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Rent vs Buy in Cook County : Real Estate Advice

  • All32
  • Local Info2
  • Home Buying13
  • Home Selling5
  • Market Conditions0

Activity 30
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
Wed Sep 28, 2016
Bruce Alexander asked:
I stayed in my last apartment for 3 years and paid my rent on time. The lose of in come cause me to move. Now I have some assistance to helpn 2/3 of the rent for a year, my credit is getting…
0 votes 0 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
Sun Jul 26, 2015
Noah Seidenberg answered:
It is a sellers market in Skokie, Niles and Morton Grove. I am a local Realtor and there is no good rent to own situations that are for real. If you want to give me a call I can advise you on a lender I work with and find out what programs you would qualify for with a mortgage.
Good luck to you Zara.
... more
0 votes 4 answers Share Flag
Sun Jul 26, 2015
Noah Seidenberg answered:
You should talk to the Apartment People. It is local company that is great for local rentals.
0 votes 2 answers Share Flag
Thu Apr 9, 2015
Debra (Debbie) Rose answered:
just to add my 2 cents....I agree with larry....stay away from rent to own - you stand to lose a lot of money

you need to rent while working on getting your credit repaired so you can qualify for a mortgage down the road.

rent to own is not for you, especially if you're currently involved in filing for bankruptcy
... more
1 vote 2 answers 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
Sat Mar 15, 2014
Don Tepper answered:
Very likely, yes. Here's a link to a blog I wrote on how to find rent-to-own properties:

Hope that helps.
0 votes 7 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
Tue Dec 3, 2013
Erik Gimbel answered:
Yes. We currently own several properties that we would owner finance/ rent to own. You can reach me at 847-530-3704. All of our properties are in the Skokie and Morton Grove area.

Erik Gimbel, MBA
Licensed Real Estate Broker

Visionary Real Estate
3750 Oakton St
Skokie, IL 60076

... more
0 votes 2 answers Share Flag
Fri Oct 18, 2013
Jim Simms answered:
I spoke to a gentleman last week that lost twenty grand doing this. Trying to “work around” the federal system that is in place to protect you increases your risk a lot more than you realize. Do you know how a mortgage underwriter will interpret the contract when it comes time to pay off the seller? They will follow the mortgage underwriting guidelines in place at that time. Most loan officer could not tell you how they will view it today much less a year or two from now. What I know for sure is that underwriting guidelines are constantly changing. They will be different a year from now. A new update to DU, Fannie’s underwriting software, will be released later this month, I hear some mortgage products are being terminated and others tightened again. How will it, or will it impact a lease option? Exactly, we don’t know!

If you just send me the money you want to toss out the window I will at least send you a thank you note.

Fix your credit issue and then buy a home.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
... more
0 votes 7 answers Share Flag
Fri Sep 27, 2013
Julia Hart answered:
Parts of Hoffman Estates and Barrington, South Barrington and Barrington are all attendance area for Barrington High School. Are you thinking of buying or renting while your child finished High School? ... more
0 votes 2 answers Share Flag
Sun Aug 11, 2013 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
Sat Jun 15, 2013
Arlyn Tratt answered:
Audery. Yes,
That is what I specialize in.
Please contact me for more details.
Also I want to send you a link that will tell you more about my program.
0 votes 1 answer Share Flag
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