I just had a survey done for an Island Packet 350 I have put an offer for in.
The boat is for sale by a privat seller, not thru a broker.
Besides the main survey I also had an engine survey done and I am happy I did. The total cost was ~ $500 for the main survey, same for the engine survey (incl. oil samples) and $260 for the haul-out. The reports came back with about 45 issues, mostly minor, but also some that needs attention right away. We are talking about a Radar that's not working but pulling excessive amperage, a pittet and leaking exhaust elbow, a dry-rottet exhaust hose, a loose strut between the keel and the rudder (according to the factory needs to be addressed at once!) and a failing bottompaint that's less 6 month old.
Because the engine on this 1998 boat had already more than 2800hr I felt it was needed to have the diesel mechanic to take a close look.
While all this things are not major,I felt the major issues described above needed to be addressed by the seller. I would take care of everything else incl. brocken brackets, failing hose clamps, unproper wiring, all (6) batteries that need to be replaced etc. While my offer was right there where the surveyer had put the fair market value, the seller don't want to do anything and so the deal will fall thru.
B.t.w. I didn't ask for a price reduction, just to have the major issues repaired before closing.
Still, I am glad a have spend this money and didn't just bought a $160K boat just from the looks ....
I guess, the search continues, but I have to be more careful with looking at the boat AND the seller before ordering the next survey. Next time I will make it very clear, that I will not except things on a boat that are not functioning or are just not right like a leaking mixing elbow in the engine room ...
The surveys are not only for the bank and insurance but also for the buyer's peace of mind and to put him into a position to make a informed decission.
just my 2 cents