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  • Cathi & Ben Walter
  • Sales & Marketing Specialist, Realtor
  • 44530 San Pablo, Suite 101
  • Palm Desert, CA 92260
  • P: (760) 218 – 5752
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A Message From Cathi & Ben...

We hear similar stories repeated in different ways from our clients; At first, they look forward to stolen weekend's to golf & relax in the desert - they gradually discover they're crafting ways to spend more time here until it becomes clear, life just doesn't get any better than this."

Once that realization hit's, the process of change begins... We know what an extraordinary commodity your home is - buying or selling a home can be one of the most important decisions you will make and having the right team on your side will make the difference.

We specialize in homes throughout the Palm Springs Valley including Palm Desert Real Estate & Homes, Indian Wells Real Estate & Homes, La Quinta Real Estate & Homes, Rancho Mirage Real Estate & Homes, Palm Springs Real Estate & Homes& Indio Hills Real Estate & Homes. Whether you want to buy or sell an estate, lock & leave property with income potential, a resort property, land to build your dream home, or a property located in a country club or golf community we know the desert and are here to help. Our motto, If its important to you, it's important to us, guides us as we help our clients buy or sell a home in the desert.

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Personal Messages

No water in the swimming pool? No loan!" says FHA

This transaction is in the final stages and the seller is Freddie Mac (bank owned single family detached house). All inspections have been completed, appraised value is in, and by all appearances, we were good to go ~ until we received a letter from the buyer’s lender. Here are the key parts of the letter:
“The purpose of this letter is to address the empty pool at [referenced] property. The buyers have applied and been approved for an FHA loan in order to purchase the property. The credit approval part of this process has been finalized and is complete.
To obtain full and final approval and successfully close this transaction we need to obtain property approval. Upon reviewing the appraisal it came to our attention that the pool is currently empty. According to FHA guidelines, the pool must contain enough water to allow the pool’s pump to successfully circulate the water. The pool’s current state will not allow us to move forward on this transaction at this point.
In order to approve the property, the pool must be filled with water to meet the above mentioned criteria for a period of time long enough for the appraiser to re-inspect the pool. This is for 2 reasons. The first is to ensure that the pools systems are functioning. The second is that to ensure that the pool can hold water to avoid any safety issues.”

 

At this late stage in escrow, the questions raised by this letter are numerous and potentially devastating:

1. Who is going to pay for the water to fill the pool?
2. Is the FHA appraiser qualified to determine if the pool equipment is functioning properly?
3. Who is going to pay for repairs to the pool equipment if it is not functioning properly?
4. What are the implications for the seller if they refuse to cooperate with the pool filling and/or repairs?
Personally, I’m in favor of dropping a water hose in the pool, filling it up and calling the appraiser back to re-inspect as quickly as possible. But the “what if” questions come into play, so who knows what will happen!

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Get In Touch

  • Cathi & Ben Walter
  • REALTOR ®
  • 44530 San Pablo, Suite 101
  • Palm Desert, CA 92260
  • P: (760) 218 – 5752
  • E: Cathi@DesertAreaHomeFinder.com
  • CalBRE# 01346930

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