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29 Mar 2024, 06:32 [ UTC - 5; DST ]


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 24 Mar 2018, 06:55 
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Joined: 05/11/10
Posts: 12364
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Location: Indiana
Aircraft: Cessna 185, RV-7
I'm about to lose my first choice, as the song says, "from courtin' too slow."

How do I lock up an airplane long enough to look at it or get it looked at? Even if I offer to make a deposit, a paper check snail mailed takes two days to get anywhere and 5 to clear. In that time, a good Super Cub is long gone. It seems that someone with my interests in mind should see an airplane in person before the haggling starts.

This would be easier with a dealer, but I'm finding that dealers know absolutely nothing about Cubs and they're prone to blowing smoke up one's behind.


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 24 Mar 2018, 07:51 
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Joined: 01/28/13
Posts: 6037
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Location: Indiana
Aircraft: C195, D17S, M20TN
Sorry you missed one. Not the right one I’d guess.

Write up a simple Letter of Intent or Purchase Agreement thatbcovers the basics. Deposit to title company, wired, quick...

LoI should include what’s important to you.
Maybe:
1. Title company and deposit
2. Term
3. Price
4. Pre purchase inspection, who pays
5. Clear title
Subject too’s:
6. Financing, if required
7. Timing

This is not all inclusive, roll your own.

Continue with needs as required. You can do this yourself on 8.5 x 14 or have attorney draw it up. Scan to owner with your signature he returns with yours. Maybe add witness’s to signature or have notarized.

Buyer does not hold deposit, ever!. With this signed and in hand you can reasonably go look and or have pre buy done... ie spend money with comfort of an agreement that gives you some protection. shake it and adjust it to your needs/tastes...

I never go look a long distance and or take IA with me till this is in hand. Remember Canada? To each his own

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Chuck
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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 24 Mar 2018, 07:57 
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Joined: 05/11/10
Posts: 12364
Post Likes: +11354
Location: Indiana
Aircraft: Cessna 185, RV-7
Username Protected wrote:
Sorry you missed one. Not the right one I’d guess.

Write up a simple Letter of Intent or Purchase Agreement thatbcovers the basics. Deposit to title company, wired, quick...

LoI should include what’s important to you.
Maybe:
1. Title company and deposit
2. Term
3. Price
4. Pre purchase inspection, who pays
5. Clear title
Subject too’s:
6. Financing, if required
7. Timing

This is not all inclusive, roll your own.

Continue with needs as required. You can do this yourself on 8.5 x 14 or have attorney draw it up. Scan to owner with your signature he returns with yours. Maybe add witness’s to signature or have notarized.

Buyer does not hold deposit, ever!. With this signed and in hand you can reasonably go look and or have pre buy done... ie spend money with comfort of an agreement that gives you some protection. shake it and adjust it to your needs/tastes...

I never go look a long distance and or take IA with me till this is in hand. Remember Canada? To each his own


AHA! So the deposit goes to the title/escrow company, so I don't rely on the seller to give it back if the deal falls apart. Got it. Of course, I'm still trusting the seller not to sell it out from under me....


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 24 Mar 2018, 08:44 
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Joined: 01/28/13
Posts: 6037
Post Likes: +3998
Location: Indiana
Aircraft: C195, D17S, M20TN
Your PA should create a little fear that he has liability in the case of breaking the contract. Nothing in life is risk free.

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Chuck
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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 24 Mar 2018, 12:42 
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Joined: 05/11/10
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Location: Indiana
Aircraft: Cessna 185, RV-7
A week or so ago, I emailed a broker who's listing two SC's with very similar credentials, priced about $30k apart, asking about the difference between the two. Today, he sent a reply saying, "the difference between these two airplanes is that one owner has priced to sell and one owner has priced not to sell."

And just like that, this broker gets my attention. :clap:


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 11:48 
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Joined: 08/31/17
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Username Protected wrote:
A week or so ago, I emailed a broker who's listing two SC's with very similar credentials, priced about $30k apart, asking about the difference between the two. Today, he sent a reply saying, "the difference between these two airplanes is that one owner has priced to sell and one owner has priced not to sell."

And just like that, this broker gets my attention. :clap:


Fantastic line that one....

