I recently had a client that was looking to do a cash out refinance on his home. He didn't mention that he had a pool, nor did I think to ask. But when the appraiser came out to the home to do his report, he noted that not only was there a pool, but an empty one that had looked like it was in the process of being filled in, but was only a quarter of the way done. So when we heard the news, I checked FHA guidelines and they stated that the pool must be completely filled in to the original grade of the land or a super heavy duty expensive cover would need to be installed.
One thing that my borrower didn't think of when he started filling in this vinyl in ground pool, was to poke large holes in the pool before he started filling it in. Reason being is that if he went and filled that area with dirt, it would create a swamp area. Water would eventually seep into the ground until it couldn't hold any longer and become one giant mess. Luckily we were able to help him find a contractor that would fill in the pool. This is a small thing that I would not have thought of but thank God the contractor did.
If you have a client that has a pool that is empty or they want to fill it in, make sure the pool has a cover or its completely filled in before the appraiser comes to the property or it can seriously cause delays in your closing,
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