Garage Sale Value?

[Mark80]

I got a letter from my Attorney stating a list of items I am missing. One of them is "what is the garage sale value of your household goods"?

I am not sure what to put down for that, and does it include your appliances? I don't have a ton of expensive anything, but if you did what stops people from just tossing a tiny amount down do they come inspect your belongings?


Thanks

[WoodSprite]

Hey, Mark - I was just thinking about you yesterday! Any sign of that baby yet?

[AngelinaCatHub]

The market price is what would you pay for your stuff if you saw it in the front yard of somebodys house as if in a moving sale. What you paid for it is grossly over what you could get it at good will.

'Hub

[NowImDownInIt]

And they want that for everything! Even pets and stuff. Yes, appliances count to. I have a guinea pig and had to account for it as well... Don't worry though, it doesn't really mean much if you don't have a ton of non-essential really expensive stuff.

[Mark80]

Hey woodsprite, my wife is hanging in there! Her official due date is the 24th. She has been stuck at 2cm for a month and he doesn't seem to want to come out!

They want a total value, so does that mean I just at random add stuff up or do I have to list everything in my house from appliances to spoons!

Wait, you forgot to list your g.pig and they found out and forced its value!? lmao

I have a dog, I think he might take some value away!

[NowImDownInIt]

lol... I didn't list the guinea pig under assets and when they went over it, they asked if I had any pets of ANY kind, like fish or the like and I said "well yes, a guinea pig.." She then asked the value... I had to supply a number. I think I said 10 bucks or something like that. They don't care if your dog is a mutt or otherwise... They just want a value. I didn't list spoons, lol, but I think they did ask about china. chairs... tables... lamps... all furniture really... decor... appliances... anything you can sell on Craigslist..

[BROKENN]

Hi Mark80, I freaked that they would come look too. My atty said they never do.

I listed a bunch of stuff: couch, table, lawnmower, (etc.) <$550 each in the description.

[WoodSprite]

They want a total value, so does that mean I just at random add stuff up or do I have to list everything in my house from appliances to spoons!

I thought I remembered a lot of discussion of this back when I was still lurking. Here are three separate threads from May-July 08:

http://www.bkforum.com/showthread.ph...ht=garage+sale

http://www.bkforum.com/showthread.ph...ht=garage+sale

http://www.bkforum.com/showthread.ph...ht=garage+sale

After getting a load of all this, I have to admit than when my attorney just arbitrarily filled in a single number on the "household goods" line, I wasn't going to press the issue.

I don't know if that's a NY thing - not needing to itemize - or a case of my lawyer knowing the trustee wouldn't care in a clear no asset case, or if he simply assumed that anybody living without electricity in a 360 square-foot cabin in the woods couldn't possibly own anything of any value!

Of course, I don't have any guinea pigs...

[oopsnow]

same here

When I went to a lawyer for a consultation they asked for a rounded number for what I could sell my household items for. She said," $5,000. for everything?", I said I thought that was about right. And she meant everything. None of our items are close to new but the lawm mower, metal storage shed, etc., for us, would bring it up to that amount.

[AngelinaCat]

Even $5000.00 is probably a little high. Garage sale prices around here are like: refrigerator=$25.00, washer and dryer=$25.00 each. As far as microwave ovens go, with new ones ranging around $39.00-$120.00 new at Wal*Mart, you would be foolish putting more than about $15.00. We pick microwaves up off the side of the road. In most cases there is nothing wrong other than a blown fuse. We repair them and give them away.

As to pets, we three have cats--all former strays--two domestic shorthairs, and one domestic longhair. We had to give a dollar value. Of course, as pets, they're priceless, but as former strays? We put a dollar each on them. I suppose this is to catch those people that have registered animals with papers, or are show animals.

[Cali]

Can you ask your wife nicely to hold off until the 26th, then the baby can be born on my bday

My first(daughter) was late, my son was early. I had them 1 yr, 14 days apart same month.

Hey woodsprite, my wife is hanging in there! Her official due date is the 24th. She has been stuck at 2cm for a month and he doesn't seem to want to come out!

[FloridaGuy]

We asked the same question on how to value stuff...

Two of the three attorneys we spoke to said our estimates of the value were actually way too high. They told us to look at garage sales, craigs list, etc. With an average 3 bedroom house being under $2K. Unless of course you have all brand new high end furniture.

[Flamingo]

I got a letter from my Attorney stating a list of items I am missing. One of them is "what is the garage sale value of your household goods"?

I am not sure what to put down for that, and does it include your appliances? I don't have a ton of expensive anything, but if you did what stops people from just tossing a tiny amount down do they come inspect your belongings?


Thanks

Go to your local thrift shop or Goodwill/Salvation Army. View the pricings on the clothing, furniture, etc., etc. That will give you a good idea where to start. It is possible they may have that information online for folks who donate items to them for tax purposes.

[AngelinaCat]

Hey woodsprite, my wife is hanging in there! Her official due date is the 24th. She has been stuck at 2cm for a month and he doesn't seem to want to come out!

No disrespect for Ms. Cali, but my b'day is the 24th......

Of course I was 4 weeks early.....

[anime-chicka]

Even $5000.00 is probably a little high. Garage sale prices around here are like: refrigerator=$25.00, washer and dryer=$25.00 each. As far as microwave ovens go, with new ones ranging around $39.00-$120.00 new at Wal*Mart, you would be foolish putting more than about $15.00. We pick microwaves up off the side of the road. In most cases there is nothing wrong other than a blown fuse. We repair them and give them away.

As to pets, we three have cats--all former strays--two domestic shorthairs, and one domestic longhair. We had to give a dollar value. Of course, as pets, they're priceless, but as former strays? We put a dollar each on them. I suppose this is to catch those people that have registered animals with papers, or are show animals.

I was going over that last night with SO over the value of the appliances I have. Then I went onto pets and wondered how I was supposed to put a value on them. I adopted our oldrer cat when I was married the first time around. She kept me company when the ex would travel. The second cat SO adopted from a shelter two years ago. She's really his cat since she seems to only like him. She only likes me when I pay attention to her. Darn cat.

Anyway, not to digress, but some values are so hard to figure. I sort of wish there were a site where items could be listed at a garage sale value to help. It's probably wishful thinking, I know, but most of the stuff I priced I based off of eBay or by visiting my local Goodwill/Salvation army. Imagine my surprise the Dyson I bought nearly 3 years ago is going for 1/4 its original cost.