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Do people no longer honor their word?

Pinecone

By Pinecone
in General Mooney Talk

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Pinecone Grand Master

Pinecone

Posted
Posted

Was all set to buy a plane this week.  Seller and I had a verbal agreement to do the deal.

I placed a deposit (via escrow) on the deal, and was waiting for the paper sales agreement, but was not worried, as a I trusted a Mooney owner.  We set up the pre-buy.  I arranged insurance, hanger, finalized the lending detail, etc.

The day the plane is to be delivered to the pre-buy, the seller backs out and decides to keep the plane.  And without the written sales agreement, he leaves everyone high and dry.  And does not even make an effort to take care of them.

Oh well, some people are like that.  And thanks for the reminder.

Anyone know of a nice 252 for sale?  Written sales agreement required.

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A64Pilot Grand Master

A64Pilot

Posted
Posted

Either party can back out, more often than not it’s the buyer that does.

From my limited experience when the seller does, it means he’s gotten a better offer, and greed kicks in, some justify it by “it’s just business” Sometimes they will try to get you in a bidding war, which would be fine, except we already had an agreed on price, so it’s not.

When I bought my J, I went to see it very quickly after it had been listed, and we agreed on a price subject to passing an inspection, handshake. I know for a fact he got offers sight unseen for more than I was paying, but being a good ole boy he held to his handshake.

Reputation in smaller Southern towns means a lot, and everyone knows who’s word is good and who’s isn’t.

Good luck enforcing a written sales agreement, you could probably “win” but what would it cost in lawyer fees?

JayMatt Community Regular

JayMatt

Posted
Posted
5 hours ago, Pinecone said:

Do people no longer honor their word?

I do, but I rarely come across someone that does. It's about 50/50 in the aviation world in my experience so far. Which is way higher than anywhere else. 

  • Like 2
LANCECASPER Grand Master

LANCECASPER

Posted
Posted
16 hours ago, Pinecone said:

Was all set to buy a plane this week.  Seller and I had a verbal agreement to do the deal.

I placed a deposit (via escrow) on the deal, and was waiting for the paper sales agreement, but was not worried, as a I trusted a Mooney owner.  We set up the pre-buy.  I arranged insurance, hanger, finalized the lending detail, etc.

The day the plane is to be delivered to the pre-buy, the seller backs out and decides to keep the plane.  And without the written sales agreement, he leaves everyone high and dry.  And does not even make an effort to take care of them.

Oh well, some people are like that.  And thanks for the reminder.

Anyone know of a nice 252 for sale?  Written sales agreement required.

Probably not a huge loss. If he doesn't keep his word on this, probably not the character of someone I'd want to buy an airplane from.

You “buy” the owner first, the airplane second.

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oregon87 Collaborator

oregon87

Posted
Posted (edited)

If you want to be really disappointed in humanity, list something for sale on Craigslist or Facebook Marketplace.  :)

Edited by oregon87
  • Like 2
Fly Boomer Grand Master

Fly Boomer

Posted
Posted
7 hours ago, Pinecone said:

Anyone know of a nice 252 for sale?

Jimmy Garrison had this is stock or maybe coming in soon:

1986 M20K '252' Encore Conversion.
<2000 Total Time
<200 Hours Since Factory Rebuild
Garmin GTN-650
Garmin GTX-345
Aspen PFD-1000
Garmin G-5 Glass
King KAP-150 with Altitude Preselect
JPI EDM-700
Monroy Long Range Tanks
Speed Brakes
WX-10A Stormscope
Very High Useful Load (somewhere between 1050 and 1100#
Good Cosmetics
Price is $249,000
 

Pinecone Grand Master

Pinecone

Posted
  • Author
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I had been in contact with Jimmy.

Was set to buy 479CC, until we looked at the engine logs. 

The Encore conversion is a bit high, especially since I would have to paint and do the interior.  NOT to my taste. :D

 

Aerodon Veteran

Aerodon

Posted
Posted
5 hours ago, Pinecone said:

I had been in contact with Jimmy.

Was set to buy 479CC, until we looked at the engine logs. 

The Encore conversion is a bit high, especially since I would have to paint and do the interior.  NOT to my taste. :D

 

I'm curious, what did the engine logs show that is not going to be fixed at the overhaul?

 

Aerodon

Wildhorsetrail Enthusiast

Wildhorsetrail

Posted
Posted

I believe the value of a man's word is no longer what it once was. That being said, I bought my plane from a gentleman who was wonderful in this regard. We basically negotiated the deal over the phone, and finally met to trade check for bill of sale.

MikeOH Grand Master

MikeOH

Posted
Posted
1 hour ago, Wildhorsetrail said:

I believe the value of a man's word is no longer what it once was. That being said, I bought my plane from a gentleman who was wonderful in this regard. We basically negotiated the deal over the phone, and finally met to trade check for bill of sale.

Pretty similar for my purchase: handshake on price and terms, he flew the plane to my mechanic for PPI.  We did use an escrow to transfer money and title.

KurtWhite Apprentice

KurtWhite

Posted
Posted
9 hours ago, WaynePierce said:

Check with Jimmy Garrison https://www.gmaxamericanaircraft.com/

Good on his word and keeps an email list of buyers interested in a particular model for pre announcement of what he has coming in.

I agree.  I've purchased three planes through Jimmy.  Each time it all worked as it should each time.

  • Like 2
KLRDMD Grand Master

KLRDMD

Posted
Posted
10 hours ago, LANCECASPER said:

Probably not a huge loss. If he doesn't keep his word on this, probably not the character of someone I'd want to buy an airplane from.

You “buy” the owner first, the airplane second.

I *always* do a pre-buy on the seller. I sometimes, but rarely do a pre-buy on the airplane.

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Mkruger2021 Enthusiast

Mkruger2021

Posted
Posted

Id rather think about the positives in people. "The glass half full theory" rather than negatives......Generally speaking, people in this hobby are good people. Just think about all the good advise that we all have contributed on this website for the good of others at the expense of our time....Its all out of the good of people...Just my two cents...

  • Like 1
kortopates Grand Master

kortopates

Posted
Posted
15 hours ago, Aerodon said:

I'm curious, what did the engine logs show that is not going to be fixed at the overhaul?

 

Aerodon

note <200 hrs on factory rebuild 

M20F Grand Master

M20F

Posted
Posted
14 hours ago, KurtWhite said:

I agree.  I've purchased three planes through Jimmy.  Each time it all worked as it should each time.

Jimmy’s handshake deal with him cost him some money.  He made good.  For those looking can’t go wrong with him. 

  • Like 1
BobbyH Community Regular

BobbyH

Posted
Posted
8 hours ago, Mkruger2021 said:

Id rather think about the positives in people. "The glass half full theory" rather than negatives......Generally speaking, people in this hobby are good people. Just think about all the good advise that we all have contributed on this website for the good of others at the expense of our time....Its all out of the good of people...Just my two cents...

I agree, the majority of those I interface with in general aviation are good people.  Most will go out of their way to help another pilot, especially with a damaged bird.  I love hearing the stories of a close friend of mine (ex-military) who has had numerous incidents with the old planes he has owned over the last 40 years.  So many have helped him out, loaning pistons to get him home, putting him and his de Havilland Chipmunk in the barn to weather a storm then feeding and housing filled the tanks and sent off with a bag lunch for the trip.  It goes on and on.  There are a few that left their mother too soon and still don't get it, but they are the exception not the norm.  So I'm going to enjoy the norm and apply some grace to those still in process of growing up. 

I do love the support the members on this site give one another.  It does bring me joy when I can rub shoulders with those who have so much more experience. 

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