Originally Posted by smackdaddy
I'm COMPLETELY with Denver on this one. You'll never know everything that could possibly be wrong, nor will you know exactly what it will cost to fix it. I had a very, very good survey - but the estimates I got to fix the problems (from everyone involved) were low. And there were other problems no one, not even the surveyor could catch (based on how typical "non-invasive" surveys are done). So it's all going to cost me a fair amount more than I'd planned for. C'est un bateau!
Now, if the seller/broker is intentionally withholding information - and you can prove it - then you'd have cause to go after them for your costs (and maybe more). Otherwise, you do it just like Denver laid out.
Smack, i agree that noone knows everything and that even the most competent surveyor could miss some things or under estimate the cost to repair. Not at issue. Not what I'm talking about.
I'm talking about the order of business. In the boat buying world it is offer - disclosure. It should be disclosure - offer. How can you bid on something without knowing it's true condition? Bidding on something without knowing it's true condition is bidding in the blind. In some arena's like bidding on foreclosed homes bidding in the blind is the way it's done. Step up, roll the dice. Usually placing uninformed bids is a formula for financial disaster.
This is not the way it is done in other arenas of large ticket sales. From EBay to the Manheim Auto auction it is full disclosure up front. (BTW, dealers who misrepresent or omit material facts about vehicle condition at Manheim are sanctioned up to and including being barred. Ebay does the same) Buyers are reasonably assured as to the condition of the items they are buying. Bids are made relying on that information. IOW, disclosure then bid, not the other way around.