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Home Buying in 02050 : Real Estate Advice

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  • Home Buying9
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Activity 9
Sat Oct 29, 2016
sharon nolan answered:
one room as no closet .and has a back door to go in and out side is that still called a bedroom ?
0 votes 10 answers Share Flag
Mon Feb 9, 2015
MaryBeth Mills Muldowney answered:
Depending upon the complex the issue could be financing the condo. Lenders are very specific and the lender will have a condo questionnaire to be completed in order to determine whether they will fund the loan on the condo. What we have run into lately is that the FHA has made certain requirements of the condo association to collect a certain percentage of their condo fees to be held in "reserves" so although they condo complex may be solvent the % of budget collected for reserves may not be sufficient to meet their standards, if any are in a pre-foreclosure or sometimes "short sale" situation then the condo monthly fees may also be in arrears and that is something that the lender will see as a negative as they ask if any condos are in arrears. Another big item for lenders is whether the condo complex has more owner occupants than investors or non owner occupants - another double edged sword - as the prices dropped and the lack of the lenders willing to lend in some condo complexes - investors purchased with cash and thus the ratios on owner occupancy were not meeting the criteria. Condo financing has been a big issue but we are seeing a good improvement in lenders agreeing to finance, some local banks who control their own funds are more inclined to make the funds available in the past. Most importantly in the larger complexes is the agreement of the condo association and property management company to provide the necessary paperwork whether the documentation needed to be FHA approved or completion of the condo questionnaires - If I may be of future assistance in discussion of condo purchasing or if you need a good lender I could recommend for the condo purchase in the area please give me a call 781-826-9300 or my email is MaryBeth@TradeWindsRealtyGroup.com . Wishing you well in your new home! ... more
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Sat Nov 23, 2013
Heath Coker answered:
If you have a Roth, you probably have a planner or accountant that can more personally and professionally answer according to the details of your personal financial situation - one that you can rely on.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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Fri Nov 25, 2011
Raymond Garcia answered:
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
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Sat Jul 23, 2011
Lenny Rowe answered:
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
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Mon Jul 19, 2010
Kate Hannon answered:
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
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Tue Jun 29, 2010
Kate Hannon answered:
Mon Nov 2, 2009
Susan Costa answered:
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
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