Buy a damaged airplane

Almost bought an airplane. Talked to the guy over the phone. He's
brokering it for someone else. Asked him about damage history. No damage
history, he said.

Now, one thing I always do before I go to see an airplane is I check the
NTSB database. Actually, I do this before I call the owner so I can tell if
he's lying to me or not. The NTSB database showed no records for the plane.

So, I flew out (it is in Utah, I'm in Virginia) looked okay. Your normal
spam can. Not overly sweet, but better than average, I thought.

I'm kind of tired of looking so I thought, "what the heck, I'll buy it."
Made the broker an offer less than the asking price. The owner cam back
with a counter, and I agreed.

The broker sends me the contract, and it specifically stated that there are
no liens on the plane. But, always wanting to be safe rather than sorry, I
call AOPA to get a title report. Well, I decide to splurge and got the
whole shootnmatch, title search, NTSB report, AD listing, and SD report.

Bam! First salvo hits. The plane has a $40,000 lien on it. "Well," I
thought, "maybe they meant that they were going to pay it off with the
proceeds from the sale."

Whoa! Incoming! NTSB report comes back with that it had a mid-air
collision with a helicopter in 1996. Substantial damage. "Warning!
Warning, Will Robinson!"

Okay, now I'm ****ed. I'm ****ed that they told me there was no damage
history when a midair collision with substantial damage would definitely
qualify as a damage history to me. I'm ****ed that the on-line NTSB
database didn't show me this. I'm ****ed that I spent over $600 to go see
the plane. And I'm ****ed that I don't know who's lying to me, the broker
or the owner.

I called the broker. Told him about the lien and the accident. He was very
sympathetic. Claims he didn't know. Seems to be ****ed at the owner.
Claims that he looked through the logs and didn't see and major repairs.
(Interestingly enough, the AOPA search didn't turn up any 337's either.)
Before I could tell him that I want out, he offers to let me out.

So, now you know my story. Here's what my inquiring mind wants to know:

Up until the past decade or so, the common wisdom was that you shouldn't
consider an airplane that ever had an accident. Why bother? There are so
many non-damaged airplanes to be had. Recently, however, as the fleet ages,
the wisdom has since changed to, "well, if the damage isn't recent, it
should be ok." So what do you all think? Never consider a plane with
damage history? Consider it if the damage isn't recent? If so, what is
considered "recent?" How much would you deduct for an airplane with major
damage?