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Empty Pool

Discussion in 'Urgent - Help Needed' started by GroundSwell, May 30, 2003.

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  1. GroundSwell

    GroundSwell Sophomore Member

    0
    Apr 6, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Hello,

    Had a request for a cookie-cutter home the other day, but when I went in the backyard I noticed that their pool was empty. I know that some lenders will not lend on the property unless the pool has been filled.

    How do you all handle this? I was thinking to either make the appraisal subject-to the pool being filled, or just add a comment in the addendum and letting the UW deal with it.

    A follow-up question would be - if the lender requests that the pool be filled and the ask me to go back out there to verify this... should I charge for this? If so, how much do you think is fair?

    Thanks for any help.

    RJ
     
  2. Ghost Rider

    Ghost Rider Senior Member

    0
    Apr 27, 2003
    Professional Status:
    Banking/Mortgage Industry
    State:
    Connecticut
    If it really bothers you that it's not filled, then by all means comment on it. Personally, I don't think you have to at all. It's not your job to say if the pool is filled or not.....does having water in the pool affect the value of the property?? If not, then don't comment, I would take a picture of it, put it in the report as an additional photgraph addendum. Let the lender figure out if they want it filled or not. If they want you to verify that it has been filled, then by all means charge them. It's extra work, and you have to pay for your time and effort to go out there. Fees for Final Inspections run from $75-$100, if you want to charge more, go for it!!!!!
     
  3. Larry Lyke

    Larry Lyke Senior Member

    0
    Feb 2, 2002
    RJ ~

    Write in your report, "Swimming Pool has no water in it."

    Then, make the appraisal report "As Is."

    If the UW wants the pool to have water in it, she will order it done.

    Then, if this UW hires you to go out and look for water in the pool, you can send send a extra invoice. I sugest you charge your regular re-inspection fee.

    Easy, huh?

    And, no hassle.

    Best o'luck.
     
  4. Rich Hahn

    Rich Hahn Senior Member

    0
    May 2, 2003
    Professional Status:
    General Public
    State:
    Colorado
    A friend of mine just ran onto this.

    I pool is full of water, or dirt, it is SAFER then if empty.
    Empty pool is a hazard.
    A 8' fece around pool is another solution.

    Perhaps more of a risk then lead based paint or espestose(sp).
    If it were my future at stake Id make the reispection on this one.
     
  5. Mountain Man

    Mountain Man Elite Member

    12
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    I agree with Rich, safety hazard!!!! :eek:
    If the pool is in really, really bad state of disrepair, and would not contribute much to the value if it were operational, then the appraisal would be subject to being filled in with dirt.
    But, I have had owners indicate that they intend to fix the pool, <_< okay...... fine. Then it's subject to being repaired and operational. ;)

    If the lender requires an "as is" value, get your mentors help!!!!
    If the lender want's the "subject to" cleared, you gotta do a final inspection. What you charge is up to you and your mentor. That is a business decision. ;)
     
  6. Hal Pollock

    Hal Pollock Senior Member

    0
    Apr 26, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Connecticut
    First, everything on the site makes a contribution to value --------- Positive or negative. If your location (not stated) is Alaska, then if the pool was filled or not really would not have much of an impact. If you are in New Mexico a filled pool would most likely make a significant contribution to value. If you are in New Mexico and it is unfilled I would assume that it is unfilled for some reason, leaking is my best guess.

    Since you are the eyes and ears of the lender on site, I would report it as being empty, and I would make a value judgement of the pool based upon my location, Alaska/New Mexico ect, and submit my report "as is".

    As far as a reinspection goes, I would try to avoid it. I am not a pool expert. Yes I can see if there is water there, but I dont know when they turned off the fill water, I don't know about filters, pumps etc. A pool is a functioning system, not just a hole in the ground with water in it. I would suggest if they want a final inspection to let a pool specialist do it.

    Just my $0.02 :)
     
  7. jeff samolinski

    jeff samolinski Senior Member

    0
    Apr 18, 2003
    I agree with Hal. We are not pool experts so let a pool contractor inspect to determine if it functions properly. I like to apply HUD'S standards to as much as possible on these items which is report what is readily observable and if it looks like there may be a problem call for an inspectio by someone qualified.
     
  8. Ghost Rider

    Ghost Rider Senior Member

    0
    Apr 27, 2003
    Professional Status:
    Banking/Mortgage Industry
    State:
    Connecticut
    I have no problem mentioning it one way or the other, but calling out something that is a safety hazard.......Unless we are talking about an FHA loan, where we are required by HUD to pretend that we are building inspectors, we are not there to inform the lender of a safety hazard UNLESS it will affect the marketability of the subject property.

    For me, seeing an unfilled pool is the same as seeing a furnace in the middle of the summer when it's 95 degrees out. I note it in the report, and move on!!!! I don't turn on the furnace to make sure it is working, that is not my job. I note the improvements, and the visible condition of them thereon, and no more. Why in the hell would you open yourself up to more liability than we already have by claiming a health and safety hazard??

    I could be wrong, but I have read the URAR form thousands of times, and I don't see anything there asking to list any potential heath and safety hazards. The only part of it that is close is "adverse envrionmental conditions", where unless I see green bubbling ooooze coming from the back yard, I don't make a comment as I am NOT QUALIFIED!!!!!!! Just my $.02.
     
  9. Restrain

    Restrain Elite Member

    7
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I would ask the homeowner why the pool was empty, and comment appropriately. It could have been repaired and allowing the gunite/concrete/etc to set properly before filling. However, I would comment. In some areas, I have seen the water table pop a pool out of the ground during wet times, just like a boat on top of the water. Turns the pool into a planter.

    Roger
     
  10. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    Ask the HO about it, comment in the appraisal about it and what they said. If they say the pool is just fine or just repaired, base your appraisal on that Assumption and state it as such. If they say there is a problem with it, state what they've said and base your appraisal on the assumption that what they have told you is correct and that pool professional would be needed to estimate the cost to cure, then give it no value in your appraisal or even a negative value.

    The answer to your question is another 'it depends'.
     
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