Club Homepage Forums Classified Ads Buy & Sell - Everything But Airplanes May have that 150 Purchase, but

OK, It looks like I will be looking at the 1977 150M in Milwaukee offered for $27,900. The engine has a new overhaul by the shop that is selling it to new limits with new Millenium Superior cylinders, new crankcase, new bearings, new wiring, new pushrods, etc. Has dual nav com with glide slope, GPS and Northstar M1 Loran. TTAF is 2870. I can get a $1000 deposit to them by tomorrow, but, here are the issues:

1. Price is firm, no budging. They claim plenty of buyers out there willing to purchase sight un-seen.

2. If I come up and I just don't like the airplane for reasons other than there is something airworthiness wrong
with it, I loose the deposit (say my gut tells me don't buy it after seeing it). Otherwise, the airplane stays on the market until I get there on Sunday.

3. My A & P is at an airport 50 miles away from Milwaukee, but the seller won't fly it over for the pre-buy; they insist that my A & P come to thier shop.

This is my first airplane (Maybe), so is this typical of how business is done, or should I walk from this? Please advise.

Thanks!

Steve

Steven,

Couple of issues that may or may not make this a good deal.
1) Price if firm, no budging: Okay...that's fine, but make sure it is what you want. The second part, "plenty of buyers"...then where are they? If it was that hot of a ticket, I would expect the plane to be gone.

2)Based on item #1 and seeing no "sight unseen buyers" in sight <img src="/ubbthreads/images/graemlins/smirk.gif" alt="" />, don't pay the deposit. Call them in the morning of your departure and make the 50 mile trip. I would NOT in this case put non-refundable money up. That does NOT sound typical.
3) I can see where they don't want to be flying the airplane around for someone to criticize, so this does not scare me in and of itself, but you will have some investment in your AP going to look at the bird. He probably can do this with a minimum amount of tools.

Thoughts, don't get too passionate here or you will make a wrong decision.

How about if your AP goes up immediately and confirms the condition and airworthiness (maybe flies the plane for you) THEN you put up a deposit to hold it until you decide if you like the colors? Just a thought.

Oh...both a GPS and Loran, or is the GPS yoke mounted? That does not add much to the aircraft value. Any guarantee/warranty on the "new limits" engine, or is it really a shop overhaul that adds less value to the aircraft? I wasn't clear on that.

I am a bit more philosophical in that, if it isn't meant to be, I don't want to force it, so I am generally opposed to non-refundable deposits unless I have already had a pre-buy or annual completed by an AP of MY chosing and am boarding an airliner. Truth is...people have backed out of deals even with a deposit, so it can be a false economy.

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.

The $1,000 deposit worries me too. I can see problems arising if you find something "wrong", and they argue that "something" is airworthy and therefor not a deal killer. Sounds like a potential can of worms where you lose your deposit.

You and the seller could come to an agreement to split the deposit. $500.00 back if you see items he won't fix or it was misrepresented. Something along those lines. Doesn't hurt to ask. You're meeting him on his terms, maybe he could meet you on your terms.
Bengie

The biggest problem with moving the airplane to an off field location is that you loose control of the logbooks. Not a good thing.

I did a quick look at TAP for 150s from 1974 to 1978 . It looks like $27,900 is at the high end. I found a 150/150 there for just over $3000 more.

?1975 C-150/150 TD, TTAF 2890, TTEng. 534 Lyc reman, new int., VOR, pm GPS, LR tanks, transp. CA/(925) 933-6206. $31,500 Patricia Babcock. ?

No way I would give $27,900 to an unknown shop for a 150 without at least a one year or say 250 hour warranty on the engine. If it is new limits they should be willing.

Never fall in love with another man?s wife or airplane.
[color:"red"] [/color]

Thanks for the info. Actually, the shop is offering a one year/100 hour warrantee on the overhauled engine, so that is covered. If they won't budge on the price, then perhaps I could get them to compensate with a 3-4 year warrantee on the engine. It has been overhauled to new limits, with new millenium cylinders, new cranckshaft, new rods, new wiring, TDC to 28 deg. It also has a KLN35A GPS and Northstar LORAN, King KX-125 NAV/Comm with VOR, LOC and Glideslope, second digital VOR/LOC, Strobes, engine heat, Cessna RT359A Xponder w/encoder. I agree that $27,900 is a bit much and I will try an offer of $26,000 and see where it goes.

Steve

Also take a look at the sample purchase contract on the AOPA web site. It covers all the important transaction bases and you can tailor it to what you need in the situation. You could use it at least as check list of transactional issues to consider.

Thanks! I am an AOPA memeber, so this should be easy. I can do the title search through them as well.

Speaking of deposits...I was just on the other side of the fence for that last three weeks when selling my Skyhawk. I had a few people want to wire deposits but I would not take a deposit UNTIL they came out and inspected it, and were SURE they wanted to buy it. Then and there it the deposit became NON refundable.
Whats the point of a deposit if you have to give it back??

The man that wound up buying my plane offered a non refundable deposit sight unseen (after many conversations on the phone).
A day later I had a caller insist on seeing my plane even after I told him that a deposit had been put on it. I let him take a look and he offered me more money than the other guy. I had to turn him down becuase I gave the previous guy my word that I wouldn't sell it out from under him till he got there to see it.
Keeping my word to this guy was worth more than a few bills.