Okay, so I am starting to see a trend towards getting really picky about wells and developed springs... and even small water districts, too when it comes to loan conditions. Recently there was a small water district whose name had Spring in it... and once the underwriter saw that, they started asking lots and lots of questions. Now we have done one water test and although there's NO fecal coliform, there is some plant bacteria-- so the underwriter is requiring we get a chlorination system installed... and I expect to have to do another water test after installation, too.
Here's my concern. SO many properties in my area are on wells, shared wells, small water districts, and developed springs... so are we now looking at production tests and water quality tests for all? That will add a significant cost to the escrow and transaction... who will pay for it? Are we having to think of requesting the sellers to pay for it when writing the purchase offer? And how much is enough information for the underwriters?
I sincerely hope that the underwriters stop pushing in every direction with more and more conditions, because they will simply begin making it impossible for a buyer to get a loan. Reasonable requests, yes! But waiting until all other conditions are cleared and THEN putting forth new questions and conditions has been throwing a curveball into our escrows and jeapordizing timeframes and transactions right and left. It's stressful enough for a buyer to purchase today!! They don't need these added surprises, too...
