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Tractor Talk Discussion Forum

determining values of equipment

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Revredneck

05-01-2005 07:32:12




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Hello friends, I need some help in determining the values of the equipment on the family farm. My Dad passed away last week, and the attorney needs an inventory of the big stuff for the probate court. I don"t know how to determine the value of all the stuff. None of it is particularly special or new, but it works and has some value. Where can I look to get a fair value assessment of the stuff? I know you guys can help. Thanks for your help in advance. Good Luck and God Bless,
Tommy

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pbutler

05-02-2005 06:15:55




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
Check out MachineryPete.com. Cost is about $60 a year but they have the numbers.



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Davis In SC

05-01-2005 20:50:17




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
I was lucky, I guess..... When I had to put a value on my Dad's Equipment, The owner of the local MF dealership told me the wholesale/retail values... He said his wholesale values would be an offer, that he would pay, if I wanted to sell. He gave me a written appraisal, for no charge. I finally made him take something for his time..



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kyhayman

05-01-2005 17:13:30




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
Around here, most people get the sales manager come out from the closest farm equipment dealership and list his offer to buy for probate purposes (it will be lower than most auctioneers, as they will generally quote closer to retail price). Guys here charge $100 an hour plus mileage.



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Paul in Mich

05-01-2005 11:33:04




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
Unless you are planning on using the equipment, an auction will determine the real value of the stuff. Short of having an auction, I agree that an auctioneer will probably come closest to being able to appraise the value to the satisfaction of probate court.



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MSM

05-01-2005 08:06:34




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
Your best bet would be to contact a local auctioneer and have him appraise the equipment. He should have a good handle on what similar equipment sells for in your area, especially if the equipment is older,and condition is questionable. We went this route when my parents passed away and everything held up in probate court. The auctioneer typed up an appraisal of the larger newer equipment,the older usable equipment and trucks, the old non current equipment and small item were listed under a miscellaneous category with a negligible/scrap value. The auctioneer charged a nominal fee(around$400) for his services. If there are other siblings,contact them and see if this would be an equitable arrangement,nothing can mess up probate proceedings more than argueing and infighting amongst family members.

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Sid

05-01-2005 07:47:25




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
Local Equipment dealers,Neighbors, And there are books that list used tracor prices. I have seen them in farm and home and Places that sell truck and tractor parts.There is a place on this site under Research and Info that may be helpful.



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Hermit

05-01-2005 07:42:10




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 Re: determining values of equipment in reply to Revredneck, 05-01-2005 07:32:12  
You can look at the classifieds on several equipment websites and see what the selling price is? That may give you a general idea.



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