receipt, that's crazy.  I can't imagine thinking "hey I could "afford" this fancy thing between my 10 cards!"

Miss Piggy

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Re: Estate Sale Excess
« Reply #2 on: December 15, 2017, 09:58:45 AM »
That's just sad.

honeybbq

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Re: Estate Sale Excess
« Reply #3 on: December 15, 2017, 10:27:41 AM »
I'm almost more aghast that someone thinks a 20 year old table and chair set has maintained 85%+ of it's purchase value.

Miss Piggy

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Re: Estate Sale Excess
« Reply #4 on: December 15, 2017, 10:36:39 AM »
I'm almost more aghast that someone thinks a 20 year old table and chair set has maintained 85%+ of it's purchase value.

I had a similar thought...but then I remembered the prices I sometimes see at consignment stores around here. Aghast is right!

Chesleygirl

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Re: Estate Sale Excess
« Reply #5 on: December 15, 2017, 10:53:03 AM »

Then I looked at a dining set out of curiosity.  It was a glass top over mahogany base.  The sign said, "Will not be reduced!  5 K firm.  See receipt."  There on the receipt I saw this lady had paid $5600 for this table and 4 chairs in 1999 and *gasp* the invoice read (at the bottom)
Visa ******2333 $375
MC *******2346 $493
Visa *****8777  $896
etc and on down the line.

Clearly she paid for it with almost-maxxed credit cards.  And that's just sad. 

It is  a reaffirmation to me that frugality and self-discipline are to be prized above fancy possessions.

How do you know it was paid for with maxed out cards? Just curious. She paid with credit cards not cash. No way to know if cards were maxed out.  The reason why estate sales have to be so firm about prices is because people show up, haggle and barter sometimes for ridiculously low ball prices. They'll want a piece of Waterford Crystal and offer a dollar for it. Setting a firm price up front helps in weeding out some of these types of buyers. When my mom passed away, the woman we hired to handle selling her house and belongings, warned us about this.

If they don't get a serious buyer, in time, they'll have to lower the price to 4K or less.
« Last Edit: December 15, 2017, 10:55:21 AM by Chesleygirl »

Chesleygirl

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Re: Estate Sale Excess
« Reply #6 on: December 15, 2017, 10:56:28 AM »
I'm almost more aghast that someone thinks a 20 year old table and chair set has maintained 85%+ of it's purchase value.

Depends on where it's from, how it's made.

If it came from IKEA, it's retained 0% of it's purchase value after 20 years.

Mississippi Mudstache

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Re: Estate Sale Excess
« Reply #7 on: December 15, 2017, 11:01:01 AM »
I'm almost more aghast that someone thinks a 20 year old table and chair set has maintained 85%+ of it's purchase value.

Depends on where it's from, how it's made.

If it came from IKEA, it's retained 0% of it's purchase value after 20 years.

That's what I was thinking. Truly well-made and well-maintained furniture often maintains its value (at worst) or appreciates over time.

ducky19

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Re: Estate Sale Excess
« Reply #8 on: December 15, 2017, 11:32:35 AM »

Then I looked at a dining set out of curiosity.  It was a glass top over mahogany base.  The sign said, "Will not be reduced!  5 K firm.  See receipt."  There on the receipt I saw this lady had paid $5600 for this table and 4 chairs in 1999 and *gasp* the invoice read (at the bottom)
Visa ******2333 $375
MC *******2346 $493
Visa *****8777  $896
etc and on down the line.

Clearly she paid for it with almost-maxxed credit cards.  And that's just sad. 

It is  a reaffirmation to me that frugality and self-discipline are to be prized above fancy possessions.

How do you know it was paid for with maxed out cards? Just curious. She paid with credit cards not cash. No way to know if cards were maxed out.  The reason why estate sales have to be so firm about prices is because people show up, haggle and barter sometimes for ridiculously low ball prices. They'll want a piece of Waterford Crystal and offer a dollar for it. Setting a firm price up front helps in weeding out some of these types of buyers. When my mom passed away, the woman we hired to handle selling her house and belongings, warned us about this.

