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-   -   Trusting a "Recent" Survey? (http://www.sailnet.com/forums/boat-review-purchase-forum/49228-trusting-recent-survey.html)

campbdon 11-25-2008 03:24 PM

Trusting a "Recent" Survey?
 
Hi there;
I've been reading that the cost of a survey is usually borne by the buyer, yet I sometimes see ads for used boats claiming recent survey done, and so I wonder why the seller would be in posssesion of the survey? Someone flipping the boat, or, is it common practice in order to reduce the cost of multiple surveys that the prospective buyer offers to split the cost with the seller?. A survey in the possession of a buyer who didn't purchase is pretty much a useless piece of paper, but could be helpful to the seller for the next prospective buyer (provided survey is favourable or repairs have been documented as being completed), or for renewing insurance perhaps?.
Also, if a seller has a survey, how recent should it be to be considered trustworthy by the prospective buyer- for insurance purposes and to save commisioning a new survey?

Thanks (sorry for the muddled wording)
don

sck5 11-25-2008 03:36 PM

It all depends. Sometimes people get a survey and arent willing to fix whatever is wrong. But you might be. I just bought a boat where the guy had bought it a year before, fixed everything on the survey and then found out he needed major surgery and so had to sell the boat. I did my own survey anyway but having the old one played a part in getting me to the point where I made an offer.

And as for how recent is recent enough to just accept it, how long does it take to run aground?

Bene505 11-25-2008 03:38 PM

I'd do my own survey anyway. You need a surveyor who is working for you.

WouldaShoulda 11-25-2008 04:18 PM

Many surveyors consider their work intellectual property and non-transferable.

Would I trust it??

Depends.

If it was a lot of boat or a lot of money, NO!!

xort 11-25-2008 04:30 PM

might be an insurance survey. they are much less detailed than a purchase survey. they verify the boat isn't sinking or about to blow up and is still in the possession of the owner.
i had a survey offered to me on a boat i was looking at. the survey was about useless
insurance surveys don't usually require a haulout so there is no inspection of the hull at all
purchase survey costs about 3 or 4 times what an insurance survey would IIRC

CharlieCobra 11-25-2008 04:36 PM

Not on an older boat, especially a woodie. Insurance companies want a complete and thorough survey prior to binding.

xort 11-25-2008 05:04 PM

Charlie
I should have been more specific. Insurance companies often ask for this cheapo survey every 5 years...after the full pre-purchase survey initially.

wood boats are another whole kettle of fish for sure

camaraderie 11-25-2008 06:10 PM

Xort is exactly right on that. Also brokers have been known to work with surveyors to give a good survey to make the boat more saleable. I was once asked by my broker to have his surveyor do this.
Get your own surveyor always.

AdamLein 11-25-2008 06:18 PM

When I sell my current boat, I'll be happy to let prospective buyers see the most recent survey along with all other documentation that shows that I was a conscientious owner. But I would never encourage a buyer not to get his own survey; that's the mark of an untrustworthy seller.

GreatWhite 11-25-2008 06:20 PM

The money your own surveyor costs will usually is often recouped in the difference between the final purchase price and the pre-survey offer (unless it is a really good deal.) Additionally the surveyor will give some additional advice on what he believes could be upgrade.
There are some people I have met who had a LOT of experience working on boats who felt they could adequately do their own survey but the "expert" opinion from a third party adds weight to any negotiations.


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