Offer accepted on SR22

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asgcpa

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So on Friday I put forth a final offer to the seller of the SR22 from our group, subject to acceptance by a certain time. It was accepted today.

We are waiting for the purchase agreement, then it goes to the lawyer, and subject to lawyer approval we will wire in the $$ for the earnest money.

We have a pre-buy scheduled for the end of the month.

Any suggestions for the journey?

Thanks
 
Have all the ducks really in a row for the seller especially as far as insurance and closing $ so the closing date can be met . Latley Ive had some buyers who seem to think contracts dont mean anything..Other than that good luck! it can be an emotional journey and understand few planes have litteraly NOTHING to fix on a pre-buy , get an idea of what is normal and anything but when that report comes back.
 
Sounds fancy and complicated.

Made a off the cuff offer on my 185 over the phone, settled up face to face after the pre buy.


Same deal on my first plane.
 
James331 said:
Sounds fancy and complicated.

Made a off the cuff offer on my 185 over the phone, settled up face to face after the pre buy.


Same deal on my first plane.
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I was lucky enough as well. Offer over the phone. We met for the pre buy, I wired the money and the plane was mine. Congrats and good luck!
 
Given your location in Chicago, are you getting your prebuy at Wisconsin Aviation in Watertown? It probably sees more Cirri than any other shops around Chicago.
 
Congratulations!!

What gen Cirrus did you buy? Turbo?

I used to own a timeshare interest in a Cirrus years ago at PWK. COPA had annual migrations to Duluth and part of the fun was the factory tour to see how wonderfully made a Cirrus is.

I'd go to Duluth to get a factory tour and to schedule some time in their CAPS simulator -- don't be afraid to use the chute if a true emergency develops. For example, CAPS is the only method for spin recovery (if the plane ever got into a spin); other examples are mid-airs, pilot incapacitation, spatial disorientation and some other bad stuff. Duluth teaches you that the chute saves lives if used in time -- might not have a working Cirrus, but you'll have your life.

Put away reserves for the Chute repacking or replacement. The time frame in which that is supposed to be done should be in the front of one of the mx logs.

Once again, congratulations.
 
NoHeat said:
Given your location in Chicago, are you getting your prebuy at Wisconsin Aviation in Watertown? It probably sees more Cirri than any other shops around Chicago.
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Wisconsin Aviation did a lot of the repairs/annuals etc. My partner who has owned planes before wants to take it to another authorized shop at least for prebuy. I talked to Kevin. We will get chute repack there and avionics work, then take it there for annuals.
 
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AlanM said:
Congratulations!!

What gen Cirrus did you buy? Turbo?

I used to own a timeshare interest in a Cirrus years ago at PWK. COPA had annual migrations to Duluth and part of the fun was the factory tour to see how wonderfully made a Cirrus is.

I'd go to Duluth to get a factory tour and to schedule some time in their CAPS simulator -- don't be afraid to use the chute if a true emergency develops. For example, CAPS is the only method for spin recovery (if the plane ever got into a spin); other examples are mid-airs, pilot incapacitation, spatial disorientation and some other bad stuff. Duluth teaches you that the chute saves lives if used in time -- might not have a working Cirrus, but you'll have your life.

Put away reserves for the Chute repacking or replacement. The time frame in which that is supposed to be done should be in the front of one of the mx logs.

Once again, congratulations.
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Thanks on congrats. It will be based at PWK, NE T's. Not a done deal until we close....anything could happen. 2006 G2 GTS non turbo. Going to Duluth for CPPP and will take factory tour and simulator training next weekend. We are anticipating a chute repack end of October. It's due in November. We will upgrade avionics at that time as well.
 
Advice?

Just one man's opinion...

Do not wire earnest money...use escrow.
 
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asgcpa said:
Wisconsin Aviation did a lot of the repairs/annuals etc. My partner who has owned planes before wants to take it to another authorized shop at least for prebuy. I talked to Kevin. We will get chute repack there and avionics work, then take it there for annuals.
Click to expand...

I am from COPA but will post here. Take it to Jim B at KUBE - trust me nobody knows Cirrus better than Jim.. Only place mine would go and i'm way down in Florida..
 
EminiTrader said:
I am from COPA but will post here. Take it to Jim B at KUBE - trust me nobody knows Cirrus better than Jim.. Only place mine would go and i'm way down in Florida..
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He's the guy that just did the last annual.
 
Congrats! I used to have a 2006 SR22 NA and it was a pleasure to own. Maybe I was lucky but I had virtually no issues with that plane at all over the ~1600 hours that I owned it.
 
