November 20, 2008

Just recently I talked to a home repairman. He was telling me how he’d worked for a builder for over 10 years and how he had an “agreement” to purchase a home from his boss. They’d agreed on a price ($23,000) and on an amount that would come out of his paycheck every month. But that was it. Nothing in writing, no mention of interest. The home was in bad repair and the employee spent long hours and money renovating the home. The builder refused to do any repairs as he told the employee that as a home “owner”, it was the employee’s responsibility. Fast forward 10 years. The employee had come into some money and wanted to pay off the home and get a deed. He had enough money to pay off the principle and enough left over to pay interest of 8%. The builder refused the payoff, stating that as the home was worth more now, he wanted an additional $20,000 but that if the employee wanted, he could continue paying monthly. Needless to say, that employee is no longer working for the builder and no longer living in the house he’d called home for over 10 years.

Many people with poor credit feel that a “rent to own” option will help them find a home. They think that it is similar to going to some of the “no credit check” rent-to-own furniture stores that are in every town. “I’ll pay $1000 a month and then one day I’ll own the home”. Yes, it is possible to structure a “rent to own” contract, but it is extremely important to lay out all contingencies. How much of the base rent will go towards principle? Who is responsible for repairs? Is there a default clause if the buyer leaves the home before the house is paid off? Will the buyer forfeit the equity or will he get some of it back? In the case of delinquent rent, will the equity be applied to delinquent rent and the purchase/rent to own contract be voided? Remember, in a rent to own situation, the tenant/purchaser does not have title to the property.

Owner financing is different. In this case, deed is passed to the buyer at closing and a mortgage is held by the seller. The buyer will sign a mortgage note and mortgage the home. The terms of the note will have been negotiated before closing. In this case, the seller is not responsible for any repairs to the home and must proceed through legal channels to foreclose on the property should the buyer default on the mortgage note. Most sellers are reluctant to owner finance to someone with poor credit, but if there extenuating circumstances, this might be an option for those buyers who are not eligible for traditional financing.

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Local Information for Eatonton, GA

Latitude: 33.326302 -- Longitude: -83.387798

ZIP Codes for Eatonton, Georgia	31024 31026
Area Code for Eatonton, Georgia	706
Time zone for Eatonton, Georgia	EST

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Eatonton is a city in Putnam County, Georgia, United States. The population was 6,764 at the 2000 census. There were 2,442 households out of which 34.9% had children under the age of 18 living with them, 40.4% were married couples living together, 24.0% had a female householder with no husband present, and 30.1% were non-families. The average household size was 2.66 and the average family size was 3.20.The city is the county seat of Putnam County. It was named after William Eaton, an officer and diplomat involved in the First Barbary War. The name consists of his surname with the English suffix "ton", meaning "town". The Rock Eagle Effigy Mound, a Native American archaeological site, is located adjacent to Georgia 4-H's Rock Eagle 4-H Center north of the city. Rock Hawk Effigy Mound is located just to the east. They are the only such sites discovered in Georgia east of the Mississippi River, and were made by the Mississippian peoples who inhabited the area 900-1500 A.D. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Eatonton	Georgia	United States
Population	6,764	8,186,453	281,421,906
Median age	33.5	33.4	35.3
Median age for Male	31.9	32.1	34
Median age for Female	34.9	34.6	36.5
Households	2,442	3,006,369	105,480,101
Household population	6,502	7,952,631	273,643,273
Average household size	2.66	2.65	2.59
Families	1,706	2,111,647	71,787,347
Average family size	3.2	3.14	3.14
Housing units	2,668	3,281,737	115,904,641
Occupied units	2,442	3,006,369	105,480,101
Vacant units	226	275,368	10,424,540

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November 20, 2008

Local Information for Eatonton, GA

Latitude: 33.326302 -- Longitude: -83.387798

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