I have two problems with the proposed transaction.
First problem is with the seller?s request for a non-refundable deposit. You are depending upon the seller?s (or the seller?s agent) descriptions. Their assessment is hardly an unbiased opinion. You are betting $1,000 that there information is accurate, which it maybe. There are some persons with integrity out there.
Second, the time squeeze factor. ?They claim plenty of buyers out there willing to purchase sight un-seen.? I would only buy sight unseen if the salvage value was equal or greater than the asking value. What type of NavComs are installed, are they King 155?s or some old boat anchors?
I hate to be a curmudgeon, however my antenna goes up when conditions likes these are in the agreement. I have been considering selling my 150 due to two kids in college and other obligations. Instead, I will offer it for sale, demand a non-refundable deposit, over-promise, present the plane and just listen to the threats to sue. For $1,000, it?s not worth hiring a lawyer. Heck, if I grow a thick skin and do this four times a year I can make the plane cost neutral! (Only kidding.)
The $1,000 deposit is in essence just purchases the right to inspect the airplane before any others.
