Home Ownership in Beach Park>Question Details

Smharvey72, Renter in Zion, IL

Looking to lease/purchase or rent to own a home in Beach Park/Zion Area.

Asked by Smharvey72, Zion, IL Tue Dec 4, 2012

I'm currently renting a townhome in Beach Park and looking to rent or buy a home in the Beach Park/Zion area. I'm really wanting to do a lease purchase or rent to own, any help or suggestions?ls about your question (optional)

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Good morning Smharvey72,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote Thank Flag Link Wed Jun 26, 2013
Yes I'm still looking to buy a home in the Beach Park area, we are currently in the preapproval process with our VA Loan lender and probably will not be able to close on a home until Sep/Oct time frame. Unfortunately we have to be out of our current location by Aug 31st so we will probably need a home that would be willing to do a short term lease until we were able to close. Do you know of any properties that would fit this criteria?
0 votes Thank Flag Link Wed Jun 26, 2013
As a veteran myself, I know there are lots of details to tend to. If you need some help, go ahead an use the contact button under my picture to the right and we can get started. No matter what, remember that nothing worth doing is easy, and this is most certainly worth doing! Good luck!
Flag Wed Jun 26, 2013
Did you get any help? Still interested in finding a new place?
You can check my profile to see if I might be able to help.
Contact me when you are ready, I'll be there for you.
0 votes Thank Flag Link Tue Jun 25, 2013
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