Home Buying in Park Ridge>Question Details

Rebeccahess3…, Renter in Chicago, IL

Looking to rent to own in Park Ridge area with not great credit, first time buyers.

Asked by Rebeccahess3437, Chicago, IL Thu Jun 26, 2014

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Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. 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, or simply continue renting until a purchase can be made.
2 votes Thank Flag Link Wed Sep 3, 2014
With Rent-To-Own, you are usually at the seller's mercy since you don't take title to the property yet you are paying an extra fee for the "hope" that you will some day be the new owner.

Consider buying with 1% to 3% down. -- Illinois has a great 1% Down loan program and you only need 640 credit and an income above $40,000/year.

Sincerely,
John Meyers
0 votes Thank Flag Link Tue Sep 16, 2014
Contrary to another answer here, a rent-to-own can be a win-win situation in the right circumstances.

(The homes are not usually in horrible condition. Renters don't pay a surcharge. They may or may not pay more than a straight renter would; typically, a portion of the rent is credited to the purchase price. The seller makes most of his/her money if the tenant-buyer exercises the option, so the seller--95% of the time--would like to see the purchase go through. I just had to respond to those erroneous statements.)

Here's a link to a blog I wrote on how to find rent-to-own properties. The big point here is that while some may be listed on the MLS, most won't be. Your Realtor often can help you identify some. And there are things you can do yourself to find them. Don't be discouraged if an agent tells you that there aren't many listed in the MLS. That's accurate information, but totally irrelevant to your search for a rent-to-own.

Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption

Hope that helps.
0 votes Thank Flag Link Wed Sep 3, 2014
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
what are you looking for let me knw I might have something for you uparin@sbcglobal.net
0 votes Thank Flag Link Wed Sep 3, 2014
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