Rental Basics in Chicago>Question Details

BOOMSHEKA75, Other/Just Looking in Addison, IL

ARE THERE ANY FREE RENT TO OWN WEBSITE?

Asked by BOOMSHEKA75, Addison, IL Thu Aug 16, 2012

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Answers

10
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
2 votes Thank Flag Link Thu Aug 16, 2012
Not that I know about... As a Realtor for my client I could choose to send only properties that offering rent to own option... I can e-mail updated list every day, or...1-2x wk, or every 3 weeks...
If you are considering to buy Bank own home, I have tools to help you Buy Foreclosure and Sell property to make money ... See 3 min video, http://youtu.be/xByii9bti7k, or log in on http://www.TVcondo.com or http://www.BuyHouseInChicago.com... One Stop RE Service: Foreclosure, Short Sale... in Chicago, N/W Suburbs, North Shore, Loop... Lets 15 yrs of Real Estate professional and Illinois Realtor w REMAX City, Tamara Vesna TV, work for you... Send your info to TV@REMAX.net or just call 1-866-482-6272 x 1. Thank you ! HAPPY NEW YEAR!!! TV
0 votes Thank Flag Link Wed Jan 2, 2013
I have not been able to find anyeveryone that i have found wants a fee!
0 votes Thank Flag Link Wed Jan 2, 2013
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes Thank Flag Link Thu Oct 25, 2012
I'm not familiar with any websites for rent to own. However, I would recommend that you rent and save your money for the next year or so for a great down payment to buy a home.

If you need assistance, please contact me.

Jamye Paul
Kale Realty
773-598-9309
0 votes Thank Flag Link Thu Oct 25, 2012
Whoops, sorry, I meant to say it is still by far better to purchase than to rent. It is still a buyers market.
0 votes Thank Flag Link Fri Aug 17, 2012
This question comes up more often than I can recall. Unfortunately, I personally am not aware of a website, wich I did. These days in this economy it is still, by far,

That said, the general concensus on these types of transactions is to stay away. You usually end up getting the short end of the stick. If you do find a seller willing to go this route you should invest in a good real estate attorney to help you draft the agreement.

Good luck!
0 votes Thank Flag Link Fri Aug 17, 2012
Rent for now and utilize the next 1-2 years to put yourself in a position to purchase. Speak with a Lender and they can help define the steps needed for you to take.

Should you need any help feel free to conatct me:

Bill J Deligiannis
First Centennial Mortgage
B.Deligiannis@GoFCM.com
0 votes Thank Flag Link Thu Aug 16, 2012
Theres not much rent to own out there and I would recommend staying away from it. Concentrate on one or the other.
0 votes Thank Flag Link Thu Aug 16, 2012
Rent to own is almost impossible to find and not a good choice. Just fix your credit and save some $$$ until you can get a loan.
0 votes Thank Flag Link Thu Aug 16, 2012
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