Originally Posted by TJC45
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?.
In my case of buying my Hunter it was disclosure - offer. I went down and spent a couple of hours on her, checking out everything I possibly could. I found a lot of things that I had questions about. I sent the broker and owner that list, plus a list of many more that would pinpoint potential problems. Their answers to all those questions (about 20 of them) was disclosure prior to offer.
I then made the offer and entered into a contract that was contingent of survey, that stated that the offer was up for renegotiation if deficiencies were found in the survey. They were - and those let me push the purchase price lower than my already low-ball offer. I pushed until the broker got very nervous.
Now, yes, had the owner balked and walked - I would have eaten the costs at that point. But he didn't and we closed the deal and are still in touch. He'll be sailing with me soon. I got a great deal - he got out from under the boat. And I was very satisfied with the disclosure prior to my offer.
I think the system works pretty well.