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 Roswell, GA

Latitude: 34.033896 -- Longitude: -84.344028

ZIP Codes for Roswell, Georgia	30075 30076 30077
Area Code for Roswell, Georgia	770
Time zone for Roswell, Georgia	EST

Other Area Cities: Kennesaw, GA Woodstock, GA Acworth, GA Roswell, GA Doraville, GA Druid Hills, GA Dunwoody, GA Alpharetta, GA Atlanta, GA Chamblee, GA Marietta, GA Brookhaven, GA North Atlanta, GA Sandy Springs, GA

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Roswell was founded by Roswell King, a Native New Englander. In 1830 while on a trip to North Georgia, where gold had been discovered , he passed through the area of what is now Roswell and observed the great potential for building a cotton mill along the Vickery (Big) Creek. In the Mid 1830s he returned and built a mill which was soon to become the largest in North Georgia with over 400 employees by the time of the American Civil War in the 1860s The ruins of the mill and the 30 foot dam that was built for power can still be seen today. Originally included in now-neighboring Cobb County, the city was incorporated in 1854, when the city charter was signed by the Georgia General Assembly on February 16th. At that time, the nearest large town was the county seat of Marietta, a four-hour (one-way) horseback ride to the west,[citation needed] and residents wanted a more local government. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Roswell	Georgia	United States
Population	79,334	8,186,453	281,421,906
Median age	35.2	33.4	35.3
Median age for Male	33.6	32.1	34
Median age for Female	36.6	34.6	36.5
Households	30,207	3,006,369	105,480,101
Household population	78,706	7,952,631	273,643,273
Average household size	2.61	2.65	2.59
Families	20,923	2,111,647	71,787,347
Average family size	3.07	3.14	3.14
Housing units	31,300	3,281,737	115,904,641
Occupied units	30,207	3,006,369	105,480,101
Vacant units	1,093	275,368	10,424,540

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November 20, 2008

Local Information for Roswell, GA

Latitude: 34.033896 -- Longitude: -84.344028

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