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Old 14-01-2015, 00:30   #46
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Re: Would you buy a boat that you knew has sunk in the past?

When we were looking for our boat, we found an identical one to what we wanted at a fairly good price. However, a quick search of the internet showed that it had rolled on the Wide Bay Bar in Queensland. No mention of this in the ad, although the broker did disclose it. The repairs were done by the builder, so presumably to a high standard. However, the price discount was certainly not enough to make it of further interest to us.
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Old 14-01-2015, 10:37   #47
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Re: Would you buy a boat that you knew has sunk in the past?

Have you ever read those news reports of people living in homes that are all moldy after a flood? Would you buy an automobile that had been in the drink and rebuilt?

My grandmother would have called this purchase penny wise and pound foolish...
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Old 14-01-2015, 11:03   #48
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Re: Would you buy a boat that you knew has sunk in the past?

That boat is being flipped and sold without full disclosure that it was submerged. Anyone who buys a boat to flip it is going to do the minimum amount required to repair it.

I would not touch it with a 10' pole. A survey is not going to tell you anything useful. The surveyor is going to say "The boat appears to have been submerged. The wiring and <insert system> appear to be new." He or she has 8 hours on the boat, which is enough time to basically discover and state the obvious.

If the question is more broadly "would you buy a boat if..." well that's a different story. The answer is "it depends."
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Old 14-01-2015, 11:04   #49
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Re: Would you buy a boat that you knew has sunk in the past?

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Originally Posted by S/V Illusion View Post
There is no such thing as a boat being sold for "half it's market value".

The selling price IS the market value.

A better question you might ask yourself is - with all the used boats on the market, why should I buy the one which sank potentially causing all types of unforseeable problems?

Remember, Surveyors are not omnipotent. Many are incompetent.
Wouldn't the opposite of 'omnipotent' be 'impotent'?
Anyway, a boat that sunk, can be nice opportunity at the proper discounted price for somebody who is capable and willing to do the restoration himself.
The discount includes large amount for labour costs, and for someone who sees the work as a hobby and the work for him costs zero it is a good deal.
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Old 14-01-2015, 11:40   #50
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Re: Would you buy a boat that you knew has sunk in the past?

Ours was sunk in a lake over 100' down several years before we bought it..........The sinking was the least of our problems.
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Old 14-01-2015, 11:56   #51
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Re: Would you buy a boat that you knew has sunk in the past?

I think it’s about time boat owners, including brokers, were required by law to disclose known defects, like they are required to make written disclosure in house sales, at least in Florida law.
It need not negate “buyer beware,” or a prerequisite professional survey, but it would make people thing twice when trying to offload a boat with known defects.

If I was selling my boat right now, I wouldn’t have any problem disclosing everything I know, in writing, and if the buyer accepted it I would feel protected from any subsequent, “You should have told me,” argument.
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Old 14-01-2015, 12:31   #52
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Re: Would you buy a boat that you knew has sunk in the past?

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Here's the situation. There's a boat for sale at a discounted price, probably half its market value. New motor, new windlass, new water pump, etc.... The interior paneling has been painted, but I'm 99% certain that this boat has sunk, and been refurbished. When researching this particular boat make and model, I stumbled across a blog about a couple who ran aground, suffered rudder damage and the boat went to the bottom. Obviously it wasn't too deep since they ran aground, but the forward deck was awash, and even back in the main salon water was well above the floorboards. The boat in the blog is the same make, model, hull color, stripe color home port and NAME as the boat that's for sale. So this brings up an interesting question. IF, a survey came back ok, and the boat checked out, would you buy it, OR would you simply discount it regardless of survey and inspection based on the knowledge that its been full of salt water at some point?

Rather than guess, ask the seller if the boat has ever sunk or partially sunk. If you're seriously interested, get the answer in writing with a signature.

Personally, it's highly unlikely that I would buy a boat that had been sunk. And remember, if you do buy a previously sunk boat it would be pretty dishonest to not disclose this fact to a future buyer.
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Old 14-01-2015, 16:14   #53
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Re: Would you buy a boat that you knew has sunk in the past?

How would you know if a boat has been sunk?
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Old 14-01-2015, 17:28   #54
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Re: Would you buy a boat that you knew has sunk in the past?

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How would you know if a boat has been sunk?
To start with you would ask the seller as I suggested above.

Some telltale signs would be new carpet, upholstery, fresh paint, electronics, engine and other components, etc. on an old boat. There might be stains in semi-hidden locations, paint where you wouldn't expect it.

I suppose one could make an argument that there are different degrees of "sunk". Partial, total, for one day, for a week or more, salt water vs. fresh water.
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Old 14-01-2015, 17:37   #55
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Re: Would you buy a boat that you knew has sunk in the past?

Out of those suggestions it sounds to me like the only way you would know would be if someone who actually knew told you.

I'd be interested in hearing what evidence there could be besides a video or pictures of the sunken boat or a statement from someone who was there that wouldn't be circumstantial.

I can see all that circumstantial evidence as being independent reasons not to buy the boat, but I don't see them as proof that the boat sunk.
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Old 14-01-2015, 19:04   #56
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Re: Would you buy a boat that you knew has sunk in the past?

A good surveyor can usually tell.
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Old 14-01-2015, 19:14   #57
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Re: Would you buy a boat that you knew has sunk in the past?

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A good surveyor can usually tell.
Well, that's my question. How?
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Old 14-01-2015, 19:22   #58
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Re: Would you buy a boat that you knew has sunk in the past?

Terra Nova nailed it. Do you really want to be a sturgeon and never see daylight? Best advice I've read so far...."boats DO grow on trees. Keep looking."
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Old 14-01-2015, 19:34   #59
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Re: Would you buy a boat that you knew has sunk in the past?

If you say so. I don't believe in magicians. Well, except for electricians.

My question stands. If there's no answer, it seems to me that you can't tell.
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Old 14-01-2015, 20:06   #60
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Re: Would you buy a boat that you knew has sunk in the past?

Due diligence!

Should be easy enough to discover if a major insurance claim was ever filed or settled.

Might get lucky to talk to previous owner(s), neighbors and local marine businesses.

A trained eye (surveyor,...) will explore hard to access areas, looking for salt residue and other clues that salt water has been there; some will lead to leaks and be somewhat obvious; others will have no other easy explanation than flooding.

Clues:

a "waterline" partway up the interior, showing slightly darker below the line

panel veneers beginning to lift

pockets of sand, salt or mud (or dead sea-life) in less accessible cracks, bilge nooks and crannies, undersides of cabinet shelves or floorboards,...

etc.
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