Another potential cause of delamination is a lot of use in cold weather and failure to remove moisture from high humidity. Some close up all the windows and vents and crank up the heat but are making it worse and allowing moisture to migrate to the exterior skin where it condenses. Even *IF* an owner caulked the exterior periodically, it could still have delamination going on.
If you really, really want this particular TH and the owner was willing to work with you, I'd hire a good RV tech to do a thorough inspection. Any used RV has the potential for issues going on you can't spot easily. Even new RVs can have bad leaks. What it you decided to redo the area and found it was way worse and that the whole side of the TH needed redoing? :E
We have a small bubble on the fiberglass on our slide. Luckily it's just from a screw head that was never tightened down enough.