Tim,
You are an honorable man, and I respect that more than you can know! You want the 1977 150, and at $25,000 it really sounds like a good deal! Hung's suggestion (another very honorable man) is an honorable one that should keep everyone happy. Contact the gentleman with whom you have the verbal purchase agreement, and tell him the truth! He may be as honorable as you, and agree to let you off the hook no strings attached. If he's upset, $500 should help settle his stomach nicely! You're still $9,500 better off than you were originally willing to pay!
You'll regret it if you don't pursue the opportunity to buy the plane you REALLY wanted in the first place. None of us said it was a bad plane ..... just not worth the $35,000 asking price (and we were apparently right)!
