Wtk: value of M11 .380 project and advice on how to sell it

[tlrgsxr]

I’m hoping to get some advice as to the value of a project SMG and on how the selling process works. Years ago I bought a new in box double stamp RPB M11 .380 from Tim Eakle. Since then, I had the front sight machined off using a milling machine and had the upper bead blasted in preparation for refinishing. I also carefully dressed the reinforcement tabs that stuck out slightly from the front edge of the receiver, smoothed the burrs off the tabs by the mag release, and burrs on one top edge of the receiver. Unfortunately, it looks like I’ll never finish this project as I need to sell it for the money. It’s still unfired, but obviously, I wish I had left it unmodified, new in box. Can other tell what it’s worth as is? It’s on a trust in Florida. Can someone explain or provide some links to how to sell it? There’s almost 30 pics at the link below. I also have the box, loader, manual, and cleaning rod, but I forgot to get pics of those. Thanks in advance.

https://imgur.com/a/yiM906l

 

[Gaujo]

If it's fully functional I would say it's worth the used price. Getting it parkerized I would say would help, but you've lost the front sight so that's never going to be NIB. I'd consider sending it to practical solutions to have the sight put back on and the whole kit parkerized, and then describe it as NIB with burrs removed.

Still, unless there is something I don't know, you're talking about a difference of roughly $500 for NIB or used.

 

[AmishEskimoNinja]

Most people buy M11s to use with aftermarket uppers. I'd suggest listing it on Gunbroker as-is.

 

[Battering ram NIB]

Nib it maybe could go as high as $7,000

Small mag well m11s aren’t fast sellers. Plus I assume it’s a form 4?

As is I think it’s $6,000

Buy a aftermarket factory upper

Refinished and fixed $6500. Look for a local sale as form 4 guns w/ a dealer transfer are now over 12 months. Maybe 14 months

 

[misterglock]

There was an early PS M11/380 (skinny mag well), gun with PS single-stage suppressor, Nomex suppressor cover, magazines, fitted case, and a DeSantis shoulder rig that just sold today on GB. The early PS 380 guns are uncommon, and even with all the accessories included, it only sold for $7K.

 

[Gaujo]

As to how to sell it you can list it on this forum in the NFA section. It'll sell. Then I think you form 3 it to the buyers FFL, then FFL form 4 to the buyer iirc.

 

[b_saan]

As to how to sell it you can list it on this forum in the NFA section. It'll sell. Then you form 3 it to the buyers FFL, then FFL form 4 to the buyer iirc.

He mentioned in the OP that it was on a trust in FL, form 4 from the trust either directly to an in-state buyer or form 4 to the buyer's out of state dealer who then is responsible for the form 4 to the buyer.

Technically, if it's the only item in the trust there is another option in which the buyer could be added as a trustee in the interim and take immediate possession of the gun while waiting for the form 4 to process. This step could also negate the necessity for the transfer step between the trust and the out of state dealer. Whether or not the seller chooses to use that option or not is up to them. Note that this is not legal advice...

 

[775Patriot]

He mentioned in the OP that it was on a trust in FL, form 4 from the trust either directly to an in-state buyer or form 4 to the buyer's out of state dealer who then is responsible for the form 4 to the buyer.

Technically, if it's the only item in the trust there is another option in which the buyer could be added as a trustee in the interim and take immediate possession of the gun while waiting for the form 4 to process. This step could also negate the necessity for the transfer step between the trust and the out of state dealer. Whether or not the seller chooses to use that option or not is up to them. Note that this is not legal advice...

This could maybe work(no legal advice here either) if they were in the same state but not some much if it’s to be an out of state transfer. You can’t take an MG out of state without notification and approval with ATF. They want to know when, where and duration.

 

[tlrgsxr]

Thanks for all the responses. Another question: is there a difference in transfer time from me to another individual in state compared to me and a dealer out of state?

