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Michelle, Home Buyer in Palatine, IL

My husband and I live in a 2-bedroom, 2-bath coach home in the Palatine area. The neighborhood is on the

Asked by Michelle, Palatine, IL Fri Aug 1, 2008

decline, and with an ARM that will reset next year, we thought this would be a good time to possibliy fulfill our dream of a single family home. We are looking in the Algonquin/Lake in the Hills/Crystal Lake area, and are also interested in Cary or Fox River Grove. We've found some amazing deals in our price range. We do have some credit issues (although no foreclosures, repossessions, or anything like that), and a conventional loan may not be the way to go for us. We've explored other options such as asking a family member to act as our lender (either with a private mortgage or acting as our landlord by buying the home we want, and then refinancing a few years down the road and doing a quit claim). Would rent w/ option be something we could/should explore? I'd be very interested in knowing what others have experienced with some of the above options, particularly real estate professionals.

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You should talk with a local agent. My first question is - can you sell your current home without being upside down? If so, great, move forward - when there's a will, there's a way. If not, then you may not be able to do this. If you'd like a referral to a local agent, please email me directly vchrisner@kw.com
0 votes Thank Flag Link Sat Aug 2, 2008
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