You need to look at the bottom
paint first before deciding what to do. If it has a million coats that are peeling and flaking, and the surface in general looks like the surface of the moon -- then you need to think about stripping it down to bare fiberglass. Or if the
paint is in fairly good shape, a light sanding will do to provide some "tooth" for the new
paint to adhere to. In short, yes you probably will be sanding at a minimum.
Are we to assume you will have this boat surveyed? Unless the boat is very small and very cheap, your answer to that question ought to be yes. Make sure the surveyor knows you are concerned about the bottom. He/she should be looking for blisters anyway.