What are they worth used tractors?

[Brent Zappe]

My Dad has past like in August. the estate gets broke up into the three kids. The question is I am buying the tractors that my dad had. My older Brother and sister thinks they are worth a lot of money but I need a fair price on this stuff to make a list of prices. So this is what my dad has and what I knew he paid for in the price. 1951 John Deere G brought it used for 6,700.00 Restored. Farmall Cub bought used for 950.00 restored 10 years ago. 1935 McCormic Deering O12 with disc and runs bought for 1,400.00. corn planter for 800.00 and I H two plow roll over M-39 bought for 75.00 restore at coast 200.00. This is what he paid for the stuff I should know because I was the only kid that would come up here to work around the house. The question is what is the going price for these tractors as being use.

 

[hadley]

(quoted from post at 14:01:23 02/07/17) My Dad has past like in August. the estate gets broke up into the three kids. The question is I am buying the tractors that my dad had. My older Brother and sister thinks they are worth a lot of money but I need a fair price on this stuff to make a list of prices. So this is what my dad has and what I knew he paid for in the price. 1951 John Deere G brought it used for 6,700.00 Restored. Farmall Cub bought used for 950.00 restored 10 years ago. 1935 McCormic Deering O12 with disc and runs bought for 1,400.00. corn planter for 800.00 and I H two plow roll over M-39 bought for 75.00 restore at coast 200.00. This is what he paid for the stuff I should know because I was the only kid that would come up here to work around the house. The question is what is the going price for these tractors as being use.

Why are you putting this on here again? You already asked the same exact thing a couple of months ago.

 

[tomturkey]

Does not really matter, you want tractors, they want greenbacks. They'll never be happy with the price you come up with. Even if they accept your price they'll probably think forever you came out better than them. YOU CAN'T win on this deal. Sorry for my negative feedback. Have seen estate bickering before. gobble

 

[Russ from MN]

I doubt that you will ever agree with your siblings on a price with your siblings, the one way to settle it is to have an auction and you can buy what you want, but then you are paying the auctioneers commision, one way or another.

 

[Hank ABAB]

I sure hope you end up with them Brent.
That's never an easy situation to solve.

 

[Geo-TH,In]

Best thing might be to have an auction to keep everyone happy.

 

[Tracy Brown]

Take them to auction. The commission you pay should be money well spent. Let them help you pick the auction venue.

 

[56oliver]

Hadley, maybe because he's trying to figure
out what his dad's possession's are actually
worth so he can keep them for his family.
Nobody forces you to read this stuff if you
don't want to so I don't see the point in
making comments. I agree on the auction idea
though...

 

[coonie minnie]

I would suggest you hire an appraiser- and that both groups agree to the appraiser.

 

[Traditional Farmer]

Too bad you're not close to me there is a consignment sale near me that has no buy back fee,Marion Auction charges only $10 to buy back.Buy them all back and then settle up with your family.
Once the word gets out at the auction what you're doing they won't bring much anyway.

 

[Married2Allis]

I can appreciate the fix you're in with your 'siblings'. When the time comes in my family to settle on my parents property, it will be an all out war.

Appraisal route may be in their favor, auction would be in your favor is my guess.

 

[RN]

auctioneers fee is a lot less than court costs and lawyers fee when family members try to dispute a estate sale outside of auction. Couple attempts in dispute after auction got quick toss by probate judge- if you say it was worth $XXX.00 then that is what you bid at auction? didn't bid?, get out of court because the auction bids are the worth of the assets at the time and court isn't going to say different, give petitioner extra $$. I got IHC 350D at nominal price before auction mostly because otherwise I would have claimed repair bill cost from estate, executor and couple other heirs said let me have it just so wouldn't have hassles- I'd already started to sue brother before he died, nominal price about what weight sale at scrap dealer would have brought. Relatively new Cub Cadet sold before auction to friend of executor- and that was a gripe session for next thanksgiving dinner. RN

