David...just don't fall in love with the boat too quickly! All you can do at this point is wait for the detailed survey report to see if you have any problems and what their extent is. Here's what I would say if blisters are found:
1. If there are a few minor blisters. Get a quote from the yard to have them fixed professionally and deduct that amount from the sale price. Then
paint the botom and go sailing for the season...get 'em fixed in the fall on haulout when the boat can be properly dried out and prepped.
2. If there are extensive blister issues, I would walk away as the time and expense to deal with them professionally is around 6 months and probably 8-10k in expense. If you love the boat and want to do much of the work yourself and can get a big discount, then maybe it is worth considering...but it is not a fun job.
3. If there are NO blisters or a couple of minor ones...you should considerstripping the bottom and getting her
epoxy barrier coated before bottom painting to insure you don't face problems a year or two dwon the road.
Hopefully this is all idle speculation and you'll be happily sailing your Morgan shortly!