Bambi

Escrow

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10 posts in this topic

I’m looking at a medium to large purchase out of a personal collection. Owner is out of state. All are on Form 4’s. 


Is there an escrow service thats trusted on these sort of transactions?

First transferable purchase(s) for me. What should I do for due dilligence? I may fly out to check on them. At the least will have them checked out by an armorer and have a friend go check out the items. Will obvious memorialize the transaction and terms. 
 

escrow seems like the most secure way but fees are going to be a few percent  

Seller is an older gentleman. Has only bought class 3 and dealer has passed away so no real relevant references on this sort of sale. 
 

any advice appreciated. 

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If it's a big enough purchase, fly out and inspect in person, escrow is a non-starter for most.  Some will do a 50/50 but not usually for multiple (or a full estate) purchases.

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If that’s the case, what docs do you request to ensure it’s legit? Assume all the nfa paperwork? Anything else?

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40 minutes ago, Bambi said:

If that’s the case, what docs do you request to ensure it’s legit? Assume all the nfa paperwork? Anything else?

there is nothing else especially older collections.

If they have the stamps, pay and maybe get a receipt of some kind.

 

2nd go see it if its a large collection

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Posted (edited)

To some extent, every NFA purchase is a bit of a leap of faith and every situation is different.

Quite often, new NFA buyers wind up purchasing their first few items from a well established dealer, auction house,

or local acquittance simply for the piece of mind (item quality and delivery).

 

Be aware that there are some semi-unscrupulous NFA dealers and auction houses

that knowingly (or unknowingly) resell junk items.


I agree with previous poster's comments:

  1) Few sellers would entertain and escrow deal

  2) Few sellers will accept a 50/50 deal.


If the deal seems to good to be true, trust your common sense - it is.

What seems high risk to you may not seem high risk to others.

 

Stuff that is a good idea:

  1) See/test item(s) in person (or have it inspected by an expert)

  2) Get Extensive Pictures/videos (scammers have been known to fake these)

  3) Copy of the NFA paperwork (scammers have been known to fake these)

  4) Positive ID of the seller

  5) Sales contract/receipt

 

Hope that helps,

-- Matt

 

 

 

 

Edited by mattnh
1 person likes this

-- Matt

 

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Some people take the non NFA parts, ie upper, magazines, belts, etc. It's not really worth that much or hard to replace, but some people do it nevertheless.

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Anything left in the collection that you passed on?  Send me a PM.  Can arrange finders fee if there's a sale.

I assume that you are not a FFL.  Maybe discuss sending guns to your in-state FFL / SOT (class 2) for repair work once paid in full.  Talk to your dealer. Feasibility for that depends on many variables but may be an option.  Get all paperwork terms and agreements inked and signed.  Maybe pull ALL parts except registered parts as another option.  Good luck!

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Posted (edited)

Dupe

Edited by Bambi
Dupe

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11 minutes ago, Bwana said:

Anything left in the collection that you passed on?  Send me a PM.  Can arrange finders fee if there's a sale.

I assume that you are not a FFL.  Maybe discuss sending guns to your in-state FFL / SOT (class 2) for repair work once paid in full.  Talk to your dealer. Feasibility for that depends on many variables but may be an option.  Get all paperwork terms and agreements inked and signed.  Maybe pull ALL parts except registered parts as another option.  Good luck!

I have a class 3 local shop to me. Thanks for the idea. Let me see what I’m going to pick up and after I get seller consent will pm. Theres quite a few I’m likely passing on

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On ‎8‎/‎11‎/‎2021 at 4:50 PM, Bwana said:

Maybe discuss sending guns to your in-state FFL / SOT (class 2) for repair work once paid in full.

You don't need to be a manufacturer to take in NFA firearms for repair...

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