Rent vs Buy in Chicago>Question Details

Fatima, Home Buyer in Schaumburg, IL

Is it possible to get rent to own town homes or condos in Schaumburg?

Asked by Fatima, Schaumburg, IL Thu Dec 29, 2011

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K.K.’s answer
It is very smart for you to try to lock the low price now when you are renting.
You may be able to find investors who try to flip properties but unable to sell as expected.
They may be willing to rent to own with you. Look for an agent who work with many investors.
Craig's list is a good source too. You can find few rent-to-own and lease-option listings.
No matter wht you do. Get a VERY good attorney who can protect you.
Web Reference: http://kkyan.com
0 votes Thank Flag Link Sat Dec 31, 2011
Fatima,
I have a great rental program that is just rolling out now.
It's great if you are looking for a rent to own, or just to rent.

If you are looking for a rent to own it allows you to have ultimate flexibility in terms, while at the same time it opens you up to both sides of the market.

You can look for homes that are on the market to rent as well as homes that are up for sale If you are looking simply to just rent, it allows you to look at homes that are also for sale.

This opens you up to a whole new marketplace, where the standards may be a bit higher then looking at homes that are simply just for rent.
0 votes Thank Flag Link Sun Nov 25, 2012
Should be possible but for the process you MUST work with an experienced Realtor and a truly good real estate attorney, to fully understand the terms as they can be very different case by case and some difficult to understand. Be careful.
All the best to you
Edith YourRealtor4Life! and Chicago and Northern Illlinois Expert
Working always in the very BEST interest of her clients, buyers, sellers and investors alike
Edith goes the x-tra mile with a smile for her clients....
http://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Sat Dec 31, 2011
I have been a Schaumburg Realtor for 27 years. Call me to discuss it further. 847-230-7303
The rental market is moving pretty quickly.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Fri Dec 30, 2011
Yes. Do you want to limit your options and pricing only to properties that are rent-to-own? Probably not. It's better to rent then purchase when you are ready to purchase. Sounds like you are excited to get started on purchasing, but not ready financially and credit wise. You'll pay top market price if you choose the rent-to-own route, just so you know.
0 votes Thank Flag Link Fri Dec 30, 2011
The short answer: Yes it is possible.
A longer answer: Be careful when getting into rent to own situations. The terms are often against the renter. How do you plan on paying for the condo after the "rental" period is over? CASH or a LOAN? If CASH, then you will have the freedom to purchase all homes in your budget. If you havethe mmoney, why not do it now? If LOAN, do you qualify now? If not, are you sure you will qualify in 1 -2 years? As with anything, be careful.
0 votes Thank Flag Link Fri Dec 30, 2011
I doubt you will find many if any and they are a horrible idea for a variety of reasons usually based on how they are written. You would be better off just renting until you can afford to get the loan you need and then buy. This market is not about to change much in the next 1-2 years. You should have plenty of choices.
If you do choose to try it be sure you have your attorney review the contract BEFORE you sign it and have him/her tell you the good/bad and ugly of what it requires of you. If the seller or the agent tell you otherwise.........walk away!
0 votes Thank Flag Link Thu Dec 29, 2011
Yes some rentals in that area already have a rent to own option . If you are not already working with a realtor I would be more than happy to assist you with finding a rent to own house,town home or condo.
0 votes Thank Flag Link Thu Dec 29, 2011
Fatima~

At this point in time, it would be best to rent something you really like knowing that the owner would potentially sell in a few years rather than drawing up a rent to own option that might lock you into a less than favorable position in this still slightly downward market. I would be glad to help you in your rental search or to speak more about this with you on an individual basis. Feel free to contact me directly. Best wishes to you.

Linda Dressler
Prairie Path Realty - Schaumburg.
0 votes Thank Flag Link Thu Dec 29, 2011
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