I have done a reverse offer with good results--it was done with a buyer that had been the house several times but couldn't seem to get off the fence to make the offer--we made the offer to them and it sold. However, in most cases I think it makes sense to simply drop the price and let the entire market benefit from your "reverse offer" --who knows it could bring in more than one buyer and perhaps net you more in the long run. Best of luck!... more
Sound advice provided - check with local building and assessors departments at town hall, many local and state codes also have minimum amount of square feet of living space. Additionally, if the property has a private on site sewerage system, the capacity and engineering requirements for the on site system dictate the maximum number of bedrooms. This is a component of 'Title V'.... more
Building codes require 2 (two) forms of egress.
If you have a very old house and are planning some kind of renovation, you may be required to provide an additional means of egress to comply with the new code. It' may be impossible due to the original design of the building, in which case you may have to seek a variance.
Hope this helps!
Ray Garcia
617-942-0447
rghomeowners@gmail.com
http://southshorehomesma.com... more
We just ran into this question on a recnet sale of a townhome in Pembroke, MA. We scoured many websites and other sources. We also spoke directly to a licensed appraiser in MA. All the answers pointed us to the following; In Massachusetts a bedroom must be a minimum of 70 square feet and no closet is required. Although Newburyport may have different regulations, or its' own interpretations of the code.
Good Luck! Cheers! Lenny Rowe, Realtor
Boston Connect Real Estate Services... more
Hi, A short sale takes place when the homeowner owes the bank more then the home is worth or going to sell for. This process is subject to bank approval and can be a very lengthy process. Most of the work is on the sellers side, they need to first prove a hardship to the bank. The banks are specific about what a hardship can and cannot be. Once that is done the bank will review all of their finances, etc and determine if it will be easier to short sale rather then eventually foreclose. Keep in mind a short sale is typically a pre-foreclosure measure.
As a buyer, you don't normally know if the bank has accepted the offer you made to the seller until there is a fully executed contract and full workout package submitted. if you proceed with a short sale doe yourself a favor and continue looking at homes and also have low expectations.
Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023... more
@Janet,
If you are an agent rather than a loan officer you should change your profie
"Can I afford to buy a home? Am I qualifed? What do I need to do to get qualified? Does an FHA Home Loan work for me? What affects my credit score? Answers to these questions and more... as I am and have been originting residential mortgage loan in Massachusetts for over eight years. (Three of those years as a seklf-employed broker.) I am currently providing home loans with Dynamic Capital Mortgage who is a direct lender in 13 states including Massachusetts (MLO16834) and New Hampshire. "
You are entitled to your opinion. I am very direct and some folks take offense to that, I don't mean to insult or offend anyone. I also feel their is a difference between arrogance and confidence. I am confident in my answer and will defend my opinion. Maybe you need to talk with your old underwriter!... more
Julie,
As previously stated it is no longer available. Invest in your home. Be sure you have a vested interest in your home. I suggest you save as much cash as you can. Keep your credit squeeky clean. If you are lucky enough to have family that can help with the down take the gift and a gift letter from them. This is a great buyers market. Many sellers are willing to help with closing costs. Prices are low as are interest rates. If you are one of the lucky people that can buy now do it.
Best wishes
Joann... more
In Massachusetts, there is a standard in order to properly size a septic system under Title V for homes not on the town sewer line. For example:
"The Definition of a Bedroom: The definition of a bedroom for the purpose of sizing a subsurface sewage disposal system (proposed or existing) is as follows:
a. Any room or enclosed addition with at least 70 square feet of floor area, and a window, other than a kitchen, dining room, living room, bathroom or hallway space, or any room that meets the definition of a bedroom in Title 5, 310 CMR 15.002. b. Any room other than a kitchen, dining room or living room in excess of 300 square feet that meets the definition of a bedroom shall be considered two rooms.
