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 Louisville, KY

Latitude: 38.22887 -- Longitude: -85.749534

ZIP Codes for Louisville, Kentucky	40201 40202 40203 40204 40205 40206 40207 40208 40209 40210 40211 40212 40213 40214 40215 40216 40217 40218 40219 40220 40221 40222 40223 40224 40225 40228 40229 40231 40232 40233 40241 40242 40243 40245 40250 40251 40252 40253 40255 40256 40257 40258 40259 40261 40266 40268 40269 40270 40272 40280 40281 40282 40283 40285 40287 40289 40290 40291 40292 40293 40294 40295 40296 40297 40298 40299
Area Code for Louisville, Kentucky	502
Time zone for Louisville, Kentucky	EST

Other Area Cities: Shelbyville, KY Fairdale, KY Fern Creek, KY Fisherville, KY Louisville, KY Anchorage, KY Jeffersontown, KY New Albany, IN Douglas Hills, KY Hurstbourne, KY Norbourne Estates, KY Okolona, KY Prospect, KY Rolling Fields, KY Saint Matthews, KY Windy Hills, KY Valley Station, KY Buechel, KY

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Louisville is Kentucky's largest city. It is ranked as either the 16th or 27th largest city in the United States depending on how the population is calculated (see Nomenclature, population and ranking below). The settlement that became the City of Louisville was founded in 1778 by George Rogers Clark and is named after King Louis XVI of France. Louisville is most famous as the home of "The Most Exciting Two Minutes in Sports": the Kentucky Derby, the widely watched first race of the Triple Crown of Thoroughbred Racing. Louisville is situated in north-central Kentucky on the Kentucky-Indiana border at the only natural obstacle in the Ohio River, the Falls of the Ohio. Louisville is the county seat of Jefferson County, and since 2003, the city's borders are contiguous with those of the county due to merger. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Louisville	Kentucky	United States
Population	256,231	4,041,769	281,421,906
Median age	35.8	35.9	35.3
Median age for Male	34	34.6	34
Median age for Female	37.6	37.1	36.5
Households	111,414	1,590,647	105,480,101
Household population	247,704	3,926,965	273,643,273
Average household size	2.22	2.47	2.59
Families	61,374	1,104,398	71,787,347
Average family size	2.97	2.97	3.14
Housing units	121,275	1,750,927	115,904,641
Occupied units	111,414	1,590,647	105,480,101
Vacant units	9,861	160,280	10,424,540

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November 20, 2008

Local Information for Louisville, KY

Latitude: 38.22887 -- Longitude: -85.749534

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