I actually got the survey a couple days ago and it appears that I was mistaken about the outcome of the survey. I apparently took his like for the model as his approval of the boat. This is not the case. It took me several days to digest what the surveyor was saying.
This boat has a structual crack in the keel on starboard side that is around six feet long and is allowing the ballast to bleed through (i still don''t understand how lead bleeds). This area also has an extremely high moisture content and the boat has been out of the water since fall. It also has high to very high moisture content on a significant part of the decks and dog house. From the info I have been able to gather talking to various yards, it appears that these repairs
will run something along the order of $ 10-12k to repair
Here''s the rub, my broker is trying to tell me that the surveyor is just being brutal and that the boat isn''t really in that bad a shape. Furthermore he wants to approach the owner to get a price reduction and finalize the deal. At this point I don''t know if I want the boat. I have been reading the thread about the guy that wants palm a salvage boat off, and what I''ve gleened from this is that this boat will now have a significant price reduction because it has a history of keel and deck problems (I would have to make the next owner fully aware of the problem).
At this point is it reasonable to ask for my deposit back and bail out? I feel like the broker does not want to let me out. Being as how the contract read that it was pending survey, doesn''t that allow me to legally bow out at this point?
I would be most grateful for quick feedback on this.