Since they have wood paneling in the basement, I suppose it shouldn't be a big issue. It's easier to take down and put back up than sheetrock, for sure. The seller's are meeting with their agent at 5pm eastern time. I don't see why they could refuse to have an electrician look at it.

Also, I like the idea of either having them repair it before closing (Nov 30th), or setting aside some money in escrow that we could use to have it done after closing. It wouldn't disturb us too much to have the basement being worked on while we lived in the home.

Good ideas guys, I'll pass them along.