Dane Hahn

Hi Debi,

Not every buyer is able to find financing--and usually the reason is poor credit. It appears that you have a credit issue that has made the home of your dreams simply a "pipe dream". Now would be a great time to consider methods of credit repair, and you could also begin to save money for a down payment on that bank owned home or a similar home when you are finally ready. Even when you get your credit to 580, you will still have issues with getting a mortgage--especially if you can't put a significant amount down. In the eyes of the credit market, you are presently too much of a risk. But let's see what the Congress will do in the next couple of days--maybe they will open the flood gates and money will flow to any and all who would like some.

Dane Hahn
Licensed in NH, MA, Florida - Tue Sep 23 2008, 17:23

Hi Jill,

By now you have seen this bedroom question is a gray area. My suggestion is to sit down with your Realtor and show him/her the answers you have gotten to your question. Go over the responses and then decide what's the best avenue for you in marketing your home.

I would suppose that if the city of Keene calls the house a 3 bedroom on the tax card, then that is what it is. And because the tax card is usually a document reviewed in the transaction by the buyer, it would be smart to use that information in the listing. On the other hand, if the tax card says you have 4 bedrooms and you really have 3, tell the Assessor and get an adjustment--you've been paying too much tax.

If you are located in an area of the city that does not have town water and sewer--meaning that you have a septic system, then the ability of the septic to process water will determine how many bedrooms you can legally have. Usually the state of NH determines that there would be a maximum of 2 people per bedroom, and each person would average 60 gallons of water a day for all uses, washing, toilet, dishwasher etc.

A septic that can handle 360 gallons a day would be required for a 3 bedroom home. ( 6 people x 60 gallons). Sometimes the data on a septic is not available--but generally something is known and is recorded on the field tax card at the city hall. It doesn't matter that you use one room as an office and there are only 2 people living in the home...this is how the state does it. (See no closets involved).

Good luck with your sale.

Dane Hahn - Mon Sep 22 2008, 04:43

Hi Michelle,

With the current melt-down in the mortgage industry, there are fewer and fewer bona fide lenders willing to accept less than "good" credit scores. A professional mortgage "originator" will review your situation, your credit and your fiance's credit and determine how to best package your request fo a loan--based on your income, credit scores and the value of the Merrimack home you have in mind. I normally give out the names of three originators to my clients so they have a choice. Generally Realtors do not originate loans as there can be conflict of intrest issues, but we do promote and refer the lenders who have been able to help our clients and with whom the other clients are satisfied. I am presently able to offer a couple of lenders who should be able to accomplish what you ask--provided your credit and income are acceptable. Give me a call or check my website.

Dane Hahn - Thu Sep 18 2008, 04:47

I think Scott Godzyk is right, have the bank deal with the tenants. The purchase and sa,les agreement we normally use indicates the home will be free of tenants and personal property and will be in "broom clean" condition. You should be able to cause the bank to comply with that contingency. - Mon Sep 15 2008, 16:51

The few buyers we are working with are only motivated by two things, spectacular houses and spectacular deals. If you have only had 2 showings in 48 days, apparently you are offering neither. So to make the buyers step forward, and to make the sale, you will have to make your offering more spectacular.

I have been in the real estate business for over 25 years and when I first got started, an old agent told me, "price cures all ills..." She was right--it's as true today as it was 25 years ago.

Dane Hahn - Sun Sep 14 2008, 08:44