Originally Posted by FritzN
Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?
I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
It is my understanding that if post survey results identified significant deficiencies, overlooked during the inititial pre-survey inspections, it is common practice to renegotiate whatever offer was accepted by the seller.
Our surveyor, under my contract, discovered several "deficient" conditions requiring corrections. Most could be easily remedied by me, but two or three I had hired out to professionals after purchase.
I obtained written quotes for everything before final settlement - including work I would be doing, and presented them to the seller's broker. The sellers agreed to 100% of these itemizations - accepting my adjusted offer. I think the professionalism of the written surveyor's report, backed up by certified quotes, convinced the sellers . . . coupled with the fact that they were relocating out of State and were motivated.
Regarding obtaining the insurance binder required by the lender, Boat US had strict conditions requiring that a few of the issues identified by my surveyor, be repaired. They essentially were minor points, such as a cracked bobstay fitting, crazed gelcoat around one chainplate, securing a bolt in the waterlift muffler and updating fire extinguishers.
I eventually repaired these items, but in the interim, the insurer issued a binder with coastal limitations - acceptable with my lender. Some time after purchase, I sent them a signed statement of compliance and they issued full offshore coverage.