Jump to content

giving up sot


SBD
 Share

Recommended Posts

i have about 25 post samples  i am thinking of giving up my sot

1 do i have time 1 month to sell them all?

2 how do i figure out what they are worth? what to ask? 

3 do they have to be out of my hands by june 29th or just all my form 3s filled?

 

Link to comment
Share on other sites

You are a little behind the curve waiting so close to the end to want to sell them off now.  I agree it might be worth paying your SOT for another year and then you have more time to get the best money for them instead of a fire sale.....then again if you just want to cash out and be done, I can't fault you for that as I don't know your situation.

Link to comment
Share on other sites

I would post them all as $1 starting auctions on gunbroker.  You can sell them all in one week no issue (don’t need to know the price as market will set it for you).  If you don’t want to do that way as others said your best bet is to renew and then immediately work as closing down.  
Either way there is a big demand for no law items you will have no issue selling.

 

If you are sending out a list of what you have please include me.  Otherwise best luck with closing down!

  • Like 1
Link to comment
Share on other sites

I always wondered what was the procedure for selling posties when giving up the SOT.  I'm assuming you have to notify the ATF so they would approve any postie transfers.

Also what if the transfer took a extra long time and it didn't complete until after you license expired (which is OP's case).

 

Personally I'd just pay the $500 to ensure you don't get into some issue. I'm sure your stuff is worth more than $500.
I'd too be interested in buying some of your post MGs.

Link to comment
Share on other sites

Following - as I am also curious of the process here. We've got a handful of post-samples, and I've never seen a clear cut answer on the process for how to legally transfer them. Is there a known time-frame of when this needs to be accomplished - I.E. once you notify ATF of non-renewal, the clock starts until your license is expired? Anything else required in order for the Form 3's to go through?

 

Should a list be available, I also would be interested with prices - my email is colton@icarusmunitions.com

Thanks kindly.

Link to comment
Share on other sites

  • 5 months later...

thanks for the posts 

so to help out some1 else you must have 3 months minimum of sot left before you can quit otherwise u must renew. 

the way u quit is to submit a letter of intent so the atf has enuff time to process your transfers and that letter of intent must be filed with your form 3s as a no letter sale only to 07/02 or importers others still need a letter

they can also be destroyed or donated to a law enforcement agency form 5 

Link to comment
Share on other sites

you can submit the letter @ anytime during the year, but it must be at least 3 months before your sot expires(june 30) they only give you three months to dispose of your inventory. so if u submit a letter of intent on jan 15 your inventory must be out of your hands no later than april 15 

yes on the form 3 it has a area to attach docs you include your giving up your sot letter where you would normally put the leo demo letter 

Link to comment
Share on other sites

  • 2 weeks later...

In order to sell the post sample with no letter you need to go completely out of business. I had an 07 and an 01. They would not let me keep the 01 if I wanted to give up the 07 and sell the post samples without a letter. When you send in your out of business letter they will give you 90 days to sell your samples and turn in your FFL.

I advertised and sold my post samples before I sent in the letter. I took commitments only and no money until I was ready to do the form 3s. The buyers were willing to wait the amount of time needed. It did not take long maybe a month. When I was ready I had an examiner at NFA fast track all the transfers. They were very helpful and I had  eform approval in hours on every transfer. They also expedited all my outgoing form 4 that were outstanding. I also had a transferable M16 approved to me in 4 hours. this was about a year ago.

Link to comment
Share on other sites

  • 1 month later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...