I just bought a new bass (Shecter Stilleto Elite-5) and its amazing the only problem is at standard tuning there is some buzz at the first 5 frets which isn't too bad unless you listen really carefully... But i downtuned a half step and the buzz on the first 7 frets (and the open string) is just ridiculous and almost doesn't even make a sound its so buzzy... Its not the nut i know that for sure... Any advise... I really don't want to send in my brand new bass for months to get it fixed...
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Maybe find some guy who is a reliable guitar/bass fixer. Fret buzz is, as you probably know, a pretty common thing.
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Raise the action a bit. Or better yet, have a professional raise the action a bit. Since that wasn't your first instinct I'll assume you would be unsure of yourself doing so, and unless you're very sure you can do it yourself, its best to just let a professional handle it. God knows I wouldn't mess around with my bridge, I'd probably screw it all to hell :P:So yeah, best bet is let a professional handle it.
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I would first look down the neck and make sure the neck looks to be pretty straight or very lightly bowed. If the neck seems fine, then your action is probably too low and you can fix that by raising the saddles on your bridge.
The first five frets only makes it seem like a truss rod problem to me. Try raising the action a bit and see if it helps. If it doesn't put it back (count your turns when you're lowering)and try tightening your truss rod, a little bit. Let the neckrest for a bit and settle in and if that doesn't do anything or make it worse, then re-loosen it. At this point try lowering the action more and see if that helps. If it doesn't, then take it in to a tech. To me, these kinds of maintenances are critical to be able to do on your own and a simple action adjustment is a perfect place to start. If the action does nothing and you're not comfortable with the truss, then by all means take it to someone who is, maybe a teacher who would be more inclined to show you how it's done than a tech.