Handling an Estate is never a easy task. Most times you are dealing with a difficult and emotional time due to an unexpected death or placing a loved one in an Assisted Living or Nursing Home. At Texas Gold and Silver Buyers we often are dealing with Estates involving Gold, Silver, Platinum and Palladium items such as Coins, Jewelry, Bullion and other Precious Metal Items. We understand the grief that our customers are going through, and strive to make the process of selling Precious Metal Items as stress free and upfront as possible. Too many times we have heard stories of Estate Liquidators attempting to take advantage of people during this difficult time. We highly encourage our customers and potential future customers to seek help from a reputable, Licensed Precious Metal Dealer to assess any items that you feel may be Gold, Silver, Platinum or Palladium.
Too many times Estate Liquidation Companies (who have no requirement from the State of Texas to be licensed) are not honest with the people hiring them on the true value of Gold and Silver Coins, Jewelry, and Bullion. Whereas Precious Metal Dealers in Texas are highly regulated and REQUIRED to be licensed by the Office of Consumer Credit. Estate Liquidation Companies almost always require a contract to be signed, and a lot of the time, these contracts have fine print stipulations and clauses that are not in your benefit at all. There are honest people in the Estate Liquidation business, just like any other business, but there are many Consumer Complaints surfacing about being taken advantage of in a time of confusion and grief. The laws and regulations are not keeping up with the industry and this leads to some businesses looking to take advantage of unsuspecting consumers. We do not want this happening to any of our customers or potential future customers and that is why we are going to share this information, to keep you informed and educated:
Although no statistics indicate the scope or annual revenue of the estate-sale industry, it’s very clear that the number of estate sales each year is likely to increase dramatically in the years ahead as the senior-citizen population increases. The 40 million people who were age 65 and older in the United States in 2010 represented a 15 percent increase from 2000, according to the most recent statistics that are available from Department of Health and Human Services. By 2030, the number of U.S. residents who are in that age range is expected to increase to an estimated 72 million, the department estimates. A Pew Research Center study reports that 15 percent of people who are over 85 reside in assisted-living facilities, so it’s obvious that we’ll see a surge of senior citizens who relocate to a nursing home or to reside near their adult children in the years ahead.
Finding people who manage estate sales isn’t difficult. Although nobody tracks the number of estate-sale agents, it is estimated that at least 2,000 individuals or companies in the United States purport to specialize in running estate sales. Experts interviewed, estimate that the number represents an increase of at least 900 agents since 2006. Hiring someone who does an honest and thorough job of managing your estate sale is another matter and can be complicated, because you largely are on your own when it comes to assessing the qualifications and trustworthiness of an agent or a company that runs estate sales.
Although it’s difficult to quantify the incidence of estate-sale scams, anecdotal evidence indicates that the problem is substantial and growing. State attorney-general offices have published tip sheets that advise consumers on how to avoid estate-sale scams, and at least two states have prosecuted estate-sale agents for ripping off numerous clients.
In general, state and federal agencies provide little protection for consumers when it comes to estate sales. The Federal Trade Commission says that it doesn’t get involved with estate-sale regulations, because state laws govern the industry and because not enough estate-sale agents and companies exist to warrant federal scrutiny. Independent experts interviewed say it’s unclear why states aren’t more aggressive about policing the estate-sale industry, although it is suspected that a lack of resources is likely to blame in many states.
Even in the few states where the estate-sale industry faces at least some scrutiny, most lawmakers appear to have no interest in creating regulations. For example, in Minnesota, State Representative Linda Slocum introduced a bill that would require estate-sale companies to enter a bond of at least $20,000 with a county before a sale, but no committee will agree to consider her proposal. Slocum says that she isn’t sure why Minnesota and other states have little interest in creating at least minimal oversight of estate sales, such as requiring estate-sale agents to be licensed.
Bottom line, some of the most coveted items for Estate Liquidators to stumble across are Gold, Silver, Platinum and Palladium items. There are many reports of these items intentionally being overlooked during the inspection process by the Liquidation Companies, so that the Consumer does not elect to pull these from the upcoming Sale and Contract Commitment. Don't take our word for it, just research it on the Better Business Bureau Databases and Google, it is a HUGE, growing problem in that Industry.
Most contracts signed for a Estate Liquidation Service, state the Liquidation company gets a percentage and the consumer gets a percentage. Most reports are that the best case scenario one can expect is a 40% cut, while the Liquidation company receives 60% of the proceeds. There are reports of Contracts with even less percentages going to the Consumer. With a reputable and honest Licensed Precious Metal Dealer, such as Texas Gold and Silver Buyers, you will be looking at most scenarios of receiving a strong 80-95% of the Value. When dealing with a reputable and honest Precious Metal Dealer, they are going to make sure you are not allowing any of these valuable Precious Metal Items to go into a Estate Sale unknowingly, where you will receive less proceeds from the Estate Liquidation Company.
At Texas Gold and Silver Buyers of San Antonio we have much experience dealing with Estates that have Gold, Silver, Platinum and Palladium items. We offer Hassle-Free, No Pressure quotes and Cash Offers EVERYDAY! We pledge to treat you with dignity and respect. Please do not hesitate to Call, Email, or come by our Store today, if we can be of any assistance in liquidating any Gold, Silver, Platinum or Palladium items.
Texas Gold and Silver Buyers of San Antonio:
3435 Thousand Oaks, Suite 107
San Antonio, Texas 78247
Thanks for stopping by our blog. My name is Evan and I am the owner of Texas Gold and Silver Buyers in San Antonio. From time to time I will post blog entries to help educate and inform our customers and potential future customers on all aspects of Precious Metals (Gold, Silver, Platinum & Palladium!)