Buyers who purchased during the bubble market often paid too much in competition for a home that needed a lot of work, and then they did few or none of the repairs. In a rising market, buyers were willing to ignore defects and buy "as is" rather than miss out on rapid appreciation. The opposite is the case today. Home prices have declined an average of 30 percent nationally from the peak. Buyers usually don't overlook defects, even though the house is still standing and the defects have been there for years. Today, homes are well-inspected. Defects are taken seriously. Buyers either ask the sellers to do repair work, reduce the price, or credit money to them at closing to help with renovations. Disclosing property defects is required in most states. The timing of complia...
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