The offerings I have most seriously been considering are usually in state from an individual seller. So my thought process was somewhat biased toward that scenario. Although a good deal out of state is also a possibility.
The MG’s I am interested are pretty run of the mill. RR Uzi, M16, or maybe an HK sear. I’m new to this so just trying to do my homework and not make a mis-step. The concern with transferability was mainly raised by the recent posting about the guy getting shafted on a Thompson. Wouldn’t have really thought of that otherwise.
HHollow pretty much summed up my concern with notifying heirs. It seems in general the lions share of MGs are owned by guys that are getting up in age, and with the length of time it takes to get approval, a seller passing while the transfer is pending seems like a real possibility that could cause some headaches. Would anyone know to check the seller’s mail once in awhile for the approved form 4? What would happen if the heirs ask a dealer or auction co to help liquidate a collection without knowing that one was already sold?
The penalty for backing out would mostly be to protect the seller in a 50/50 type deal. I wasn’t necessarily looking for a contract that would be totally one sided, but fair for both buyer and seller.