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Old 02-13-2020, 06:11 PM   #1
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Reasons to walk away from a boat AFTER the survey

Hi all,

We are about to buy a boat. After the initial showing that did not immediately reveal severe problems, and later some negotiation, we have signed a purchase agreement and paid 10% into the broker's escrow account. Now we are awaiting the survey and sea trial. By chance two days after we signed the agreement, we got the information that the boat has had significant issues with water ingress from the deck. These problems were not new, they seem to be in existence since the boat was new, and there was one repair trial by the company in the beginning. The boat is now ten years old. Two years ago the owner was told that that need an extensive repair where parts of the deck need to be removed and so on. However, they decided to do some temporary repair and to move on. So far their temporary fix seem to have solved the problem or just kept it under control. However, when we saw the boat it had been on the hard for a couple of months and it was covered. So water ingress from rain or seawater was not a problem for some time, maybe time enough for these areas to dry up.
During the whole negotiation, nothing was said about that.
I am pretty worried about this and I hope the surveyor is going to find these areas.
If there is a real problem, can we just walk away from this boat and get our money back?

Thanks,
Chris
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Old 02-13-2020, 06:34 PM   #2
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I would check with a lawyer on your specific agreement, however the surveyor works for you and if the issue is as bad as you fear you should be able to walk away with the only cost being the surveyor. If you feel the boat has been wrongly presented to you then perhaps the lawyer may have other options you can follow. Good luck.
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Old 02-13-2020, 06:39 PM   #3
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The surveyor is working for you not the seller or the broker. Tell him your concerns.
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Old 02-13-2020, 06:42 PM   #4
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Remember, the purchase process is totally in your control.

A standard purchase agreement should give you an out if something is reveal within the survey, sea-trial, and engine survey.

The only money out would be the cost of the surveyor and haul out.

In short, ask for the 10% back, or negotiate a lower price.

And, though we wish to keep a boat for some time, always keep an eye toward resale.
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Old 02-13-2020, 07:05 PM   #5
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Two choices.

1-Walk away now.

2-Talk to surveyor and have him start with his tests for water and dampness and checking the hull so if there is water present you can decide whether to continue the survey or not.
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Old 02-13-2020, 07:14 PM   #6
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The surveyor is working for you not the seller or the broker. Tell him your concerns.
By all means tell the surveyor at some point.
If it were me with this info I would use it to test how good the surveyor is and give him/her a chance to show off.
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Old 02-13-2020, 07:25 PM   #7
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You say that the issue was from when the boat was new. Was this a manufacturing issue that was recalled by the manufacturer? I say this in case the boat you're looking at is a 390 Mainship. They have what appears to be a molded in swim platform that is actually bolted on and glassed over, and had some water issues. Mainship came up with a fix and issued a recall to repair the problem. One of the things a person looks at when buying one is if there are access ports in the platform.
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Old 02-13-2020, 07:27 PM   #8
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The surveyor is working for you not the seller or the broker. Tell him your concerns.
Quote:
Originally Posted by hytedin View Post
Remember, the purchase process is totally in your control.

A standard purchase agreement should give you an out if something is reveal within the survey, sea-trial, and engine survey.

The only money out would be the cost of the surveyor and haul out.

In short, ask for the 10% back, or negotiate a lower price.

And, though we wish to keep a boat for some time, always keep an eye toward resale.
Welcome to TF!

I agree with the above!
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Old 02-13-2020, 07:27 PM   #9
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Greetings,
Mr. m. What was/is the source of this information? Do you consider the source credible? The surveyor you have contracted should know about the particular model in question. Ask him about the "problem" and what the fixes should be and the effacity of whatever band-aid solutions have already been applied.
I wouldn't go to the trouble and expense of a full survey simply to "test" the surveyor or show off. He would be the type I would not employ.
You can call off a survey at any point and walk away at any point.
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Old 02-13-2020, 07:35 PM   #10
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Maybe I'm a bit dense, but I don't understand this part of the first post;

"By chance two days after we signed the agreement, we got the information that the boat has had significant issues with water ingress from the deck.
- information from whom? the owner?

These problems were not new, they seem to be in existence since the boat was new, and there was one repair trial by the company in the beginning.
- what is a 'repair trial'?

The boat is now ten years old. Two years ago the owner was told that that need an extensive repair where parts of the deck need to be removed and so on. However, they decided to do some temporary repair and to move on. So far their temporary fix seem to have solved the problem or just kept it under control."

- was the repair a temporary fix of a permanent fix? Did the owner state that they only did a temporary fix?

