Question: What is a sump pump?
Answer: A "sump" is a hole, generally in the basement, that collects water. A "pump" is placed inside the hole to remove the water when it reaches a certain level. Together they are called a "sump pump". The actual name should probably be a "sump and pump" since there are really two separate components.
The reason FHA and FNMA likes the appraiser to report a "sump pump" is that it demonstrates that the basement leaks or has leaked at one time.
http://en.wikipedia.org/wiki/Sump_pump
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