FlyingRock
New Member
Placed offer and agreed to price terms with seller on a 10-year old boat for approximately $110K "pending survey and appraisal." Though not in written agreement, seller agreed to a credit of "up to $1,750" to address survey findings. Well, it turns out that the vessel has a completely non-operative MFD and radar array, though those were listed by broker as features of the boat. This was very likely something seller (and listing broker) knew beforehand, though they listed them as features. Correcting will cost much more than the credit offered. Other items found at survey will take up much of offered credit. What is a reasonable revised offer to reflect the need for a new MFD/radar? Cost of a new basic system (probably $3.5K, before labor)? Our thoughts are to have the seller fix the id'd "significant" survey issues prior to sale (probably about $1,500) and a $3.5K price reduction so we can add a basic MFD/radar. Seem fair? We're a little taken aback on the non-disclosure of known defect. This is our first used boat buying process. Thanks.