Diane Woods, Home Buyer in Chicago, IL

Rent before buying

Asked by Diane Woods, Chicago, IL Mon Oct 8, 2012

We are considering buying a house in Beverly, but not knowing the area well we'd prefer to rent first to get a feel for the neighborhood. Are there any sellers willing to rent on a trial basis? Price range 350k to 450k.

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8
opondomusa, , 10020
Thu Nov 15, 2012
I don't think rent to own favors only the seller.It’s a great option for people who want to “try out” the house and the neighborhood first. After all, most rent to own contracts have an “out” for the tenants. At the end of your lease, you’re not required to buy the house. Of course, any money you’ve put towards buying the house in rent will be lost, but you won’t be stuck with a house you don’t want.
Plus, rent to own deals are great for people with not-so-great credit, who can’t qualify for a loan right now – or who can’t qualify for a loan that’s big enough to buy this particular house. But, by knocking thousands of dollars off the purchase price through the rent to own process, you may get it low enough to get a lender to play ball with you.
In the end, no matter what side you’re on, everyone can win!
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Oct 8, 2012
...trial basis? how long?

Why not rent for 1 year in the neighborhood and during that time due your research on the area and get your financing in place.

Work with a Realtor - should you need any assistance, please feel free to contact me.
0 votes
Cindy Wilson, Agent, Chicago, IL
Mon Oct 8, 2012
I recommend finding a home that is listed for rent and pursuing that, rather than trying to find one for sale that could be rented. The majority of sellers need the proceeds from the sale of their home to move to a new one, so renting isn't always an option for sellers. I know of an agent who is an expert in that area, if you'd like a referral.

Cindy Wilson
Koenig & Strey
cwilson@koenigstrey.com
0 votes
Joe Schiller, Agent, Chicago, IL
Mon Oct 8, 2012
trial cost money..nothing is free..you get exactly what you pay for.
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Oct 8, 2012
Rent to owns are not popular in Beverly. I would do one or the other. Get a good leasing agent to help you out.
0 votes
David Hanna, Agent, Chicago, IL
Mon Oct 8, 2012
Beverly is a large area, do you have a specific part of the community you are interested in? Do you have school age children and do you have a school(s) identified for them?

Generally there are very limited rental options there, you have the best chance to find the "right" place if you have narrowed down the area you are looking in.
There are a couple of options in the MLS and a few more on other websites, but you will need to act quickly.
I would be glad to help. email, call or text me at 773 732 9123.

Dave
0 votes
Philip Sencer, Agent, Chicago, IL
Mon Oct 8, 2012
Rarely will you find that and even if you do it is not a good choice. Rent to own and lease w/option is usually geared tot he benefit of the seller. While it is a bit of a hassle to move twice, I think you might just rent and then look to buy in a year.
0 votes
Philip your statement is completely false and not accurate. Why do you think that it is only benefits the seller? Is it because a bank is not involved and someone is doing something creatively? Lease with Option is a mutually benifitial way for both parties. I understand that it is not conventional but it does help out people in various types of situations just like the one that Diane is in. There is not a lot of houses being offered for rent and we do not know if the family can even qualify for a mortgage. Plus if her family likes the house she is able to own it without the hassle and expense of moving in a year. If you have questions on this or would like to know more please feel free to contact me and I am more than willing to discuss it in greater detail.
Flag Mon Oct 8, 2012
Tony Guisto, Other Pro, mokenA, IL
Mon Oct 8, 2012
Hi Diane,

I know of a great house for sale in this area. Would you want to do a Lease Option on the property? This is where you put down an option consideration fee, then rent for a time period and if you like you have the option to get in at todays prices in the future. If this sounds like something you would like to do or have questions on please feel free to contact me at 708-942-7039 or redhotrei@hotmail.com. Hope that you have a good day.

Respectfully,
Tony Guisto
0 votes
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