 

[Esox]

If you sell an NFA item that is registered on a Form 4 to an entity in another state, then you transfer it directly on a Form 4 with $200 tax to a dealer (SOT or C&R if applicable) in that new state. This takes the standard wait time (~12 months currently). If the new owner is not the dealer in that state, then they must submit another Form 4 with $200 tax to transfer it from that dealer to them...and another standard wait time. This waiting can be shortened by submitting that second/final Form 4 a few weeks or a month after the first one in the hopes that the ATF does not process it first, otherwise it will get rejected.

v/r,
Esox

 

[Battering ram NIB]

Thanks for all the responses. Another question: is there a difference in transfer time from me to another individual in state compared to me and a dealer out of state?

you to individual in state would be a normal form 4 wait time..9-12 months(assuming times continue to go up as they appear to be)

you to a FFL is 2-3 months....im still waiting on a late november 2018 one to go through...im hoping by the end of this month........some claim 2 months, ive been seeing 3+(but i have 0 luck)

 

[tlrgsxr]

You two have conflicting answers^^

I’m asking as it relates to a 50/50 payment. If an out of state dealer transfer is 2-3 months, the wait for the final payment is much less than if sold directly to the buyer in state. Can someone clarify how long is the wait transferring to an out of state dealer?

 

[Battering ram NIB]

In state or out of state is the same wait time

In state Individual is only way to transfer direct to the seller

Otherwise it’s 2-3 months for a dealer. In state or out of state

 

[robertmcm]

About 6 months ago I bought a small magwell SWD converted RPB with a SWD can for 6k.
I figured I’d get a max31 for it and call it good. Dam thing jams in 380 I need to adjust the feedramp. I threw the 31 on it and forgot about my stock upper jamming problem until I started typing this.

I bought the gun at from frank. It was an incoming deal he had. It came to me on a form 3.

I figured 6 with a can for a max31 host or max11a1/15 host wasn’t a bad price.

There is a price point to think about.

 

[robertmcm]

I’ve been waiting on a out of state transfer to my sot since November.

 

[robertmcm]

If I was gonna sell the guns I have on my trust I’d transfer them first to my SOT (I’m a sot) then I’d try to sell them. It opens up more doors. I’ve bought a couple of guns for myself that were on a form 4 out of state, but only because they are incredible deals. This 2 month to SOT thing may pan out that way or it may not. I’ve never gotten 2 month turn around on out of state transfers to my SOT. I’m sure it’s happened. Just not my personal experience either for myself or the ones I have had come in for others. 90 days being the quickest I can remember.... wait times change.

For example, I have cans out for customers, someone asks how long it takes. I can say today that I’ve received forms back from August, waiting on one from last febuary. Had a few from April last year ect. But there is no way I can tell you if your going to get your can before x day.

 

[b_saan]

This could maybe work(no legal advice here either) if they were in the same state but not some much if it’s to be an out of state transfer. You can’t take an MG out of state without notification and approval with ATF. They want to know when, where and duration.

Since it's on a trust, the trust owner would just need to file a 5320.20 (mark it a permanent address change in this case) to transport the machine gun to the newly added co-trustee's state. That new trustee would then take possession and then, as a co-trustee, they'd file the Form 4 to transfer the gun from the trust to them as an individual. Again not legal advice, but I am aware of a couple of cases where people have done this and both the 5320.20 and eventually the Form 4 were approved. A trustee may add or remove any additional co-trustees at any time to a properly written trust without any ATF notification, only the transport of the NFA item between states requires the 5320.20 but that is required whether the trustees are originally listed in the trust or not.

 

[Battering ram NIB]

or call the big dealers and get a $3,000 offer

you can have your money in 7 days...if they would offer you that high

 

[b_saan]

LOL yep, always get a kick out of the ads, paying TOP dollar for your machine gun... :bull You will get the money fast though... :lol

or call the big dealers and get a $3,000 offer

you can have your money in 7 days...if they would offer you that high

 

[tlrgsxr]

Thank you so much for the clarification and all the help guys, very appreciated. I have several items on the trust, so the co-trustee thing is out. I was also hoping for more than the estimates, so selling it to a dealer is not even a consideration. I may wind up hanging onto it longer and shooting it while I can, we’ll see. Since we’re talking about it, does anyone want to share a contract they like as the seller? Any reason one should use 50/50 instead of 100% up front?