What year of boat? post 2000 should not be a problem. All glass transom. But earlier boats were not. The recommended procedure is to remove the bolts, and apply heat / heated air for a couple of weeks to dry the thing out. You can also probe in the hole to see what has happened inside. Wet wood will dry out and be OK. Rotted wood will dry out but will not be ok. Main thing is to not wait. Letting wet wood sit will not work. You need to get the bolts back out (at least the lower two, but I would personally do ALL of them (supporting the motor of course) as you want everything dry before you seal it back up. There are lots of threads on this on BBC.2008 Pantera Classic2014 Mercury Pro XS 200