It's like if someone said they are going to propose to their girlfriend and were looking for a romantic spot to do it. Then someone comes in and starts telling him that the divorce rate is 50%, and that a pre-nup is a really good idea, saying that he and his wife-to-be are going to possibly gain weight on the honeymoon, and giving him details why being single could have advantages over marriage. Oh...by the way...he was just trying to find a place to get on one knee to propose...remember?
Now....as I step back down off my soapbox..... :)
He's stated that he is looking for one and would like to know what the inventory is in the Tri-Taylor area.
Granted, I'm not familiar with the Tri-Taylor area, but Lease Options aren't that plentiful on ANY MLS. Some other avenues you may want to look at would be your local "For Rent" ads in the newspaper or Craigslist or other similar sites. Some of these people have had to resort to renting their property because they or their Real Estate Agent were unsuccessful selling in the first place.
Many times...Lease Options are created instead of being advertised.
I have to agree that rent with options are not that great. I rarely see people ever exercise the option. Especially in this market. Prices are coming down slowly, not going up. So why get locked into a price, that 6months or a year from now, may be worth less. However, if this an option that you really want to explore, I suggest grabbing an agent that has experience in doing these. This way you will have someone to walk you through the process at no cost to you!
Americorp Real Estate
Brokers Associate, e-PRO
Rent with an option sounds like a good idea on the surface, but consider the following:
1. Most of the good deals out there are in short sale and foreclosure. A short sale will not allow an open ended time frame for closing the purchase, as an option would require, and and REO will defiantly not. The strike price, or option price, that you will find will likely be higher than the current market price and you won't really be getting a deal at the current prices.
2. Interest rates could likely climb and this would affect what you'd be willing to pay for the property. Simply put, the higher the interest rate, the higher the monthly payment, the less you can afford.
3. As stated earlier, you may miss out on any current incentives, like the tax credit.
If you're considering buying, but what's holding you back is saving for a down-payment, check out what may be available to help you, such as the IHDA Homestart Program. Home start was created so buyers could effectively use the tax credit as collateral for their downpayment. I'm not certain they have extended the program with the tax credit, but it may be worth checking out. I attached a link for you. You may also want to get involved in a downpayment savings program, that helps you with matching funds. There are a few out there for those that qualify.
Best of Luck.
Keller Williams Chicago Consulting Group
However, in the tri-talyor area, there are homes available for sale through the City of Chicago affordable housing program where if you make under $53000 a home may be sold to you "under market value". In addition, the city would hold a second mortgage for a portion of the home and forgive it outright after five years under certain conditions. (mainly- you keep that home as your primary residence, you keep current on your payments, and you don't make too much money)
If you'd like to learn more, feel free to call me at 773 770 7530.
Baird & Warner Real Estate
The odds of finding a rent/option in Tri Taylor is slim, but if you give me some criteria I can send you what's out there and you can see for yourself.