I just bought a foreclosed property with a pool. I am in the process of getting the pool up and running. I have a pool at my main house so I know a little about pools. However, I noticed the foreclosed pool (gunite with bottom drain) has some kind of ball valve or something next to the deck. I was told that this (if still connected) is a safety valve in case my water gets below the skimmer. It has a float about the size of a baseball with a male screw on the end. It is not attached, but I think I can see down in the hole enough to see where it should screw into something. It also looks like I have a return in an area that could be connected to this valve. Two questions:
If I just leave this alone, what will happen?
If I want to fix it, where do I start? Would it be as simple as just screwing the bolt into the fitting?