And as a hoosier with seaplane friends - straight floats are a RIOT and the Indiana Seaplane Pilot Association fly in is NOT to be missed. We run a shuttle for land planes too. Shameless plug for Pokagon State Park in the fall...

If you don't have a lakefront to park your seaplane on its a lot more difficult. Also seaplane restrictions in Indiana are kind of unfriendly its not as simple as is it safe? Its a complicated DNR approval process to get a lake approved :crazy:

:btt:

Our flying flying club thought about pursuing that Wag Aero but couldn't come to a consensus. If I was buying solo I'd be up there looking at it. Pronto.

Fly to look at one - haggle, leave a deposit, inspect - haggle if necessary - fly new airplane home.

0.02 good luck!


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 12:35 
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Joined: 05/11/10
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Location: Indiana
Aircraft: Cessna 185, RV-7
Username Protected wrote:

Fly to look at one - haggle, leave a deposit, inspect - haggle if necessary - fly new airplane home.

0.02 good luck!
It's really not too complicated, is it.


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 12:46 
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Joined: 11/03/08
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Location: Peachtree City GA / Stoke-On-Trent UK
Aircraft: A33
on a simple airplane, it's a 1-day affair. Take your checkbook and a few tools with you, inspect, haggle, write check, fly home.


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 16:08 
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Joined: 05/11/10
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Location: Indiana
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I made an offer today that a seller accepted! Arranging all of the other stuff including the moderate adventure of getting it home. Probably not closing till mid-May. No pics or N numbers till then! :tape: Still lots of time and ways for this thing to go bad.....


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 16:19 
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Joined: 09/23/09
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Location: Cascade, Idaho (U70)
Aircraft: 182
:pray:

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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 16:40 
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Joined: 07/16/17
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Location: KYIP Willow Run (Detroit MI)
Aircraft: BE58/7AC/C140
Username Protected wrote:
I made an offer today that a seller accepted! Arranging all of the other stuff including the moderate adventure of getting it home. Probably not closing till mid-May. No pics or N numbers till then! :tape: Still lots of time and ways for this thing to go bad.....



Congratulations! Hope it works out. :thumbup: :cheers:


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 18:21 
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Joined: 11/02/09
Posts: 464
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Location: CYQU (Grande Prairie, AB)
Aircraft: TN V35B, Husky A-1B
Username Protected wrote:
I made an offer today that a seller accepted! Arranging all of the other stuff including the moderate adventure of getting it home. Probably not closing till mid-May. No pics or N numbers till then! :tape: Still lots of time and ways for this thing to go bad.....


Nice! What can you tell us about it? Breed? Age? Unusual appendages?

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Grande Prairie, Alberta


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 18:52 
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Joined: 05/11/10
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Location: Indiana
Aircraft: Cessna 185, RV-7
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Nice! What can you tell us about it? Breed? Age? Unusual appendages?


PA-18 built at a time of tail-finned cars. Very few price-hiking STCs. The most important thing that sets it apart is usage. Many Super Cubs these days are flying 10 hours a year or less; one with 10 years on an overhaul might have fewer than 100 hours on it. I saw one advertised as "low time!" When I finally dug deep enough, I found that the <400 SMOH engine was overhauled in 1969! My Bonanza taught me the about the connection between low time and high corrosion. But this SC was overhauled about 15 years ago and has 1000 SMOH. Not bad, IHMO.

I'll stop now, before I get accused of teasing. :thumbdown:


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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 19:12 
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Joined: 01/28/13
Posts: 6037
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Location: Indiana
Aircraft: C195, D17S, M20TN
Way to Go Stu!!!!! Good luck getting this to the finish line, if it works in your favor of course..... :thumbup:

:cheers: When this is a done deal and in your new hangar... oh have you thought about that? :duck:

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Chuck
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 Post subject: Re: Help Me Think Through This Supercub Thing
PostPosted: 27 Mar 2018, 19:30 
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Joined: 06/07/10
Posts: 8249
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Location: Boise, ID (S78)
Aircraft: 1964 Bonanza S35
Username Protected wrote:
I made an offer today that a seller accepted! Arranging all of the other stuff including the moderate adventure of getting it home. Probably not closing till mid-May. No pics or N numbers till then! :tape: Still lots of time and ways for this thing to go bad.....


It's an airplane transaction. What could possibly go wrong?


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