โข Any dwelling with six (6) rooms shall be construed to have three (3) bedrooms. โข Any dwelling with seven (7) rooms shall be construed to have four (4) bedrooms. โข Any dwelling with eight (8) rooms shall be construed to have five (5) bedrooms. โข Any dwelling with nine (9) rooms total shall be construed to have five (5)
bedrooms. โข Dwellings that have ten (10) rooms or more shall be determined by dividing the
total number of rooms by two (2), and rounding down to the next whole number."
Appraisers and assessors may use another definition, for example:
"A bedroom is a room, attached to the main structure of a single-family home, that has two crucial features: (1) It has a door that can be closed. (2) It has a closet, with or without a door."
When marketing a home, you'll often see real estate agents describe a home differently from either of those definitions. If a room looks like it could be used as a bedroom, they suggest it is a bedroom. That's why, for example, sometimes you'll see a statement such as "four, possibly five, bedroom home."
Thus, according to Title V, the second room would not be a bedroom because it is only 63 square feet, not 70. And, it would not meet the standard definition used by appraisers and assessors because it does not have a closet.
But it wouldn't keep some agents from calling it a "possible" bedroom.... more
You should check with the building department to make sure there haven't been changes, but I believe this is fairly current.
An emergency egress window is required when the basement is going to be used for liveable space. No bedrooms shall be built in basements without emergency egress and sufficient light and ventilation. Sill height of window above floor: Not to exceed 44". Minimum opening area: = 5.7 sq. ft. Minimum opening height = 24" . Minimum opening width: = 24". Double hung windows used for emergency escape shall be permitted to have a net clear opening of 3.3 square ft... more
The answer: "It depends on the complex." Without knowing property you are referring, it's hard to make a blanket statement. Most of the associations in Marshfield, however, are managed pretty well. Over the past couple of years, short sales and post foreclosures have had a major negative impact on the price of individual units as folks wait to see just how low the price will fall. Even with the bargain basement prices, these units are moving slowly and I'm beginning to believe it's because folks like you are wondering "what's wrong." If you ever have a question about a specific property and/or association, find yourself a good buyer agent and ask the tough questions. A quick look at the overall financials and budget sheets will answer most of the questions you and your accountant may have.... more
I am dealing with the same issue. I have disputed a collection and have been trying to get a mortgage. My reasons for dispute are valid but I have been forced to request the notation that I disputed the collection removed. Equifax and Experian have been cooperative and removed the notation for me. Transunion states they have to investigate and that I can expect up to 30 days before I get an answer. I am supposed to close on my house in 9 days and 30 days will possible loose me the house and my downpayment. The collection was for $183 and it is paid. The collection agency refuses to help. This is rediculous that I may be denied a mortgage based on a notation that I dispute a small collection for a medical bill. I have to move out of my home July30 and am supposed to close on July 23....now what...will I become homeless because Fannie Mae flagged me for this dispute. Do I have any rights. The loop whole states that my mortgage company can manually underwrite the loan....not so they are unable to manually underwrite at this time.... more
It may be impossible to give you an accurate answer without more information. Marshfield zoning requirements, as they relate to frontage and lot size, vary depending on which part of town you are located. An R-1 zone requires 125' of frontage along with specific side and rear yard setbacks. I have 11 years of Zoning experience in Marshfield as a member of the Zoning Board of Appeals and I'd welcome the opportunity to review your information and provide some guidance.
Regards,
Dick Power
J. O'Gara Realty... more
Yes, for a room to be considered a bedroom, it must contain a built in closet. Can be small, but need to be in the room. Thinking of listing? I would be glad to assist.
Give me a call.
774-264-9117, 774-526-2457... more
I understand the holdback idea of 1.5 the amount required to repair the system, however, what if you live in a condo with 12 units? Wouldn't the holdback be 1.5 times one unit's share of the proposed amount? I don't have the money nor do I think it's reasonable that one unit owner of 12 would be responsible for the entire holdback amount. Does anyone know the laws in MA regarding this issue and condos?... more