 

[Galen Houk]

I agree with the auction route. They will likely sell for less than what an appraiser might suggest. If there are three of you splitting the estate, you should be able to buy them for 2/3 of the sale price because you get one third of the estate. The price will be very fair and if something goes for so much that you aren't willing to pay 2/3 of that, let it go. When my dad died, I set the prices and my one brother and I split the tractors. In my case I paid 3/4 of the agreed on price. I bought the CA for $1,500 and spent $2,500 on repairs. I now have a $4,000 CA worth about $1,500 but I grew up on that tractor and it is worth every penny to me.

 

[David G]

Fair way is to hold auction, let you buy them, then split the cash.

 

[K Effective]

For those of you in that position, BEG your parents to get help from a lawyer, [u:25531c0a83]before [/u:25531c0a83]they pass. Nothing worse than seeing families destroyed by an unplanned estate.

Ask your church if they have someone to recommend, our synod has a regional guy who will look over your wills/estate plans and make suggestions for FREE.

 

[Mike M]

My opinion is they are all worth what he paid maybe a bit more ? EXCEPT the JD G I bet it is not worth that much today as he likely bought it when they were selling high. So total that all up and I bet you will end up on average right on the money. If they don't like it have an auction and good chance you could get them cheaper but with ALOT more hassles.

 

[Frank 41]

They sound like my brother. If they have some thing that you do not, takes okay. But if you have some thing that they do not have, you'r lucky and they need it. And for sake that there is an odd penny, look out. You can't pick your relation but you can pick a lot of other things.

 

[dhermesc]

I agree with the auction route but.... The John Deere G is worth about the price he paid $6700. The Cub painted up - about $1800, the O12 - according to this site is $4711 - probably a little less - I've never seen one sell in my life.


http://www.yesterdaystractors.com/values/MCCORMICKDEERING.html


Without seeing them I wouldn't even guess at that the plow and planter would bring.

 

[Galen Houk]

Another reason to take them to an auction, prevents you from paying too much. Around here G's have gone way down in value. I would say closer to $3,500. My son has 3 O-12s and I don't consider them to be especially valuable. I think they will be worth more to you than other bidders. As I said below, I would sell them on auction. If you get them, the price will likely be a true reflection of what they are really worth. Then you get 1/3 of the money back from the estate.

 

[Donald Lehman]

BTDT. Agree with Tom turkey. Doesn't matter how you do it, you lose. I had machinery appraised. Paid too much for almost everything I bought from the estate. Remember though, that if there is a substantial amount of money to be divided in the estate you will get an equal portion back of what you paid for them. If you auction them off, you takes your chances and may not get all of them. Any way you do it, somebody is gonna be mad at you. Put on your cast iron underware, hold your temper and hang on for the ride. In the end, you get what you get and then move on with your life. You might remind your siblings that the higher everything is appraised, the bigger cut the lawyer gets and it would be far better all of you to come to an agreement before the attorneys get involved. Good luck.

 

[pete black]

Have estate pay for appraisal. Apply same mentality to things sibilings want.

 

[ss55]

I'll add another perspective. To me, a lot would depend on how the other items in the estate are valued compared to how the the tractors and implements are valued. I do agree that an auction would be the best way to determine the fair market value of the tractors and farm implements. However, an auction will only be fair to all three siblings if EVERYTHING except the house is sold at auction to determine the fair market value of EVERYTHING.

Few household items bring much money at auction, most only bring a "disposal price", probably much less than the estate has currently valued them. The OP might save some money buying the tractors at auction for less than the estate has valued them, but the items the sister and other brother are interested in could also sell for much much less than the estate has valued them. The auctioneer will also collect 10 to 30 percent off the top before the proceeds are split three ways, effectively splitting the proceeds four ways instead of three ways. It's possible that the OP could save some on what he pays for the tractors and equipment, but he could loose much more on his proceeds from the auction compared to what his brother and sister's items are currently valued at.

