so I didn’t completly sink it but some water did get in the machine. I was able to turn it over and ride out of there. Don’t know if this helps anything... would it be possible for me to just replace the rings and valve seals? How much do you think the machine is worth as is right now?
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You can do it that way, and there's about a 90% chance it will not fix it. If you rode it out of there with water in your oil, there's a good chance you smoked the crank (been there, done that).
Smoking after being sunk? If you're honest with the buyer, it's worth, at most, about 1/2 of the sum of the parts if you were to part it out. Around here a sunk and smoking Recon would probably bring $300-400 tops.
The RIGHT way to fix it is what Shade and Mrbb said. Pull the motor, disassemble, clean it out thoroughly, have the cylinder machined with a new piston and new set of rings. That is the ONLY 100% way of fixing it right.
I sank my 09 Foreman about 10 years ago, rode it back to the truck. I had the cylinder bored and put a new piston and rings on it, and it didn't smoke for about 100 miles, then started back again. The water that got in my engine had grit in it that didn't come out when I drained the engine and flushed it, so once I got the new top end on and ran it a bit that grit worked it's way up into that new top end, ruined it, and also trashed the top of the rod, so it ruined the crank too.
If you don't want to fix it correctly you should just part it out.