Home Buying in Wicker Park>Question Details

Ernesto, Home Buyer in Chicago, IL

do you have any information in regards to Rent to Own programs?

Asked by Ernesto, Chicago, IL Mon Mar 9, 2009

looking for Rent to Own programs, pros and cons

Help the community by answering this question:


Steve Hirsch’s answer
yes, we can offer you more information on how our Rent to Own
program works. You can visit our website for more info
and receive a free report.

Our program helps people with poor credit become homeowners.
Bad credit is ok, as long as your income and rental history meets
our qualifications, we can help you Own your own home in Charlotte, NC.

704 575-3123
0 votes Thank Flag Link Thu Jul 8, 2010
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
1 vote Thank Flag Link Mon Mar 9, 2009
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.

Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
0 votes Thank Flag Link Wed Mar 11, 2009
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
0 votes Thank Flag Link Tue Mar 10, 2009
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.
0 votes Thank Flag Link Mon Mar 9, 2009
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