Jim
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Old 02-13-2020, 07:44 PM   #11
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Most purchase agreements I've seen do not tie the acceptance directly to the survey. It's a separate item number and typically reads like
The BUYER shall notify the SELLING BROKER of his acceptance of the YACHT and inventory, or his rejection of same. Such notice which shall be in writing, shall be received no later than five o’clock p.m. local time on ___________________. If said notice has not been timely received, the BUYER shall be deemed to have rejected the YACHT and inventory in its present condition, subject to the terms, if any, of paragraph #7.
Now, obviously I haven't seen your agreement.
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Old 02-13-2020, 08:07 PM   #12
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Hi all,

Thank you for all your answers.
If I can walk away from this during the survey that would already be my answer.
The purchase agreement is a standard agreement from the YBAA.

Is the information reliable.

I would say yes because the owner made these statements in writing to another source. Also the statement about a temporary fix was made and also there is no information if an appropriate repair was made later. As I said none of that was disclosed so far.
Also I found a problem in the concerning area during the first showing which pointed towards water ingress. When I raised my concern I was told that that would certainly come from the nearby head/shower.
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Old 02-13-2020, 08:20 PM   #13
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Do you have a copy of the written statement?

If you are in possession of the statement, it's your "smoking gun"

I know that boat sales don't have disclosure requirements like real property sales but something significant like your issues should have been revealed.

But it all depends on the language in the sales agreement.

I would not have the survey started.

Talk to an attorney.
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Old 02-13-2020, 08:22 PM   #14
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You can also use the information to negotiate a lower price. The surveyor should be able to give you an estimate on the repair cost. If you like the boat and can get a potential lower sales price it could be a good deal. The surveyor should be able to tell if the core is bad in the deck by tapping it out even if the boat has been under cover for a period of time.
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Old 02-13-2020, 08:37 PM   #15
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Originally Posted by miraculix View Post
Hi all,

Thank you for all your answers.
If I can walk away from this during the survey that would already be my answer.
The purchase agreement is a standard agreement from the YBAA.

Is the information reliable.

I would say yes because the owner made these statements in writing to another source. Also the statement about a temporary fix was made and also there is no information if an appropriate repair was made later. As I said none of that was disclosed so far.
Also I found a problem in the concerning area during the first showing which pointed towards water ingress. When I raised my concern I was told that that would certainly come from the nearby head/shower.
If it's the YBAA agreement and nothing changed and nothing entered in section 7, then you can walk away at any time-before, during, or after the survey. You notify of your rejection of the boat in writing to the selling broker and that terminates the agreement.
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Old 02-13-2020, 09:41 PM   #16
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Chris, Give the Surveyor a list of your own observations, concerns, thoughts, and special issues you want examined. If it gets that far.
Sounds like you want out, now, without the charade of going to Survey. B & B knows his business stuff. It`s important, so you might want to check the wording in your case by getting advice to confirm the legal position.
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Old 02-13-2020, 09:52 PM   #17
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The surveyor should be able to give you an estimate on the repair cost.
A very dangerous game. Water intrusion into the laminate only shows its full extent AFTER you start cutting into it...... and in my experience it is ALWAYS worse than you thought.

As someone mentioned there may not be the same disclosure obligation as in real estate. I would still check the State regulation on broker conduct.

Sounds like you smelt a rat while you were putting the bid in, but wanted to believe the easy fix. Typical emotional buyer error. We like the boat we WANT it to be all OK. Can be an expensive mistake.

If it were me I would run. There's a lot of pretty girls out there. Find one that doesn't have major issues.
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Old 02-13-2020, 09:57 PM   #18
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For goodness sake.

If the seller has not been transparent/forthright about one big problem; how many other problems may there be lurking??

And, if the boat has troubles that seem quite substantial... then... get your deposit back and run away.

There's a better boat waiting to "find" you!!

My ten cents!
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Old 02-13-2020, 10:26 PM   #19
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Sounds like you lost confidence in the owner's willingness to disclose defects, but I'm guessing it was the owner who told you about the problem? A dilemma! I think I would wait for the surveyors opinion and adjust offer price accordingly.

Keep your focus on the boat, not the seller. You can walk away anytime. If the non-disclosure has really poisoned the sale, then the sooner you walk the better.
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Old 02-13-2020, 10:26 PM   #20
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Hi all,

Thanks for all the answers.

It was disclosed by the owner but not to me.
I think I simply lost confidence so the best would probably to run ....
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