Maybe it Depends
OK typical lawyer speak., but if you are buying through a broker, my recollection is that the Offer form the broker will "help" you fill out has some limiting language as to what constitutes conditions discovered during the survey that will allow the buyer to walk away. I had to cross out a ton of provisions in the offer form the broker had during my purchase transaction. One provision I know I added was "subject to satisfactory survey . . . as determined soley by Buyer" or something along those lines, such that whether the boat surveyed OK was a subjective determination to be made by me. That being said, I have never heard of a purchase offer conditioned on an expert opinion as to market value. A purchase offer is frequently conditioned on financing which itself is conditioned on market value. Even though a subjective satisfactory survey term in an offer, would allow the buyer to walk if the surveyed value was less than the conditionally agreed price, it is not information that is likely to persuade the seller to lower the price. Market value is the price a willing buyer and a willing seller agree to. As Peggie advises, never fall in love with a boat(before its yours)during the purchase negociations. But it appears that the seller already knows you have, assuming that the market value opinion of the surveyor is more accurate than your offer price. If there is a defective condition found in the survey (you didn't report any), and you haven't fallin in love with that particular hull # ,then you have the power to negociate further on the price. If the survey had no surprises, other than maket value opinion, you will probably have to pay the offered price if you want the boat. One quesiton I have is, what is the language of your purchase/sale agreement as to "subject to survey" and did you part with earnest money that the broker/seller is going to want to keep if the survey, as to physical condition, found no defects not already apparent to you? Boy, I sure can go on . . and on. Scott
