For Rent in Chicago>Question Details

Christine Hu…, Home Buyer in Chicago, IL

I'm looking for a home to rent possibly with the option to buy. The neighborhood zip code is 60629. Hopefully around 66th and Kedzie.

Asked by Christine Hunter, Chicago, IL Fri Jul 19, 2013

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Renting to own is a great option as long as you know you CAN buy at the end of the rental period. Contact me directly to get a professional purchase assessment. Also, I have great agent who just placed a mutual client in a rent to own property. Drop me a note if you would like their contact info.
0 votes Thank Flag Link Tue Sep 17, 2013
In CHICAGO, not other locations, this isn't a very popular or common option. And with prices on the increase, you'll find it unlikely that an owner will set a price now for a sale down the road. Rent now and save a downpayment for home that's on the market when you're ready to buy. That's the best advice at this point in the market.
0 votes Thank Flag Link Sat Jul 20, 2013
Christine,

Right now with the market heating up a home seller would have to be in a very unique situation before they would rent with the option to sell. As the market has had its uptick determining the sell price would be difficult. Not impossible.One of the formulas that could be used to determine the market value of the home at time of sale could be to do an average of three comparable homes in the same neighborhood.

While the market is going I am not sure why a seller would set his/her price at today's price.
0 votes Thank Flag Link Sat Jul 20, 2013
Here's a link to a blog I wrote on how to find lease-options and rent-to-owns: http://bit.ly/findaleaseoption.

Hope that helps.
0 votes Thank Flag Link Fri Jul 19, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Grab a good leasing agent to help or use craigslist.
0 votes Thank Flag Link Fri Jul 19, 2013
I think renting with an option to buy could be fine, it has all to do with the terms you negotiate upfront. You could lock in today's lower prices, clean up your credit and get financing in a year or two. The details determine if it will be beneficial to you or not. Good luck!
0 votes Thank Flag Link Fri Jul 19, 2013
never rent with option..you always alway aways loose
0 votes Thank Flag Link Fri Jul 19, 2013
Rentals do exist, but I would advise against a rent to own option. Rent, fix your credit, save your money and when you are qualified look for a home.
0 votes Thank Flag Link Fri Jul 19, 2013
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