I would suggest the OP attends some household auctions in his parents neighborhood to get a feel for what the household items are selling for and compare that to how the estate has valued them. If auction prices of the household items are also lower than the estate values, I would pay the estate values for the tractors and save the auctioneers commissions. I suspect the estate will be money ahead to only auction the items that none of the siblings want to keep.

 

[olgentdc]

you better try to get the 430 too ,.they are the most vversatile , comfortable all around trctor there is and nimble too .,,. I was lucky there were 8 children , 3 boys that farmed, and2 of my sistershave farm husbands,,. dad and mom tried to sell off pcs at a premium to us befor they passed on ,. I gave 2500 for pops 430 that had not run in 3 yrs ,. it only needed a head gasket ,, my parents will stated that all belongings should BE PUBLIC AUCTION ED ON SITe,all children and grandchildren would give half price for what they bought,,. naturay you don t let the public know ,. together we bundled and boxed all households , and allowed some pcs by unanimous vote to go direct to a sibling , most was given , except for moms school house regulator tik-tok-clok,.my brother offered 175 bux,and we agreed to accept that.. come auction day, we started out with family prayervin the bedroom mom ast drew her breath . auction was a "free for all", most stuff went cheap ,, but stuff worth keepin went hi .. bought the lard press for 210 bux , I spent nearly 3 grand ,. and was biggest spender of all,. the next day I drove to salem to buy back a bedroom suit,that I mist ,,, we lostva lot of stuff we shoulda kept ,, but oh well . ,, auctioneer sold the house to my brother,. auctioneer did not charge us any fee for household and yard items , but he did come in on ag farm items and tools stuff ,. allin all it went fast , it was over quik ,.. and I must say the prayer before the auction sustained us,.

 

[ss55]

Be careful getting a church involved if you are not already a member. They may not send a bill for a service like that, but their expected "tithing" is ten percent of an income or of an estate.

 

[IlliniJohn]

I'm not an Estate Executor, so advice may be what you pay for it:

I do agree with an appraisal -- preferably by a local Antique Tractor club that knows prices in your area.

Are there other assets to be divided between you, and your brother & sister?
If, might consider settling on a price that EITHER you would Pay, or be willing to ACCEPT from the Estate total. That is, you would give, say, $7000 for the John Deere "G", or be willing to sell it for $7000 to be paid to the estate, then divided among the heirs.

Saw a couple of brothers locked in a do-or-die argument on value of some farmland - -finally one brother said that if you think its worth so much, pay the estate and I'll take my share and look elsewhere for other land - - cooled the debate KWICK!

 

[jm.]

Galen I sure agree with you johndeer G being worth 6 or 7 grand not in these parts. Thirtfive hundred kills it dead around here and might not bring that.

 

[flying belgian]

I can tell by the way you phrased your question that this is not going to end well.
I'm sorry about your Dads passing.
Honestly I would just walk away from the whole thing. Yes it would be nice to have the tractors for there sentimental value but some things are just not meant to be and this sounds like one of them.
Life is for the living.

 

[dhermesc]

Agreed. These tractors appear to be ones he purchased later and never really used - just collected. Other than the fact he owned them they really aren't "family". I would let them go at a consignment auction and try to keep the peace in the family. If you buy one or two back good, if they all sell no big deal.


I recently bought one of my FIL's old tractors - a D17 that had definitely seen its better days. The one good thing you could say was it would start, no brakes, poor tires, rusted out rims and bad wiring. My son wanted it and we bought it from my MIL for $1400 for him to fix up as a 4H project. One of my BILs approached me later and asked if I didn't think I should have paid more for it. My response was I'll sell it to you for exactly what I paid for it and be glad to be rid of it (I was *** deep trying to fix the wiring and was fed up with it at the time). He said he didn't want it and I told him to STFU and mind his own business then. He hasn't talked to me since - I think that made it worth $1400.