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 Richmond, KY

Latitude: 37.74472 -- Longitude: -84.293562

ZIP Codes for Richmond, Kentucky	40475 40476
Area Code for Richmond, Kentucky	859
Time zone for Richmond, Kentucky	EST

Other Area Cities: Berea, KY Winchester, KY Richmond, KY Lexington, KY

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Richmond is the 6th largest city in Kentucky and the county seat of Madison County. It was named after Richmond, Virginia. In 2004, the city population was 30,008. By 2010 it is expected to have a population of 34,292. It is home to Eastern Kentucky University. The City of Richmond was founded in the year of 1798, by Colonel John Miller, who was active in the Revolutionary War as a soldier. This same year, the county seat was moved from Milford to Richmond, which was the area owned by the Colonel at the time. This caused numerous fights between residents of Milford, and the county and residents of Richmond who adimately opposed the move. This resulted in a duel between Dave Kennedy and William Kearly (represented Richmond). These fights' results were never recorded, but based on the fact that the county seat was changed to Richmond, it can be assumed that Richmond did infact win. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Richmond	Kentucky	United States
Population	27,152	4,041,769	281,421,906
Median age	25.3	35.9	35.3
Median age for Male	25.1	34.6	34
Median age for Female	25.5	37.1	36.5
Households	10,795	1,590,647	105,480,101
Household population	23,078	3,926,965	273,643,273
Average household size	2.14	2.47	2.59
Families	5,551	1,104,398	71,787,347
Average family size	2.78	2.97	3.14
Housing units	11,857	1,750,927	115,904,641
Occupied units	10,795	1,590,647	105,480,101
Vacant units	1,062	160,280	10,424,540

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November 20, 2008

Local Information for Richmond, KY

Latitude: 37.74472 -- Longitude: -84.293562

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