If you're financing a floating home, a marine survey isn't optional — every lender requires one. Understanding what the survey covers, how much it costs, and how it affects your loan helps you plan for a smooth transaction.
What Is a Marine Survey?
A marine survey is an inspection of a floating home's hull, mechanical systems, and structure conducted by a certified marine surveyor. It's the floating home equivalent of a home inspection — but with a focus on the aspects unique to a vessel moored on water. It's not the same as a general home inspection, and you typically need both for a thorough due diligence process.
Who Conducts It?
Marine surveys must be conducted by a certified marine surveyor — either SAMS (Society of Accredited Marine Surveyors) or NAMS (National Association of Marine Surveyors) certified. Lenders won't accept a survey from an uncertified inspector. Paul Bergeron can refer buyers to experienced marine surveyors who know Sausalito's floating home stock specifically.
What the Survey Covers
A standard floating home marine survey covers:
- Hull integrity: Inspection of the flotation system — ferro-cement/concrete, steel, or fiberglass — for cracks, corrosion, damage, or structural compromise
- Bilge systems: Bilge pump functionality, float switches, water accumulation
- Through-hull fittings: All hull penetrations, seacocks, and valves
- Electrical systems: Shore power connection, wiring, overcurrent protection — ABYC compliance
- Plumbing: Freshwater, gray water, and blackwater systems
- Structural systems: Deck, framing, connections between hull and living structure
- Safety equipment: Fire suppression, carbon monoxide detectors, etc.
What a Survey Does Not Cover
A marine survey is not a general home inspection. It doesn't cover the interior systems the way a home inspector would — HVAC, appliances, cosmetics. For a complete picture, many buyers hire both a marine surveyor and a general home inspector. The marine survey is what the lender requires; the home inspection is for your own due diligence.
Cost and Timeline
Marine surveys in Sausalito typically cost $1,000–$3,000 for an in-water inspection, depending on the size and complexity of the home. Larger or more complex homes may run higher. Some lenders also require a haul-out inspection for steel-hull homes (where the home is physically lifted from the water for below-waterline inspection). Haul-out inspections add $2,000–$5,000.
Schedule the survey as soon as you're in contract — surveyors can be booked out 1–3 weeks in Sausalito's active market.
Survey Results: What Happens Next
- Clean survey: Lender proceeds with underwriting. You may still negotiate with the seller on minor items.
- Minor deficiencies: Lender typically requires repair before closing, or a credit from seller. These are negotiable.
- Major deficiencies (hull compromise, critical electrical, bilge pump failure): Lender may decline the loan until repaired, or decline entirely if the issue is structural. These must be addressed — they're also real safety issues.
How Survey Results Affect Your Loan
Lenders use the survey to confirm that the collateral meets their underwriting standards. A clean survey with no significant deficiencies is table stakes for approval. If the survey comes back with issues, you have three options: negotiate seller repairs, take a price reduction and repair after close (if the lender will allow it), or walk away. Paul can help you navigate the negotiation and know which deficiencies are deal-killers vs. deal-negotiators.
The Survey's Relationship to Appraisal
Lenders use the marine survey alongside a NADA marine appraisal to establish the home's value for lending purposes. A high survey deficiency count can reduce the appraised value or cause the lender to discount the NADA estimate. Understanding how these interact is part of what a broker brings to the table — Paul knows how different lenders interpret survey results and can position your file accordingly.
Ready to talk financing?
Paul Bergeron is the only Sausalito broker who handles both the home and the loan. Call (415) 332-7539 or reach out below.