Join Date: Oct 2007
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Re: Sunk costs and boat purchasing
Yep. Rudder looked quite questionable so, absent an exploratory laparotomy, which we agreed to pay for, the deal was off. The procedure revealed damage that eventually cost several thousand dollars to correct, the majority of such cost being with-held from the purchase money in escrow and disbursed to the ship-yard that made the necessary repairs. Having discovered the rudder issue, it was a matter the Seller would have had to disclose to another prospective buyer unless he handled the matter himself so he would have been in the same situation with a subsequent buyer as he was in with us. Wiser to simply handle the matter and complete the sale.
Seems like a smart move and it certainly worked out for you.
But it sounds like you went ahead with the sale and put the questionable money is escrow.
What exactly did the survey find on the rudder and what ended up being wrong.
The lesson from the Icarus story is not about human failing.
It is a lesson about the limitations of wax as an adhesive.
If you have an engineering problem solve it.