Dear Ernesto,

I've attached a link from bank rate about lease options which are similar to rent to own programs but slightly different. Let me know if you have any additional questions and good luck to you.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
http://www.mayagentchris.com

Ernesto,
There are no "set rules" on rent to own programs. Any property for rent can be a rent to own situation. The terms of rent to own programs vary, and are negotiable with the owner. Many owners do not even know about this. Contact me today and I will ge happy to discuss different scenarios with you.

Robert Chiarito
chiarito@kw.com
847.878.3724

The chances of someone agreeing to an acceptable price for you to buy at are extremely low. They will likely want a price that makes no sense and probably won't even be accepted by your bank.

If you want to rent for a year rent for a year. Save up your money, and when the time is right go see your options. We're in a declining market so anything you agree to buy today will be worth even less when it's time to close which makes no sense for you.

If the person will agree to accept 20% below current market value then go ahead and do it, otherwise forget about it.

Scott Newman
Newman Realty

There are rent to own programs throughout the city. The pros are that you have the first opportunity to buy the unit. You have the ability in most cases to apply the majority of your rent to the eventual mortgage. You are able to purchase the property in one to three years depending on the owner.

The cons are you need to make sure that the owner is able to make the deal. You don't want to be in a situation where the Landlord is going into foreclosure, thereby losing any "equity" you might have while paying your lease.

If you have further questions please contact me at phil@thorntonproperties.net or 312-880-0000.

You also have to consider where you would like to live.