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#11
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#12
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three-eight-hotel wrote:
I recall some discussions about setting up an escrow account for these types of transactions... I'm reluctant to hand people money, if I have no way of guaranteeing I can get it back! Escrow services are a great idea. George Patterson Give a person a fish and you feed him for a day; teach a person to use the Internet and he won't bother you for weeks. |
#13
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So you took a risk that if he wasn't really serious, he could find
some minor problem with the pre-buy results and bail on the deal, leaving you with the cost to deliver and your time, including any period of time that you were holding the a/c until the pre-buy was arranged. - Mike George Patterson wrote: .. The contract stated that I would deliver the aircraft to a shop of his choosing for the inspection and he could back out if he didn't like the results of the prebuy. |
#14
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Michael Horowitz wrote:
So you took a risk that if he wasn't really serious, he could find some minor problem with the pre-buy results and bail on the deal, leaving you with the cost to deliver and your time, including any period of time that you were holding the a/c until the pre-buy was arranged. Yes. Actually, I was sort of hoping he would cancel. We got two or three more calls after that, including one from Alaska. On the other hand, "a bird in the bush ...." And you have to admit that a 2 grand deposit is a pretty good indication that the guy was serious. George Patterson Give a person a fish and you feed him for a day; teach a person to use the Internet and he won't bother you for weeks. |
#15
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Yup, that's a fair indication - Mike
George Patterson wrote: Michael Horowitz wrote: So you took a risk that if he wasn't really serious, he could find some minor problem with the pre-buy results and bail on the deal, leaving you with the cost to deliver and your time, including any period of time that you were holding the a/c until the pre-buy was arranged. Yes. Actually, I was sort of hoping he would cancel. We got two or three more calls after that, including one from Alaska. On the other hand, "a bird in the bush ...." And you have to admit that a 2 grand deposit is a pretty good indication that the guy was serious. George Patterson Give a person a fish and you feed him for a day; teach a person to use the Internet and he won't bother you for weeks. |
#16
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wrote in message oups.com... Well, I lost out on a chance to purchase a nice plane because I wanted a pre-buy and someone else just wrote out a check unseen. What do you think of this approach: Offer the seller a reasonable amount to hold the aircraft until a pre-buy can be arranged. If the results of the pre-buy indicate major problems, money is refunded. Unfortunately, this approach does not take into account any price negotiation. Anyone have a preferred approach they could share? - Mike Settle on a price Give him a deposit to hold it Everyone sign a contract saying exactly what both parties expect Get the plane in the shop for an inspection Insist any major issues found in the inspection be fixed by the seller. Just my 2 cents |
#17
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John Doe wrote:
Settle on a price Give him a deposit to hold it Everyone sign a contract saying exactly what both parties expect Get the plane in the shop for an inspection Insist any major issues found in the inspection be fixed by the seller. You forgot a few steps. 6. Argue over whether "major issue" is major. 7. Argue over whether price takes condition into account. 8. Watch seller sell plane to someone else. You are welcome to try to get the price adjusted due to things your mechanic found that you think are major, but the buyer is in no position to "insist" on anything other than his deposit back if he isn't happy with the inspection results. The buyer of my Maule claimed his mechanic found that the plane needed $18,000 worth of work. I pointed out that the purchase price was $22,000 below book, so he was getting quite a deal. George Patterson Give a person a fish and you feed him for a day; teach a person to use the Internet and he won't bother you for weeks. |
#18
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George Patterson wrote:
John Doe wrote: Settle on a price Give him a deposit to hold it Everyone sign a contract saying exactly what both parties expect Get the plane in the shop for an inspection Insist any major issues found in the inspection be fixed by the seller. You forgot a few steps. 6. Argue over whether "major issue" is major. What my club did for our last plane purchase was define a dollar amount as the dividing line between "major" and "minor". Of course, the seller could have disagreed about an amount. 7. Argue over whether price takes condition into account. All "conditions" were discussed ahead of the pre-buy, leaving anything else as not "taken into account". A consideration is that both parties *want* the transaction to happen. Of course, there's plenty of room for "fatal" disagreement. But that's a scenario that both parties would consider unfortunate. - Andrew |
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