Giving seller option to buy back firearm.

[arakboss]

A deal is done when it's done.

Guarantees of sellers buying back at same price, buyer having remorse etc is all BS.

Buy it or don't buy it, sell it or don't sell it, and quit being a biotch.

Exactly. I buy it, I sell it. No problem.

 

[sed]

As you've witnessed, there are people out there willing to dump their guns for cheap - for whatever reason (need cash, not into guns anymore, inherited some old gun they want gone, etc). They likely aren't super interested in doing the due-diligence to research values, prep gun to get the most out of it, find best means to sell it for highest profit, etc...they just want it gone. Convenience is worth more to them than getting top dollar.

Those people likely aren't regulars on NWFA.

These people walk into pawn shops and gun shops daily, trying to off load what they have.
They show up at "gun buybacks" excited to turn their gun into a $100 Fred Meyer gift card.
Trick is how do you find/come in contact with these people?
Maybe try advertising your offer on sites like Nextdoor or some buy/sell groups (probably against their terms & conditions) or getting in with a company doing Estate Sales (no need for 90 day buyback clause here)??

True, you might find willing sellers here on NFWA, but it'll probably be like fishing at noon in shallow waters in the middle of August. Fish aren't biting here.
Either way, good luck.

 

[Jay Walk]

webuyguns dot com has already figured out the model to buy and sell.
Good on them.

 

[MikeInOr]

I posted a couple of want ads in which I offered to let the sellers have the option to buy back the firearms for the same price I pay for them after 90 days. There will be little risk for me, as I will only pay a price that I would willingly pay if sellers don't want to buy them back.

Part of the motivation for this, are a couple of purchases I observed recently. Two different handguns were bought for very cheap prices. The sellers were not given the option to buy back the firearms at the price the buyer paid. I am betting that these sellers will have regrets a few months down the road and wish they could buy the guns back.

Has anybody here been on either side of a transaction where seller was given the option to buy the item back for same price that was paid? Were you satisfied with how the deal worked out?

A buddy low on cash was going to use a Remington 700 heavy barrel target rifle in .308 and a second one in .223 as down payment on a car at a used car place. I told him I would give him how ever much the used car place would give him for them AND let him buy them back within a year. He never did.

I wouldn't do this for a stranger though!

 

[dangerranger60]

Years back , Before CA wanted a FFL involved in selling a gun , I worked in Construction.
Every week there was someone that wanted to borrow money. Some people would hold their tools , I would hold guns. Once word got around I had people every week selling their guns with the promise that within a week or so they would buy it back at an agreed price. Some would buy them back on time , most did not. A few would ask later and if I still had them I would sell them back. But their was no guarantee I would still have it beyond the agreed time. IF I still had it I would usually work with them.
But CA's laws and high FFL fees has put a stop to that kind of sales. The cheapest face to face sales are $35 and that would be each way [ $70]. So a $100 loan would cost them $170 without any profit in it for me. DR

 

[ma96782]

Story Time.

At a gun show in Hawaii (a long time ago). I sold an "option to purchase" a particular revolver.

Huh?

OK, Ok, ok.......
Allow me to continue......
Mind you that I don't have an FFL. I'm just selling my old equipment at a gun show.

So then.....
I had a used S&W M25 (.45 LC) on the table for X dollars. A guy came by and wanted to buy it. But, he didn't have all of the money. I told him that I'd sell him the "option to buy" it for $20.

How would that work?
I'd take the gun off of the table for $20. *I would give him credit for that $20 if he came through and completed the transfer for the asking price. The option would be good for X number of days. If he didn't complete the transaction/transfer, I'd keep the money (my charge for taking it off of the table). He agreed, paid the $20 and we exchanged phone numbers.

The days went by and no response. I felt guilty about holding onto the $20. So, I called him. He answered. I asked him, "What's Up?" His response was that he was no longer gonna buy the revolver. I tried to return the money. But he said to "Keep it".

To this day......I still feel kind of guilty about the transaction. BUT, But, but......that was years ago and prices have gone up and I still have the revolver. NO, it's not for sale.

