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I recently sold our airplane using a broker to represent us as sellers.
Things seemed to be OK, a few rough spots, and I would like to have gotten a little better offer, but we negotiated with a buyer through the broker and agreed to a sale. Paperwork for the sale then proceeded OK and I flew the airplane to the buyer for the prepurchase inspection and sale closing. After the inspection, I overheard the buyer reading his list of squawks to the broker over the phone, and telling him the estimated cost of correction per his mechanics. Hearing that one side of the conversation, it became clear that the broker (my Seller's Representative!) was telling the buyer to ask for more. In direct conversation with the broker a few minutes later, I confronted him about and he defended it as his standard practice if he didn't think the buyer was asking for a realistic amount for correction of a defect. The buyer was no babe in the woods, he was an experienced businessman used to doing deals much larger, and he was ably represented by A&P/IA advisors. The amount of money was minor, and the broker wound up paying it. But it certainly cast doubt on how zealously he had represented me during the entire process. Soon thereafter, I had occasion as a buyer to look at an airplane represented by that same brokerage, but a different person. Same thing. He informed me of defects and told me I should have the buyer fix them. Sure glad the broker was not my lawyer. "Judge, ten years is not enough, give him fifteen!" Stan |
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