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Rent vs Buy in Chicago : Real Estate Advice

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Activity 17
Wed Nov 16, 2016
Marilyn Benton answered:
How do I use my section 8 voucher for rent to own
0 votes 7 answers Share Flag
Fri Sep 4, 2015
Staci Yesner answered:
Sometimes on the MLS it is listed as a lease to own option, however there are condos that are used as investment properties that deals can be structured or if there is a home that has been on the market for while in some suburbs and it is listed as both for rent and to buy with two separate MLS numbers, then an attorney may be able to structure a deal to purchase a home after renting it for a specified amount of time. ... more
0 votes 4 answers Share Flag
Wed Aug 26, 2015
Mike Opyd answered:
You shouldnt have to ever subscribe to a credit card company. At the same time rent to own is very rare in Chicago. You would just have to have the conversation with the landlord about it. Every ones's situation is differernt. ... more
0 votes 1 answer Share Flag
Thu Mar 5, 2015
sybilhaley49 answered:
locking for rent to own homes in Maryland, Prince Georges co, near subway.
0 votes 1 answer Share Flag
Mon Sep 1, 2014
Steve Quintana answered:
My understanding is the City has a department where Section 8 housing is administered. That is a good place to start.
0 votes 3 answers Share Flag
Thu May 1, 2014
Sally Grenier answered:
Rent to own is never a good idea, especially for the buyer. Either you're going to rent, or you're going to buy. Rent to own was more common when we were in a buyer's market and sellers were desperate for buyers. We are now in a very healthy seller's market in most areas. Sellers are able to SELL their homes to qualified buyers very easily.

I assume you can't buy due to credit issues? I suggest you talk to a lender and see what's keeping you from getting a mortgage. Then fix whatever you need to fix -- credit score, savings, reduce your debts, etc.

Good luck!
... more
0 votes 1 answer Share Flag
Fri Apr 4, 2014
Debra (Debbie) Rose answered:
jancooper - so glad to read below that you decided to put effort into working on your finances - building up your credit and planning for the future when you can buy a home in the "usual" way!!

Good for you........I know you will reach your goal.......

All the best!!
... more
1 vote 4 answers Share Flag
Tue Feb 11, 2014
Annette Lawrence answered:
If a RTO is written in any way that allows the tenant/buyer ANY control interest in the home this will very likely fall under the provision of the Dobbs Franks Consumer Protection Act.(one exception applies) The provision of interest regarding home loans (control interest means home financing) prohibits the owner from evicting or foreclosing until due process is complete. Plus they will be held accountable for all legal costs. Any dog bite attorney will see the piles of money to be made and can put the landlord into bankruptcy. ------------Those are the rules today.-------------The reality is, RTO and Lease options DO NOT EXIST except in the same place you find unicorns. What you think is an RTO or lease/option is purely rent accompanied by a certificate of deposit whose real purpose is to fund your relocation. --------------- ANSWER...all such advertised offers are scams.....or an opportunity for you to turn a unwitting landlords reality into something truly awful. ..............Focus your energy and efforts towards becoming qualified for a home mortgage. You can do it now or 5, 10, 15 thousand dollars from now. All roads, you will discover, lead to establishing a good credit history and qualifying for a home mortgage. ... more
0 votes 15 answers Share Flag
Sun Aug 11, 2013
Guaguesal@hotmail.com answered:
Fri Aug 9, 2013
Deborah Smith answered:
First step is to contact a lender that will run the figures on the amount you are qualified to purchase in a home. A home is the most financial purchase that you will make in your life, make sure that you will be able to handle not only the mortgage but other expenses and commitments that are incurred with homeownership. Location and type of home would be the next consideration and a real estate broker can help in you with providing information that will help you make the the right decision for you and your family. Debbie Bergthold-Smith Classic Real Estate 708-267-5552 ... more
0 votes 11 answers Share Flag
Fri Aug 9, 2013
Trusgold answered:
I jave a low credit score woyld I be eligible for a rent to own
0 votes 17 answers Share Flag
Sun Nov 25, 2012
Arlyn Tratt answered:
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.
... more
0 votes 9 answers Share Flag
Sun Nov 25, 2012
Arlyn Tratt answered:
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.
... more
0 votes 5 answers Share Flag
Tue Aug 3, 2010
Mike Wing answered:
I have a friend who is selling her refurbished studio in a highrise at Clark and Burton (one blk south of north ave) in Goldcoast for under $1000/mo including taxes, etc.. It's a steal...she just moved to San Fran and hasn't listed it yet. I know she doesn't want to use a broker for this one. (I'm looking to rent a one-bedroom otherwise I'd have jumped all over it.) ... more
0 votes 6 answers Share Flag
Wed Sep 30, 2009
Cynthia answered:
Thanks to everyone for their helpful offers and suggestions. We nearly purchased but at the last minute decided to rent (Aquabuilding). It just didn't feel right to spend all of the money we had saved for a down payment in the current economy. Thank you again. ... more
0 votes 14 answers Share Flag
Sat Jan 31, 2009
Joe Zekas answered:
If your time horizon is 3 years you should lean toward renting – the one caveat being whether you can find the home you want within the rental market.

You have a huge variety of options in your target area today in both the rental and sale market, and can easily find what you want for far less than the $1,500 a month you're able to spend.

If you're going to buy, I'd recommend you try to find a 2 bedroom within your monthly budget. In most cases a 2 bedroom will be easier to resell in your area since it will have less competition than 1 bedroom units – of which there is a very large supply in the area.

One thing you might consider is renting for a year. By that time you'll have a better fix on the options in the for sale market and, perhaps, a better fix on what your time horizon is for remaining in Chicago. I don't think you'll find very many people who think prices will be higher a year from now than they are now.

One further tip - never ever respond to a mortgage broker who pitches you online. Or, as Ogden Nash phrased it: "When called by a panther - don't anther."
... more
0 votes 5 answers Share Flag
Mon Dec 22, 2008
Christopher Thomas answered:
Dear Windycitygolfer,

I'm late to your thread, and you have a number of good responses here. I'd add the following:

Hire a real estate attorney if you don't already have one to review your contract and see if there is either a way for you to walk away from the contract with smaller losses than your entire EM deposit OR whether or not your contract can be assigned to a different buyer.

There may be someone buying in the same building who'd prefer your unit (for amenities, view, etcetera). There may be owners (and potential buyers for your unit) already in the same building who may want to either decrease or increase the size of their unit (by moving from their current larger/smaller unit to yours or by expanding their unit to either side or above or below).

Alternatively I'd suggest hiring someone who specializes in rentals and making sure that your rental projections are correct (or very close to the current market). If you could mitigate your losses and bring them down to less than $500/mo, then you may be able to zero out on resale even earlier.

There are also some companies that specialize in providing corporate rentals (both long and short term) who might be able to assist you if you are "forced" to close the purchase.

Good luck.
... more
0 votes 14 answers Share Flag
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