I had a long talk to the broker yesterday about this and he is upset about this as I am.So I am going to give him some what of a pass.
He said we were the 1st full survey done on the boat and prior to that all he had was the sellers word. He felt there were some issues, but figured they would show up in a survey. Boy was he right, he just did not know to what extent.
The boat showed great and he priced it a what the seller was wanting. ( I do believe he should have had more influence on the pricing)
The broker has has had about 5-6 trips with airfares and hotel to the boat. The seller had the boat looking like crap at a sea trial that never happened, due the the mechanical surveyor not wanting to leave the dock due to the condition of the engines. You would think that he would have at least use soap and water to show it off its its best condition.
I could list for hours all the half ass repairs he did to "try" comply with the surveyors and insurance companies requirements and it has now come back to bite him. He has a great looking dock ornament.
The boat is a project boat. The engines need to come out for over hauling or be replaced and the all wiring needs to be replaced. There is about 60k in expense right there.
As mentioned earlier there are comparable boats in size, age and style for around 65-75k. So its worth 10k -15k if you don't take the hassle and unforeseen issues into account.
BTW, we also found 3 active hull leaks, you must see what crap his bilge is pumping overboard with all the water, oil and diesel in the bilge.
Peter showed me the original purchase listing and in 6 yrs the seller has done almost nothing but half ass repairs, zero preventative maintenance. Very little upgrades, he put in vinyla windows and covered the cushions. Wow!! what an investment, it must make the boat worth 60k more than it was bought for, despite having done 7000 miles on the loop.
He listed it for double what he paid for it.
The owner is still in denial. He told James Khudoo, the mechanical surveyor ,that how can there be issues, he just completed the loop.
James said all he had to do was pay attention to the signs of fuel and oil leaks everywhere and just because he was lucky enough to make it home doesn't mean the engines are not done for.
I have never had a boat that I have owned for that long that can be considered a appreciating asset.