Very true. My Lance had about $10k in squawks which ended up being $15k on final price less. But this thread was about corrosion and LGFs plane burned to the ground but was put back together, which is a show stopper for just about everyone.
Every plane will have squawks. Every buyer has a walk away threshold. Run out engines to an AP are a diamond that needs some polishing. A run out engine to an average buyer us a show stopper.
Yes, agreed.
About 2-3 years ago when I was perusing Controller for potential good deals on upgrade planes (this was when we weren't serious about it, but were starting to think) I found a 414 that looked like it might be a good buy. Stock 414 from Idaho or somewhere around there. Earlier model, looked clean, needed some work. Out of annual for quite a while, over a decade. Had enough things that would minimize the desirable market. So I figured I'd give the broker a call to find out some more info thinking we might be able to get a really good deal that would need some work.
Broker: "Well, the plane's been out of annual for 25 years."
Me: "Alright, so it hasn't flown in 25 years."
Broker: "Oh no, it's been flying in that time and flies great."
Me: "Ok... was it purchased and just ferried recently?"
Broker: "No, the owner puts about 50-100 hours a year on it."
Me: "So he just flies it out of annual. Who does the work on it?"
Broker: "He does. He's a very meticulous individual."
Me: "But he's not an A&P?"
Broker: "No."
Me: "So, that means that no ADs on the plane have been complied with during the past 25 years."
Broker: "Correct."
I chatted with the broker a bit more, who really was a very nice individual. The owner was someone who just had no use for the FAA or regulations. I ended up telling the broker that if the plane was donated outright, that we would take it, but that would be the only condition under which we would acquire the aircraft. And even then I wasn't sure if we'd want to fix it or just sell it straight to a scrap yard - I was thinking the latter. The seller was trying to raise money for another project of his. No idea who bought the plane eventually, I would think the scrap yard was the only home for it.
The 414 we later picked up (a 77 model that was out of annual, hadn't flown in 6 years, etc.) ended up being a much, much better option. I'm glad we waited.