If they don't get a serious buyer, in time, they'll have to lower the price to 4K or less.

You can't know for sure that they were using cards that were maxed out, but the evidence strongly suggests that was the case. I can't think of many other plausible reasons why someone would spread a large purchase out over multiple cards, but maybe you're more imaginative than me...  ;)

MgoSam

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Re: Estate Sale Excess
« Reply #9 on: December 15, 2017, 11:59:23 AM »


How do you know it was paid for with maxed out cards? Just curious. She paid with credit cards not cash. No way to know if cards were maxed out.  The reason why estate sales have to be so firm about prices is because people show up, haggle and barter sometimes for ridiculously low ball prices. They'll want a piece of Waterford Crystal and offer a dollar for it. Setting a firm price up front helps in weeding out some of these types of buyers. When my mom passed away, the woman we hired to handle selling her house and belongings, warned us about this.

If they don't get a serious buyer, in time, they'll have to lower the price to 4K or less.

Balance of probabilities is probably what the OP meant and I would concur, if I saw that someone paid for a $5000 item with 10 credit cards in different amounts I would suspect that they were maxed out. Yes it is possible that the buyer was being very savvy in maxing out their points or something else except in 1999 there weren't really that many reward points. The only time I've seen someone spread out a bill among cards is when they are maxed out, but that isn't to say that there are other reasons why someone would do that.

MrsWolfeRN

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Re: Estate Sale Excess
« Reply #10 on: December 15, 2017, 12:54:51 PM »
My grandpa once bought a Camry on several credit cards to get points. (Yes, he had the cash to pay them off). This was in the 90s or early 2000s. Each card had to be run several times due to maximum transaction amounts.

Chesleygirl

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Re: Estate Sale Excess
« Reply #11 on: December 15, 2017, 01:24:37 PM »
I'm almost more aghast that someone thinks a 20 year old table and chair set has maintained 85%+ of it's purchase value.

Depends on where it's from, how it's made.

If it came from IKEA, it's retained 0% of it's purchase value after 20 years.

That's what I was thinking. Truly well-made and well-maintained furniture often maintains its value (at worst) or appreciates over time.

The OP says it is ornate carved mahogany furniture. Glass top over mahogany base probably means it hasn't gotten scratched, so it's likely in mint condition. If it costs $5,600 in 1999, in today's dollars that would be more money. So I think $5,000 is a reasonable starting price. Will they have to go down on their price? Likely so, but I still think $5,000 is okay to start with.

Other things depreciate in value pretty rapidly, like cars and clothing. Someone trying  to sell a used car for the same price they paid for it five years ago is a joke, in most cases. I've seen this happen.
« Last Edit: December 15, 2017, 01:26:37 PM by Chesleygirl »

Chesleygirl

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Re: Estate Sale Excess
« Reply #12 on: December 15, 2017, 01:27:54 PM »


How do you know it was paid for with maxed out cards? Just curious. She paid with credit cards not cash. No way to know if cards were maxed out.  The reason why estate sales have to be so firm about prices is because people show up, haggle and barter sometimes for ridiculously low ball prices. They'll want a piece of Waterford Crystal and offer a dollar for it. Setting a firm price up front helps in weeding out some of these types of buyers. When my mom passed away, the woman we hired to handle selling her house and belongings, warned us about this.

If they don't get a serious buyer, in time, they'll have to lower the price to 4K or less.

Balance of probabilities is probably what the OP meant and I would concur, if I saw that someone paid for a $5000 item with 10 credit cards in different amounts I would suspect that they were maxed out. Yes it is possible that the buyer was being very savvy in maxing out their points or something else except in 1999 there weren't really that many reward points. The only time I've seen someone spread out a bill among cards is when they are maxed out, but that isn't to say that there are other reasons why someone would do that.

