Need to sell stocks - never done it before

marie26April 18, 2005

I have 8 shares of a stock that hasn't moved in years and would like to sell them and not reinvest at this time. What is the cheapest way to sell them? I have the actual stocks and they are only worth about $450.00. I have never invested in the stock market and don't know how to go about this without giving most of the money away to a stock broker.

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You could contact the company (or the people who handle the stock for them; for my company it's Wells Fargo) and ask if they have a buy-back program. That probably would be the simplest, cheapest way to go.

You'll see on-line stock brokerages that advertise low per-trade costs, but they're usually geared to high-volume investors. You might see if your bank is associated with a brokerage; your being a customer at the bank might get you some kind of discount, especially if the proceeds will be held in an account you have with the bank. Otherwise, shop around some, especially at some of the smaller brokerage firms. For an odd lot, it probably won't be cheap to sell them, but some places will be cheaper than others.

    Bookmark   April 19, 2005 at 8:55AM
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Steve, thank you for replying. What is the range I should expect to pay for selling 8 shares?

    Bookmark   April 19, 2005 at 11:21AM
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I'm sorry -- I'd have no way of saying. It's been a long time since I sold an odd-lot like that and I don't remember what it cost for that trade....

    Bookmark   April 20, 2005 at 12:46PM
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Thank you, Steve, for responding to my question.

    Bookmark   April 21, 2005 at 1:00AM
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I just paid $97 to sell $6200 worth of stock. Next come the taxes :-(

    Bookmark   April 22, 2005 at 1:10PM
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If you go to E-Trade or another discounter I think it is only about $20 a trade. If you go that way, I think you would have to put the shares in their hands before they would sell them. You need to decide if you will sell at whatever the bid price is, which carries a trading cost of only about $15, or for a sum certain - which will cost you a bit more, maybe $20. YOu will want to be sure to specify that you will only sell if all of your shares can be sold in a single transaction - otherwise it could cost you a big chunk of the value. I would open an account, watch the market for a few weeks, and then make your decision. I have found it all pretty easy. I started out by going through my bank, but that was very expensive.

    Bookmark   May 9, 2005 at 8:18PM
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