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Bank won't allow water turned on. Can I still conventional finance?

They will allow gas & electric turned on, but not water.  They say they allow a compressed air pressure test though.  They say this is their standard operating procedure.  I'm trying to do a 5% down conventional and my mortgage broker said I can't finance if water can't be turned on for inspection and appraisal.  Surely some companies finance under these circumstances right?  Otherwise why wouldn't the bank be seeking cash offers only?
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September 25 2013 - Denver
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We, too, want the appraiser to let us know that the water system was on and working prior to close.  Why not negotiate so that the water is turned on for inspection on the day or so prior to closing--after the loan is fully approved (subject to this, of course) and the loan docs are signed and your down payment is in? 
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September 30 2013
The air compression test with proper verbiage should be acceptable by itself
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September 30 2013
It's funny how one thing can change a policy that affects so many.  Case in point, I hate to remove my shoes at the airport...all because of one fellow but I'm forced to remove them every time I fly.  This lender may have had one property flooded in the past which led to this policy.

The Seller may not provide an exception to their policy.  Try another lender...as that's really your only choice based on your statement that the lender will not accept a pressure test.  

In new construction, codes inspectors use a compressed air test as the water meter generally hasn't been set.  The pressure test gauge is left in place for several hours/day to ensure the system is functioning properly.

Best,

Bob Sorey
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September 25 2013
You need to go to the legal department or higher ups in the Bank (seller).  There are some lenders that will over look it but it could be an issue before closing if it's a foreclosure property.  You just need to push the Seller into turning the water on during the inspection.
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September 25 2013
 
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