Home Buying in Calumet City>Question Details

tiffanywebb1…, Renter in Calumet City, IL

I would like to know more about your rent to own program?

Asked by tiffanywebb1978, Calumet City, IL Thu May 9, 2013

We are a responsible,working couple with three mature children, and we would like additional info for your program. In addition were would I find review others who have used your services?

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Answers

3
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes Thank Flag Link Thu May 9, 2013
Not sure who the question is directed to...however, rent to own is similar to a car lease. Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
0 votes Thank Flag Link Thu May 9, 2013
Tiffany

Not sure if you were trying to address me directly. If so, please email me so we can continue the conversation.

Geoff Ommen
Broker Baird & Warner
847-271-2622
Geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Thu May 9, 2013
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