Yeah, now that I think about it, paying on different cards probably does indicate they were maxed out. Prior to 911 people sure did spend money like drunken sailors.

MgoSam

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Re: Estate Sale Excess
« Reply #13 on: December 15, 2017, 01:51:50 PM »
The reason why estate sales have to be so firm about prices is because people show up, haggle and barter sometimes for ridiculously low ball prices. They'll want a piece of Waterford Crystal and offer a dollar for it. Setting a firm price up front helps in weeding out some of these types of buyers. When my mom passed away, the woman we hired to handle selling her house and belongings, warned us about this.

If they don't get a serious buyer, in time, they'll have to lower the price to 4K or less.

That's a good point. I just realized I have never been to an estate sale. After reading this comment I thought about my experiences with garage sales and how I sometimes would negotiate for things and yeah I can imagine there are a ton of insultingly low offers for estate sales. As someone that deals with price negotiations for a living I can tell you that few things will lose you credibility like throwing out bullshit prices for things.

For instance, if I'm selling a product that cost me $5 for it, every once in a while I'll find some yahoo that claims something along the lines of, "I pay $2 for something much nicer." A few times I'll bite and respond, "How many units do you have? I'll pay for $5 landed for each unit and will you wire you payment the day I receive the goods," and love the look on their faces. Now I just walk away, shaking my head.

Chesleygirl

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Re: Estate Sale Excess
« Reply #14 on: December 15, 2017, 03:06:29 PM »
The reason why estate sales have to be so firm about prices is because people show up, haggle and barter sometimes for ridiculously low ball prices. They'll want a piece of Waterford Crystal and offer a dollar for it. Setting a firm price up front helps in weeding out some of these types of buyers. When my mom passed away, the woman we hired to handle selling her house and belongings, warned us about this.

If they don't get a serious buyer, in time, they'll have to lower the price to 4K or less.

That's a good point. I just realized I have never been to an estate sale. After reading this comment I thought about my experiences with garage sales and how I sometimes would negotiate for things and yeah I can imagine there are a ton of insultingly low offers for estate sales. As someone that deals with price negotiations for a living I can tell you that few things will lose you credibility like throwing out bullshit prices for things.

For instance, if I'm selling a product that cost me $5 for it, every once in a while I'll find some yahoo that claims something along the lines of, "I pay $2 for something much nicer." A few times I'll bite and respond, "How many units do you have? I'll pay for $5 landed for each unit and will you wire you payment the day I receive the goods," and love the look on their faces. Now I just walk away, shaking my head.

People will say anything to get something for a low price. I made the decision to keep some of my mother's valuables because I didn't want to sell them to lowballer creeps.

I remember someone coming to my garage sale one time. I was selling copper-colored plated molds. She complained "nobody sells real copper anymore". I do have antique, solid copper pots in my home, but I'd never put them in a garage sale so someone could pay $1 for them.

LiveLean

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Re: Estate Sale Excess
« Reply #15 on: December 15, 2017, 04:17:48 PM »
When my dad had an estate sale in 1997 (at the age of 58 while still very much alive), he put a price tag on everything and opened the door to the unclean masses. This was early Internet, so basically an ad in The Washington Post brought them in.

He and my late mother raised a family in a Georgia colonial -- way too formal, very ornate crown molding, hardwood floors at a time when they weren't as common as now, etc. We had a lot of Bombay Company furniture -- console tables and the like that looked very nice in our entryways and living room. Dad priced them at $200-$300, which was more than they sold at Bombay at the time.

The stuff went quickly. I guess there's something to be said for staging.

frugalnacho

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Re: Estate Sale Excess
« Reply #16 on: December 28, 2017, 09:35:43 PM »


You can't know for sure that they were using cards that were maxed out, but the evidence strongly suggests that was the case. I can't think of many other plausible reasons why someone would spread a large purchase out over multiple cards, but maybe you're more imaginative than me...  ;)

Says the man with 7 cc referral links in his signature.  She was probably travel hacking.