When I bought my house in 2004; just prior to the boom- the inspector pointed out to me the basement electrical and the lack of a permit. But it was still just all along the outside walls with no drywall, so both the inspector and my realtor said for me not to worry about mentioning it. Basically the inspector told me the value of the wire in place I would be better off leaving it, but to make sure it was re-done before I did any basement work.
My point being, the OP might want to tell his friend that in an up market it might not make a difference, but in the current down market it could come back to haunt him. It all depends on what the buyer may or may not do.
I would call the city, not from his home line of course, and ask about inspections and permits after the fact.
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