Deferred maintenance often a deal-breaker

Three years ago, when the home-sale market peaked, buyers frequently bought "as is" regarding deferred maintenance, like wood-destroying pest or "termite" work.

Home prices were rising in many areas, and buyers were flush with cash and could line up a mortgage even if they didn't qualify. Today, prices are still declining with a few exceptions; many buyers are cash-strapped; and they need to put more cash down and go through a rigorous qualifying process to get a mortgage.

In the hot seller's market of several years ago, many sellers invested money to make their homes look pretty in order to attract multiple buyers and drive the sale price up.

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