Property Q&A in Northbrook>Question Details

Rlbbaby, Home Buyer in Northbrook, IL

We are looking to rent to own in the Countryside subdivision of Northbrook,IL,

Asked by Rlbbaby, Northbrook, IL Sat Sep 15, 2012

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Renting to own is a good option for a listing that has been on awhile. The owners may feel it is beneficial, but here is where you would want to talk to your Real Estate atty. When you write up a contract, you would want to make sure to let the owner know the date you plan to buy. Putting a down payment of some type which would be forfeited by you if you decided not to buy at the end of your lease. That way the owner would feel a little more comfortable knowing that he is having money coming in per month and a possible lump sum later if things end up not working out. I believe that even though the market is definitely moving and improving (2013 is going to be an exciting year) there have been houses on the market for a long time due to the way the market has been in the past. Let me know if you have any other questions. Good luck!
0 votes Thank Flag Link Sat Feb 2, 2013
Many owner's don't want to sell a home on a rent-to-own basis as if they are trying to sell now it is because they need to cash out. If they are renting now it is usually because they are waiting for the real estate values to come back in the next 2-3 years and then to sell at a higher rate. The Countryside neighborhood is wonderful as it has low taxes but great benefits. In Countryside you pay unincoporated tax rates yet you still get the benefits of the Northbrook Park District "in district" rates. You are covered by the county sheriff and backed up by Northbrook, Deerfield and HIghland Park Police department and fire department. You receive Lake Michigan water. The refuse allows for recycling as well. You need to pay annually for your Northbrook library card, but that rate is at the same rate people within Northbrook village limits pay automatically on their real estate tax bill. Let me know if I can be of further assistance. With interest rates so low right now, have you asked a mortgage broker to see if you could qualify for a loan so that you could buy now? There are FHA loans with low down payments available as well. Pat Strong, GRI,GREEN,SFR Coldwell Banker, Northbrook
0 votes Thank Flag Link Sun Sep 16, 2012
Your Realtor will be able to do a specialized search for homes where the seller may offer that option. It's a hot rental market right now and a seller who has relocated or is financially able to do a rent-to-own option may work. However, online searches may not state that this is possible for a given property. Your Realtor can inquire with the listing agent for houses that might be a good fit. They are hard to come by but if you spread a wider net, you may have more luck.
0 votes Thank Flag Link Sat Sep 15, 2012
Were there any homes that you are interested in? Are you currently working with a realtor?
0 votes Thank Flag Link Sat Sep 15, 2012
Very few homeowners offer their homes on a rent-to-own basis. They either rent. Or they sell. Your best bet would be to start socking away money right now. Lower prices and low interest rates will probably be around for at 2-3 years more, time enough to get together a 10% down payment.
Good luck,

Judy Chapman
Koenig & Strey Real Living
1925 Cherry Lane
Northbrook, IL 60062
(847) 859-9197
0 votes Thank Flag Link Sat Sep 15, 2012
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