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Old 07-03-2018, 12:22   #1
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Failed survey but still interested...

So I'm in Rio Dulce, Guatemala to look at a Pearson 365 cutter.

http://www.yachtworld.com/boats/1981...g#.WqAtCKlME1I

Yesterday it failed survey:
Rigging needs to be replaced. $6000
A couple fuel leaks
Water ingress through a chainplate (assume it can be rebedded during rigging)
bonding system not functional
Shaft drive needs alignment
Water leak through the quadrant steering
Varnish is too far gone. It needs to be taken back to the wood. $1000
Needs a new bimini $1000
Radar not functioning

Questionable
chartplotter works but shows discoloration
halfway installed watermarker
Sails have been left on when absent. There is a light green moss on the headsail and most halyards.
Water left in tanks when absent.

This is starting to look pretty grim.

Surveyor said I'd spend $15k to get it up to snuff. He said normally a boat this size and this price it would be a major project. He says that isn't the case for this boat so he kinda gave me the thumbs up if I want to spend the money.

Really it seems the last owner was delinquent (4years)

I also paid for haul out. The hull showed no osmosis.
The engine fired right up and had some smoke. I'm having an engine survey done tomorrow.

Wondering if I should continue with purchase. Not looking for a yes or no but things I should consider.
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Old 07-03-2018, 12:33   #2
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Re: Failed survey but still interested...

Yes, you will spend at least $15k to get the vessel up to snuff, if you do much of the work yourself.

If it were me, I would offer the seller $10k - one-third of his asking price.
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Old 07-03-2018, 12:34   #3
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Re: Failed survey but still interested...

Depends on the price and what you can do yourself. Fuel leaks where? can be a 5 minute job or nightmare. Water leak in rudder tube. tighten stuffing box if fitted. no cost. if not, fit one 3-400?, Chain plates can be re bedded Water tanks drained and cleaned fuel tank also. Engine what colour smoke? Sails if rotten= biggest expense. Standing rig do it yourself using staylocks and if wire is good remove swaged fittings use forstay, backstay for new uppers, uppers for lowers Replace forand back stays an some lowere with new wire 1-2,000.00 All depends on price. Pearson's are pretty good boats.
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Old 07-03-2018, 12:39   #4
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Re: Failed survey but still interested...

Looks just like an abridged version of my job list..........
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Old 07-03-2018, 12:53   #5
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Re: Failed survey but still interested...

These are the items that you are finding now.... when you get on the boat many more will appear. Neglected boats can have some big issues that you don’t want. Water leak at chain plate means water intrusion into deck and bulkhead... smoke in exhaust could be nothing or a rebuild. I just sold a very good condition 1986 Pearson 36-2 for 38,000.... recored entire deck with nidacore. Engine and charging system in excellent condition. New sails, new rigging. Electronics all good condition. New teak toe rails. No work to be done except about 1,000 cosmetic which I compensated for in price. There are many similar vintage boats for sale..... I would wait
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Old 07-03-2018, 12:56   #6
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Re: Failed survey but still interested...

I almost bought one in similar condition. Have a look at 4-107 head gasket if it had top end done. Did they skim the head? Do it properly by removing combustion caps. Does it leak lots of oil?Look at base of masts for corrosion on side walls. TPI boats also had issues with rudder bearings swelling so check for binding at helm. Is there lots of mold between the cabin liner? If it's been sitting closed up. It can be hard to clean. If there are major issues especially with V drive, tranny and engine don't pay top dollar.
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Old 07-03-2018, 13:04   #7
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Re: Failed survey but still interested...

It didn't "fail" survey. A commercial survey is a pass/fail proposition (it is a statement that a boat complies with relevant legislation/regulations for commercial operations in a particular jurisdiction).

A pre-purchase survey for a pleasure craft just tells you what maintenance is due. (there is always something - and on a 37 year old boat?).

Only you can decide whether the boat is worth (to you) the selling price plus the cost ( in time as well as money) of those maintenance items.

That said, the price is comparable to similar aged Pearson 365s on the market, which are quite likely to need similar maintenance and possibly a lot more.

What that survey has given you is a bargaining chip in negotiating the final price- but it's up to the seller how far he is prepared to come down.
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Old 07-03-2018, 13:06   #8
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Re: Failed survey but still interested...

