In Pre-Purchase Inspection - Need Help!

[dmevans]

Hello everyone,

I am in the process of completing my first aircraft purchase (67' F Mooney). I am in the middle of pre-purchase inspection and have been presented with a fairly tough decision.

Joey from Cole Aviation called me yesterday with some disturbing news... The right tank is leaking pretty bad and it's running into the cabin. Additionally, the left tank has a slight seep but not leaking into the cabin. I asked the seller to either pay for the tanks to be addressed or take the amount of the reseal off of the purchase price and he has refused. Instead, we have came to agreement that he would take 4,500 off of the purchase price. Bringing the total price to 49,500... Mind you, this is the first issue that we have come across in the pre-purchase inspection. Based on the amended purchase price and how the aircraft is equipped should I walk away while I'm ahead and continue searching? Is 49.5k too much for this aircraft? Please see the link below for aircraft pictures and details.

http://sites.google.com/site/n3291f/home

Thanks for your help everyone!

[Bacachero]

Nice looking Plane! I think the price is very good. I hope they dont find any more squaks. The Reseals are easy fix and wont give you any more trouble for a long time.

[Comatose]

You've gotta figure the condition of any mooney tanks that haven't been resealed recently are potentially suspect. So its like an "average" plane - some wear is already priced in. $7k or so gets you perfectly fresh sealed tanks, so you're only really out $2500, which seems fair. I'd keep going.

My judgement is clouded by having a plane undergoing inspection right now, so I'm anxiously waiting by the phone to find out. If that was all that turned out to be wrong with "my" bird, I'd be estatic. Well, actually, I'd be confused, because mine had bladders installed three years ago, but one non-structural squawk that the owner will cover most of the cost of? Where's my checkbook?

[Parker_Woodruff]

What state is the plane located in right now?

[mjc]

So long as there's no significant corrosion and the engine is in good shape, I'd keep looking at this airplane. In this price range, you're unlikely to find an airplane that's perfect in every way. Here you have a fixable problem and the seller is willing to work with you to make the sale. The question to ask the fellow doing the inspection is what the condition of the rest of the sealant is. If the rest of the sealant is in good shape, and it costs you $1500-2000 of the $4500 to patch the leaks, you come out way, way ahead. If the rest of the sealant is barely acceptable, as another poster pointed out, you're $2500 out of pocket for a reseal that should last 20-30 years.

[Parker_Woodruff]

just do the strip and reseal right the first time...it'll save you many times over. (IOW, find someone with a clue on how to do this!!)

[scottfromiowa]

That is a lot of plane (avionics are NICE!) for the money.  I would proceed!  Good Luck!

[lahso]

Curious: Is Joey recommending bladders?

[Mcstealth]

Jeeze you guys are tough.......

Hello Demevans and welcome to Mooney Space. Search on this sight 'bladders' or 'reseal' and you will have many opinions and options. Congratulations on choosing Mooney, if this is your first Mooney and we know you won't be dissapointed.

[Mooney65E]

Fuel leaking into the cabin shows evidence of a break in the seal around the fuel sending unit. Had this happen years ago on my 65E. It's not a big deal to have them resealed and definitely not a deal breaker IMO. Very nice of the owner to knock $4500 off the purchase price for something that may only cost a tube of proseal and a days work from your mechanic. That plane should be worth every penny of 49.5k. The GNS430w and Stec 30 with alt hold alone will cost   almost 20k to have installed in another plane. I say go for it! Let us all know what you decide. Good luck!

[Ned Gravel]

I would say to go for it too.  Decent looking aircraft.  Useful avionics.  Price is right, even if you have to do a re-seal.  If it turns out to be only the sending unit - so much the better.

[fantom]

In my opinion, that plane looks like it's worth every cent of the $49.5K price, barring other MAJOR issues. You're already into it for a PPI, it's equipped very well, and you don't get perfection for under 50 grand. Jump on it before someone else does, and good luck.

[KSMooniac]

Another vote to keep going!  That is a lot of Mooney for the price, even if you have to do a full tank re-seal on your nickel.

[drpep]

Price suggests a buy to me if there are no there major squaks. The avionics are a plus for the age. With a 201 window and a Lasar cowl mod this plane would be very appealing

 

[dmevans]

Thanks everyone for all of the input! I just got off the phone with Joey, and now it seems the nose wheel area needs a complete overhaul... Streering horn, truss is bent, a component that keeps the nose wheel locked down is worn pretty bad and needs to be replaced... Another 4k worth of work that the seller is not looking to compensate in the price of the sale.... So basically I will be out another 4k on top of the 3.5-4k for tanks... Decisions Decisions.... I would like to hear what you all think about this one... 

Thanks again for all of the input! Hopefully I will be a proud Mooney owner soon!

[231Pilot]

Right now, the seller is refusing to repair squawks amounting to roughly $8K, but has come down off his asking price by approximately $10K if I remember the ad from the link posted and the amount you stated.  That is still not a bad price for the plane equipped as it is IF no more squawks are found, maybe a little on the high side, but not unresonable if everything else is good (paint, interior, all avionics working, etc.).  Tell him you will pay the original asking price if he repairs all squawks to your satisfaction. (It is a mid-time engine, so make sure the compressions are good, and a recent oil analysis has been done and checked out metal free).

[fantom]

Rather than panic over every item Joey finds, as he finds it, wait till the inspection is complete. Then you'll have more data to evaluate.

Also remember, the whoever does the PPI, the tendency is to overstate the issues, at least in my experiences. Ever hear of a house painter who doesn't think you need a new paint job....now?

[KSMooniac]

That nose gear estimate sounds high to me too.  Talk with LASAR about getting one of their overhauled truss units and then start from there.  The plane still sounds like a strong buy to me too.

[Mcstealth]

Quote: fantom

Rather than panic over every item Joey finds, as he finds it, wait till the inspection is complete. Then you'll have more data to evaluate.

Also remember, the whoever does the PPI, the tendency is to overstate the issues, at least in my experiences. Ever hear of a house painter who doesn't think you need a new paint job....now?

[DaV8or]

Hi and welcome to the board! I too have been looking for a Mooney and this one is close to what I'm buying. I think in your case, I would evalute how important avionics are to you. In my case, they are very important, but to others it seems much less so. If it were me personally, I would pursue this plane a little further. That's a really nice panel. That costs a lot to duplicate. If the panel doesn't matter that much to you, move on. There are a lot of good Fs and Es out there right now with goofy panels but other nice features.

[dmevans]

I would like to first off say thanks to everyone that contributed to this thread! It made a world of difference when negotiating with the seller on the aircraft!

Long story short, the seller and I came to agreement on a price and I will be picking her up next week!! I will keep everyone posted on the flight from the Georgia to Northern California...

Thanks again guys for all of the useful information!

[231Pilot]

Congratulations!  You are going to love her.

[Sabremech]

Congratulations. I'm convinced since I picked mine up 2 weeks ago. You're going to love it.

[Mac201]

Congrats on the purchase!  If need help in Atlanta picking up the plane let me know.  There are a few of us Mooniacs around.

[DaV8or]

Quote: dmevans

 I will keep everyone posted on the flight from the Georgia to Northern California...