Home Buying in 60302>Question Details

Brian Hoppe, Renter in Oak Park, IL

Does anyone know how to find rent-to-own condos or homes in Oak Park, IL?

Asked by Brian Hoppe, Oak Park, IL Sun Feb 17, 2013

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Hi Brian- Rent to own was a popular solution for sellers during the 1980s when very high interest rates (which often topped 17%) limited the number of buyers. In this time period sellers who had lots of equity in their homes could afford to finance buyers who otherwise could not afford to buy, due to the high interest rates.
Although some realtors and buyers have tried to make the concept of rent to own work for this real estate market - it is not usually beneficial for either buyers or sellers. The housing market stalled not because of a lack of buyers (although there are fewer due to unemployment and poor credit), but mainly because sellers could not afford to sell their homes at the lower prices as housing prices fell from grossly inflated highs. In other words, today's sellers can not afford to finance the sale of their homes to buyers. The only way sellers who do not own their homes could do this is by inflating the value of their home - which does not benefit the buyer. These underwater sellers are either forced into short sale or foreclosure - or rent their homes.
Sellers who do have enough equity in their homes to sell, can find buyers who are able to purchase the home without assistance from the seller. The seller who can buy now is a bird in hand.
0 votes Thank Flag Link Thu Mar 21, 2013
Hi Brian,

Yes, I sure do know how to find rent to own homes. I just was at this great seminar about this very subject. Please contact me and I can discuss this further with you. There are many of choices believe it or not!

Thanks,

Gary Mancuso
Remax In The Village
189 S. Oak Park Ave.
Oak Park, Il
708-819-3005
0 votes Thank Flag Link Sun Feb 17, 2013
think twice before going that route, even if you can find one - make very sure you understand what is involved in that kind of arrangement, as it usually favors the seller, and you could possibly lose your deposit.

Lots of potential pitfalls - beware, and get proper advice!
0 votes Thank Flag Link Sun Feb 17, 2013
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