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Bottom Condition - thoughts?
I put an offer in on a boat and had the survey and sea trial done. When I inquired about the boat I was told it was in "bristol" condition but was in need of bottom paint. The boat was more than a drive away, so I put in the offer 6% below what was a middle of the road asking price for this boat (early 80's T37) , scheduled a survey, bought the plane tickets and arrived for the survey and sea trial with the surveyor and selling broker. My buyer broker was not present.
When I arrived I found out that the PO had previous bottom work done some 5+ years ago in a foreign country (Costa Rica if I remember right) and on haul out found what in my and the surveyors opinion was a bottom in need of more than just a painting. There were multiple dimples where the old work was not faired and the bottom showed numerous blisters across the entire suface, most notable on the keel with about 15 blisters per square foot. There was also a large crack in the skeg. The soundings the surveyor did seemed to his ear to be ok. He did not use a moisture meter. The hull is balsa cored according the manuf specs. The surveyor suggests a complete stripping of the bottom paint, fairing the hull, applying a barrier coat (he said it doesn't look like there was a barrier coat applied when the work was done, just painted). I will attach some pictures, does anyone have any thoughts on the seriousness or scope of work just from this description or costs?
I also found the rest of the boat in what I would describe as a 6/10 condition. This boat spend a lot of time cruising the caribbean and showed a lot of wear including loose stantions in need of rebedding and rusty chain plate bolts, as well as laminate flooring glued to old sole and a water rotted lower locker panel.
In your opinion would you re-negotiate the offer, how much, any other thoughts on general buying ... ?