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Problems while buying a boat - need advice please
The quick background is that I found a 1966 Pearson Wanderer that seemed to be the right boat for me to buy. Made an offer, it was accepted pending the survey. Survey came and went with minimal issues and those were being addressed by the current owner at the boatyard of his chosing. This is/was going to be the first boat I own.
Today I found out from the boatyard (the owner is on vacation) that while servicing a seacock, they either punctured the hose, or somehow the hose ruptured. This was not known until after they put the boat back in the water and let it sit overnight.
The boat was found the next morning riding low in the water, with water in the cabin up to the seat cushions (maybe 18 to 24 inches?).
Obviously this is a problem for the boatyard and the seller primarily, but includes me, as well. I have given earnest money to the seller (this is not through a broker) and have no doubt he would return the money if I were to back out of the deal, so that is not an issue.
The question becomes, what do I need to be aware of with regards to the boat? Currently, the starter and alternator have been removed and will be replaced (I have no clue if it is new parts, new refurbished, or sunk refurbished). The batteries and all electical switches low enough to be underwater are to be replaced. I''m planning on asking for the oil in the engine and transmission to be drained and replaced and the fuel tank drained and refilled.
What happens if there is water in the oil for either engine or transmission? I''m sure this would not be good, but don''t know since it was not run (I assume).
I have not seen the boat yet, but will be checking it out this saturday.
Is this something that I should just walk away from and figure it is a sign from the boat gods? Or negotiate a new selling price with the owner, and let him take up the loss of money with the boatyard? Would it be unreasonable to expect the boatyard to pay for a survey or inspection of the engine and transmission from an independent person?
Any help and advice would be greatly appreciated.