"My wife and are planning to buy a home. We know to hire a home inspector to find any major defects in the home. If such defects are found, do you suggest asking for the item to be fixed or for a dollar credit?"
I usually recommend to all my clients, be they buying or selling, to do a credit.
It's cleaner and simpler. There's no delay waiting for the repair to be completed. And no room for disagreement about whether the repair was done right. Believe me, I've had that happen.
Two caveats:
1. Be sure the estimate is realistic and from someone who will perform the work for you.
2. Because lenders won't allow credits for repairs, the credit must be for "closing costs." So be sure you have sufficient closing costs AND that you don't exceed the maximum credit your lender will allow.
See my video on credits.
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