Will banks lend on a property with a green pool ?

Question

Wayne Brooks · Answer

FHA, no. Conventional, doubtful.  For you non Florida guys.....you do Not want to empty a pool in S Florida, if you don't know what you're doing.  You'll learn the reality of a pool "popping out of the ground".  Hint, we have a high water table and concrete "boats" do float.

Neil Aggarwal · Answer

I used to have to clean up the pool at my parents house every summer when I returned from college.  You have to shock it with acid, let the stuff collect on the bottom, and vacuum it.

Kimberly T. · Answer

Hmm, I'm trying to remember what happened for us.  When we bought our house, it had a green pool, and I think they just had to have it emptied before we closed escrow on it.  It was a REO.  This was back in 2008 and our lender was Chase, so who knows if things are different now.  Can't you just ask your lender?

Account Closed · Answer

^sounds like fun! especially vacuum up the precipitate after having just added concentrated chlorine (hypo) *fumes*

Account Closed · Answer

shucks, how do yall do it then, emptying while adding in, gradual water change in other words?

Account Closed · Answer

i'd be so anxious to get the propertly holder to empty it and stop it from getting greener then refill and see if pumps even work; but can see how that would be hard to get done if the water and/or electric r already shut off.

Aaron Hall · Answer

You can get a loan but certain lenders may require it get taken care of first.  FHA loans will not go through til it's resolved.

If you are looking @ a property with a "green" pool get a pool guy in there to asses the whole system.  "Green" may be the tip of the iceberg.

Ask the bank and find out their guidelines for pools.  If they do you can have the seller fix it or get a credit. Best thing to do is start asking and fixing it now or it can drag out closing.

Will banks lend on a property with a green pool ?

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