REO seller wants pool filled and working before appraisal!

[Oxford]

The home I am buying (trying) is in escrow. It is a foreclosure needing alot of work. The pool is empty and the previous owner took and sold all the pool equipment down to the wires.

I am getting a loan at BOA and they tell me that the pool has to be full and circulating due to safety issues etc., before they appraise it. I nor the bank are willing to fork over $13k to fix it (got estimate).

So, after alot of confusion and phone calls BOA came up with a solution — “Escrow Holdback”. Meaning, I have to put the money to fix the pool into escrow to be paid to the pool contractor at some point. That works for me since I planned to fix it anyway.

BUT…how odd. Hell, it is just a hole in the ground with a fence around it. There is NO consistent protocol regarding pools and appraisals and it changes every 15 minutes.

Any of you Piggs ever had pool/appraisal issues like this?

OX
..it’s just a f-ing HOLE!

[patientrenter]

Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.

[patientrenter]

Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.

[patientrenter]

Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.

[patientrenter]

Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.

[patientrenter]

Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.

[Oxford]

[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]

I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.

ox
…holey moley

[Oxford]

[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]

I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.

ox
…holey moley

[Oxford]

[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]

I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.

ox
…holey moley

[Oxford]

[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]

I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.

ox
…holey moley

[Oxford]

[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.

On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.

So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]

I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.

ox
…holey moley

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[HLS]

OX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.

A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.

Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.

Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.

[Author]

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