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 Bogart, GA

Latitude: 33.948355 -- Longitude: -83.53388

ZIP Codes for Bogart, Georgia	30622
Area Code for Bogart, Georgia	770
Time zone for Bogart, Georgia	EST

Other Area Cities: Winterville, GA Bogart, GA Athens, GA Watkinsville, GA Winder, GA

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Bogart is a town in Oconee County, Georgia, USA. As of the censusGR2 of 2000, there were 1,049 people, 425 households, and 309 families residing in the town. The population density was 170.2/km² (441.6/mi²). There were 457 housing units at an average density of 74.1/km² (192.4/mi²). The racial makeup of the town was 94.09% White, 4.48% African American, 0.10% Native American, 0.38% Asian, 0.67% from other races, and 0.29% from two or more races. Hispanic or Latino of any race were 2.29% of the population. The median income for a household in the town was $41,190, and the median income for a family was $45,682. Males had a median income of $31,652 versus $28,580 for females. The per capita income for the town was $20,081. About 9.7% of families and 10.0% of the population were below the poverty line, including 10.5% of those under age 18 and 12.8% of those age 65 or over. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Bogart	Georgia	United States
Population	1,049	8,186,453	281,421,906
Median age	35.2	33.4	35.3
Median age for Male	33.8	32.1	34
Median age for Female	36.4	34.6	36.5
Households	425	3,006,369	105,480,101
Household population	1,049	7,952,631	273,643,273
Average household size	2.47	2.65	2.59
Families	310	2,111,647	71,787,347
Average family size	2.88	3.14	3.14
Housing units	457	3,281,737	115,904,641
Occupied units	425	3,006,369	105,480,101
Vacant units	32	275,368	10,424,540

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November 20, 2008

Local Information for Bogart, GA

Latitude: 33.948355 -- Longitude: -83.53388

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