AlanM said:
I'd go to Duluth to get a factory tour and to schedule some time in their CAPS simulator -- don't be afraid to use the chute if a true emergency develops. For example, CAPS is the only method for spin recovery (if the plane ever got into a spin); other examples are mid-airs, pilot incapacitation, spatial disorientation and some other bad stuff. Duluth teaches you that the chute saves lives if used in time -- might not have a working Cirrus, but you'll have your life.
Click to expand...

Its my understanding that Cirri HAVE been spun and that the Chute is the only APPROVED (certified) method of recovery. Sure, if you spin at 4,000agl pop that sucker, but at 10k, I'd go power idle, opposite rudder, neutral aileron and stick forward to break the stall.

Congrats to OP
 
AlanM said:
Congratulations!!

What gen Cirrus did you buy? Turbo?

I used to own a timeshare interest in a Cirrus years ago at PWK. COPA had annual migrations to Duluth and part of the fun was the factory tour to see how wonderfully made a Cirrus is.

I'd go to Duluth to get a factory tour and to schedule some time in their CAPS simulator -- don't be afraid to use the chute if a true emergency develops. For example, CAPS is the only method for spin recovery (if the plane ever got into a spin); other examples are mid-airs, pilot incapacitation, spatial disorientation and some other bad stuff. Duluth teaches you that the chute saves lives if used in time -- might not have a working Cirrus, but you'll have your life.

Put away reserves for the Chute repacking or replacement. The time frame in which that is supposed to be done should be in the front of one of the mx logs.

Once again, congratulations.
Click to expand...

CAPS is not the only method of recovery from a spin, it recovers just fine with the normal opposite rudder, neutral ailerons, forward stick. Besides that, it takes a concerted effort to make it spin.
 
Jaybird180 said:
Its my understanding that Cirri HAVE been spun and that the Chute is the only APPROVED (certified) method of recovery. Sure, if you spin at 4,000agl pop that sucker, but at 10k, I'd go power idle, opposite rudder, neutral aileron and stick forward to break the stall.

Congrats to OP
Click to expand...

In the U.S. the chute is the only approved, in Europe it went through full spin certification. Saving those few dollars on the U.S. spin test was the worst mistake they made with that plane.
 
isn't that what I said??? Are you pulling a Cap'n Ron on me?:rofl:
 
Jaybird180 said:
isn't that what I said??? Are you pulling a Cap'n Ron on me?:rofl:
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Just pointing out that it is APPROVED in Europe to recover without it, they wouldn't accept the chute alone for certification, so it actually proved out the process.
 
Kelvin said:
Advice?

Just one man's opinion...

Do not wire earnest money...use escrow.
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You can wire earnest money.


Not sure why the wiring of earnest money to the escrow would be frowned upon.

The method of transmission: Wiring, check, $1 bills doesn't prevent or require the use of an Escrow party.

Different items.
 
asgcpa said:
So on Friday I put forth a final offer to the seller of the SR22 from our group, subject to acceptance by a certain time. It was accepted today.

We are waiting for the purchase agreement, then it goes to the lawyer, and subject to lawyer approval we will wire in the $$ for the earnest money.

We have a pre-buy scheduled for the end of the month.

Any suggestions for the journey?

Thanks
Click to expand...

Congrats Arthur, I know it was questionable for a while there. Glad it worked out. Best advice is to follow your attorney's advice.

James331 said:
Sounds fancy and complicated.

Made a off the cuff offer on my 185 over the phone, settled up face to face after the pre buy.


Same deal on my first plane.
Click to expand...

That's great and indeed does work in certain situations, knowing something of the OPs I'd say it would not work in his situation. Plus, and not saying that is the situation here but not every buyer or seller or broker is honorable.

Kelvin said:
Advice?

Just one man's opinion...

Do not wire earnest money...use escrow.
Click to expand...

You can wire earnest money INTO an escrow account.
 
JoseCuervo said:
You can wire earnest money.


Not sure why the wiring of earnest money to the escrow would be frowned upon.

The method of transmission: Wiring, check, $1 bills doesn't prevent or require the use of an Escrow party.

Different items.
Click to expand...

Who is frowning? maybe someone else...I am simply advising using an escrow firm.


AdamZ said:
You can wire earnest money INTO an escrow account.
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Really, if you are not using an escrow company next door...it is the only practical way.
 
EminiTrader said:
I am from COPA but will post here. Take it to Jim B at KUBE - trust me nobody knows Cirrus better than Jim.. Only place mine would go and i'm way down in Florida..
Click to expand...

Jim B is a great guy. He told me all about the plane.
 
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