*YES. A TRUE OPTION doesn't actually work like that.

Aloha, Mark

 

[JM Browning]

Because everyone should have to obtain a permission slip from a government agency before they exercise an inalienable right.

Since when is running an unlicensed pawnshop an inalienable right?

 

[Explorer1]

A new way to get your transactions recorded by the State and auditable by the Feds?

 

[gmerkt]

Right of first refusal at the same rate of exchange is something that might best be applied between parties who know each other well. I am more familiar with it from days long gone when prices for common guns stayed relatively stable for long periods of time. I still have a shotgun that I bought in 1970. A few years later, a friend just had to have it. He had it for less than a year and he came to me asking if I wanted to buy it back. Which I did. He got bored with it quickly.

It's been quite some time since I had to sell something, rather than it being an optional disposal. Normally when it's time for sometime of mine to be gone, I want to be done with it for keeps.

An exception would be "I found someone who will pay me more money so I want it back" as opposed to "I just realized that it was grampa's hunting rifle and my brother wants it".

This ^^. When dealing with an uncommon gun or over a long period of time, there can be financial nuances involved in the concept. Which might lead to conditions. Such as, "Yes, you may buy it back but not at the same price because I could sell it for a lot more money now." (Not to mention the fact of the time value of money). You'd have to evaluate this to your own taste if it involved a friend.

 

[JuglansRegia]

When l sell a gun its because l don't want to see it again, ever.

 

[Nosferatu]

Since when is running an unlicensed pawnshop an inalienable right?

 

[edzz]

Bought a Colt Python from a friend for a fair price with him having the option to buy back . A year and a half later he bought it back than turned around and sold it for a lot more. Any more a done deal is a done deal.

 

[titsonritz]

However there is that word if.....

The biggest little word in the English language.

 

[arakboss]

As you've witnessed, there are people out there willing to dump their guns for cheap - for whatever reason (need cash, not into guns anymore, inherited some old gun they want gone, etc). They likely aren't super interested in doing the due-diligence to research values, prep gun to get the most out of it, find best means to sell it for highest profit, etc...they just want it gone. Convenience is worth more to them than getting top dollar.

Those people likely aren't regulars on NWFA.

These people walk into pawn shops and gun shops daily, trying to off load what they have.
They show up at "gun buybacks" excited to turn their gun into a $100 Fred Meyer gift card.
Trick is how do you find/come in contact with these people?
Maybe try advertising your offer on sites like Nextdoor or some buy/sell groups (probably against their terms & conditions) or getting in with a company doing Estate Sales (no need for 90 day buyback clause here)??

True, you might find willing sellers here on NFWA, but it'll probably be like fishing at noon in shallow waters in the middle of August. Fish aren't biting here.
Either way, good luck.

Good points.

 

[Kruel J]

So the OP gets all the advantage while the sellers get to “loan” their guns out at a cheap price? Is that what this is?

 

[arakboss]

So the OP gets all the advantage while the sellers get to “loan” their guns out at a cheap price? Is that what this is?

I will be happy to buy it with no option to sell it back to them. I have done that plenty of times and want to try something different. Nobody will be forced to sell their firearm and nobody will be forced to buy it back. It's just another option for people who might regret selling their firearm.

 

[Kruel J]

So you’re trying to use NWFA as your own personal pawn shop? Without a business license or Supporting Vendor status?

 

[arakboss]

So you’re trying to use NWFA as your own personal pawn shop? Without a business license or Supporting Vendor status?

This is not a pawn operation. Pawn shops charge interest and make money. I am not a business. I am a guy who wants to buy cheap firearms for my own personal use.

 

[Kruel J]

This is not a pawn operation. Pawn shops charge interest and make money. I am not a business. I am a guy who wants to buy cheap firearms for my own personal use.

Don’t we all? And what you are offering is an unlicensed pawn shop.

 

[Kruel J]

How will you address any wear and tear? Will you sign a contract saying you won’t modify or drill or glue something to the firearm in your 90 day window? What happens if the owner returns to purchase back their firearm and there is a dispute?

Way more to this than what you are selling in your ad.