Quote:
Originally Posted by LLCoolDave View Post
Rigging needs to be replaced. $6000
A couple fuel leaks
Water ingress through a chainplate (assume it can be rebedded during rigging)
bonding system not functional
Shaft drive needs alignment
Water leak through the quadrant steering
Varnish is too far gone. It needs to be taken back to the wood. $1000
Needs a new bimini $1000
Radar not functioning

Questionable
chartplotter works but shows discoloration
halfway installed watermarker
Sails have been left on when absent. There is a light green moss on the headsail and most halyards.
Water left in tanks when absent.
I would not call that a "failed survey." You paid to gain some knowledge so that you can make an informed decision. Now you are informed and can decide. That is a successful survey.

Nearly everything on that list I would shrug my shoulders at and carry on. My only worries would be the chainplate leak (specifically how much damage it may have done), fuel leak, and sails.
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Old 07-03-2018, 13:45   #9
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Re: Failed survey but still interested...

Second the posts from StuM and SWF. The survey showed you (some) of the major issues to deal with on the boat.

Buying an older boat I would guess 90% of them will be ready for new rigging. By the way, I purchased all new rigging for my 42 Pearson, including chainplates for under $4000. $6k sounds a bit high but maybe they're including $3k for labor (which is a LOT high if so).

Careful about the leaks. 99.99% certain that any leaks on the deck have also wet the balsa core. That could be a minor issue or a deal breaker depending on the extent.

Whether or not this is worth buying will depend on
- how much you can afford.
- how much of the work you can do
- how soon you want to go sailing
- how many other problems might not have shown in the survey.

By the way, buying a low priced, older boat you will always find a long list of stuff to do. Always.
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Old 07-03-2018, 14:18   #10
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Re: Failed survey but still interested...

I agree with the above 3 comments. If you have the time and cash to fix it, that's a great boat. One thing you don't have to worry about is keel bolts as the ballast is encapsulated on these Pearsons. I almost bought a 365... then I saw a 424
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Old 07-03-2018, 14:21   #11
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Re: Failed survey but still interested...

All great posts, I want to hear everything. By failed survey, the surveyor said the boat would be un-insurable.

And yes the survey and haulout was money well spent.

I've sailed for a few years. Crossed the Atlantic twice. I don't know much about boat maintenance. I have the time to learn everything and I'm not a dummy. Everything I would need is not available here in Rio Dulce. I wanted to sail the western caribe for the next two months before hurricane season. Looks like it's not going to happen on this boat at least.

Timelines and boats often go awry.
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Old 07-03-2018, 14:38   #12
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Re: Failed survey but still interested...

Offer 5000, explain it needs 15,000-20,000 and most of one years work to become a 20,000 to 25,000 dollar boat, he is dreaming he will get 30,000.......
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Old 07-03-2018, 14:38   #13
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Re: Failed survey but still interested...

Quote:
Originally Posted by Peregrine1983 View Post
I agree with the above 3 comments. If you have the time and cash to fix it, that's a great boat. One thing you don't have to worry about is keel bolts as the ballast is encapsulated on these Pearsons. I almost bought a 365... then I saw a 424
The 42' Pearsons are nice boats, if you can get around having a giant hole in the keel.
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Old 07-03-2018, 14:38   #14
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Re: Failed survey but still interested...

The one thing I will add about the 365 (and 424 etc) is that the cockpit is absolutely massive. You won't find a bigger one on a boat that size.

This is something that I've really come to appreciate on my 424 for hosting lots of guests, or stretching out to sleep. When my wife and I do overnight passages and she's on watch I'll often just sleep in the cockpit instead of going below. I'm 6' and I can lie lengthwise or across the cockpit without bending my knees. I think I remember the 365 cockpit being big enough for me to at least stretch out lengthwise.

All that said, I don't ever want to see it full of water. For long passages a number of owners on the owners forum have come up with interesting ways to take up space - lashing down coolers, propane tanks, and storage bins.
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Old 07-03-2018, 14:41   #15
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Re: Failed survey but still interested...

Quote:
Originally Posted by skipmac View Post
The 42' Pearsons are nice boats, if you can get around having a giant hole in the keel.
Yours too huh?
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