Before the presentation never heard of such a thing and would have agreed with other agents, that rent to own on a case by case basis is hard, seller has no incentive and seller not sohisticated as to figure out what to price it at for a future 1-5 years hence. They are doing this in Las Vegas and CA, expanding to IL and most havent heard of them, but seems legit.
allowing you to purchase the property at the end of your lease. Find a qualified full time professional Realtor to explain your options to you.
There is a new business model I am aware of, where this investor buyer purchases foreclosed homes, renovates the homes and has a fair contract that allows you to rent for up to 5 years, year by year with escalation clauses for rent and purchase price. You get right of first refusal and if you decide to buy something else, they will rent to another person. They only buy in popular school districts, i believe Gurnee is in that category.
A lease wrapped inside a sales contract is typically not good for you as a buyer and most sellers want nonrefundable option money toward down payment.
Call me and I can put you in contact with that firm that specializes in this rent to own model
Some of the homes listed for rent will do a rent to own. Unfortunately they don't always advertise that. I can send you the list of homes available for your review and then follow up with the ones that you like. I have personally sold homes that I owned via rent to own so I am familiar with the pro's and con's of buying or selling using this method.
All the best,
Results Realty USA
I'm Lisa Connolly and I would love to help you find whatever type of property that you need. If you would like to reply to my response that would be fine or you can email me at Lconnolly@janeleehomes.com. I primarily work with buyers and will work hard to help you in any way I can.
Have a great day, Lisa
There are many mis-conceptions about lease options and how they work in the current market. In the past a landlord would credit part of the monthly rent toward purchase. Today most lenders will not recognize that as down payment unless the rent was higher than market rent. A right of first refusal after a certain period of time might work better for you.
Also you may want to search by school district or something other than city to open up other possibilities.
I'd be glad to discuss the subject further with you and see if we can find what you're looking for. I manage the Gurnee RE/MAX office. Please contact me if I can help. Good luck.