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Rent vs Buy in Illinois : Real Estate Advice

  • All417
  • Local Info12
  • Home Buying252
  • Home Selling51
  • Market Conditions7

Activity 49
Thu Apr 20, 2017
Mary C answered:

Unfortunately, we currently do not have listings for rent to own homes. You may try your luck though and search our website using the Keyword section of the search filter which can be found in the All Filters button. However, these listings are extremely rare.

Thank you for using Trulia!

Consumer Care Advocate
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0 votes 1 answer Share Flag
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.
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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
Fri Apr 17, 2015
UpNest Top Realtors answered:
Hi Harry,

This is quite the loaded question, and something that real estate investors struggle with regularly. We'd like to chime in even though it was asked quite a while ago.

A few reasons off the top of my head to sell:

1. Your property is worth more than when you bought it. It's one of the main and plain rules of investing. If you can make money by selling, then you should strongly consider selling!
2. Negative cash flow.
3. It's a strong sellers market right now.
4. If you know that you're in a good situation with capital gains tax.
5. You find a great agent to sell, that would be willing to lower commission.

Investing is all about maximizing profits, and many agents are willing to lower their commission rate to help you have the highest net gain possible.

At UpNest, we connect sellers with top local agents that compete to earn your business. When agents compete, they bring out their best commission rates and value added services, so you know you're getting the best deal possible.
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0 votes 12 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
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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
Thu Feb 12, 2015
Dan Tabit answered:

Badly. Don't do it. Rent to owns are rare and even more rarely are they a good deal for the renter/buyer. The vast majority of rent to own renter/buyer's never end up buying the house. They are a great deal for the landlord/Seller as they get to collect large up front deposits and over market rent only to do it all over again in the same house. I consider it basically immoral and predatory in most cases.

Resolving credit issues isn't rocket science and a local mortgage lender can and often do assist buyers with this. Many things you can do yourself, others the lender can direct or assist you with.

Most people in this position are far better off renting the least expensive place they can stand to live in and save up some down payment, get on a budget and fix their credit. Once you are qualified, you can select any listed property in your price range and you've fixed the issues that hurt your credit.
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1 vote 1 answer Share Flag
Wed Sep 10, 2014
Anna M Brocco answered:
Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made. ... more
2 votes 3 answers 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!
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0 votes 1 answer Share Flag
Thu Apr 10, 2014
Aaron and Cheree Tiry answered:
Have you checked out the "rent" section at the top of Trulia? There may be something in there. Otherwise you could also check to see what they have for posted for rentals. ... 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!!
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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

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0 votes 2 answers Share Flag
Fri Oct 18, 2013
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.
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0 votes 7 answers Share Flag
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