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Interested in this M20G on trade a plane


CDO

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On 5/27/2017 at 11:04 AM, CDO said:

Well I offer to put deposite on the plane and will pay for the fuel cost to get it to a MSC. Here is the answer from the broker "Cong......don't think the owner is willing to see the plane leave the area unless the full purchase price in in escrow. This plane has been maintained locally and a local pre-purchase inspection should be sufficient."

How should escrow work in aviation? Has anyone done this before? Is this a normal step in purchasing an airplane? Should I just move on?

 

You made an offer that is better than I would have.   I'd pay for fuel to/from a mechanic / service center to perform a pre-purchase inspection.   I would not put any sort of deposit on the plane.  --If me dropping several hundred dollars on fuel and a pre-purchase inspection is not good enough to show I am serious, then we probably will not close the deal anyway.  I would give the owner the option of a few shops.  --since I think it is reasonable for the owner to know the person inspecting the plane is competent and of good character.   And I would also have a verbal agreement to either buy the plane at the end of the inspection at the agreed price, or pass on it.  I've bought two planes this way, and sold one this way.

I can also see the attraction of this plane.  If you are interested, call the broker and ask them what the problem is.   It may be the pilot lost his medical or has some other reason they feel uncomfortable flying the plane somewhere (like they are busy). 
 

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21 minutes ago, chrisk said:

I can also see the attraction of this plane.  If you are interested, call the broker and ask them what the problem is.   It may be the pilot lost his medical or has some other reason they feel uncomfortable flying the plane somewhere (like they are busy). 
 

Brokers don't seem to like the idea of flying planes anywhere for pre-buy.  Even Mike Busch wrote an article where he talks about it being better to bring a mechanic to the plane, along with horror stories about why it's a bad idea.  With the right plane and the right MSC very close by, it could work out, but it seems that brokers are really against it.

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19 minutes ago, ragedracer1977 said:

Brokers don't seem to like the idea of flying planes anywhere for pre-buy.  Even Mike Busch wrote an article where he talks about it being better to bring a mechanic to the plane, along with horror stories about why it's a bad idea.  With the right plane and the right MSC very close by, it could work out, but it seems that brokers are really against it.

Brokers don't like it because it is more likely your mechanic will find something that needs to be fixed, and that could affect the deal. Every airplane I have sold I have taken it to the buyer's mechanic (which was usually not far from where the airplane is located), and I expect the same when I'm buying. If the seller is not willing to do that, I'm not interested.

 

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