May we negotiate a ''Rent to Own''. status to whitch the buyer may pay monthly a rent amount which will be transefered into the morgage?

Asked by Angela Zuniga, Chicago, IL Fri Mar 15, 2013

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Cindy Wilson, Agent, Chicago, IL
Fri Mar 15, 2013
Angela, this property is not offered for rent. The idea of "Rent to Own" sounds good, but it's rarely available nor would many real estate professionals advise you to do it. This is a brand-new home and the developer is more interested in getting his money back than renting it out. Your best bet is to find a home that is offered both for sale and for rent, which tells you that the owners just want to cover their current payments on the house and would be more interested in talking to you about purchasing it in the future. Trying to get a rent-to-own contract on a house that's not offered for rent is a long shot. Work with an agent who is familiar with the neighborhoods you want to live and have the agent scout the best options for you. Best of luck!
1 vote
Ivan Sagel, Agent, Chicago, IL
Fri Mar 15, 2013

Typically, a small portion of the rent goes towards the eventual down payment. The money held by the landlord for the downpayment is kept by the landlord if the renter is not able to purchase the home at the time specified in the contract. Make sure to have an attorney read anything before you sign.

Best regards,

Ivan Sagel
1 vote
Bill J Delig…, Agent, Naperville, IL
Fri Mar 15, 2013
Everything is negotiable - you have nothing to lose by trying.
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Mar 15, 2013
You can try. Rent to owns never typically work well though.
0 votes
Manuel Brown, Agent, Chicago, IL
Fri Mar 15, 2013

Cindy gave you sound advise.

Best of luck.
0 votes
Philip Sencer, Agent, Chicago, IL
Fri Mar 15, 2013
Rent to own is a horrible way to do anything and opens you up to lots of potential problems so if you must.......and I have no idea why you need to............have an attorney write it all up. The market has changed a lot. Just try to sell it.
0 votes
JIM Michaels, Agent, Chicago, IL
Fri Mar 15, 2013
sound like you are offering a lease to own option is that correct?
0 votes
Edith Karoli…, Agent, Winnetka, IL
Fri Mar 15, 2013
Yes you could of course, just make sure you do it with an experienced real estate attorney so that you have all the terms detailed, clarified and explained to both parties. I am assuming you are talking about
rent to own.....these arrangements and contracts are complicated in their details, and in everyone's life
things change, so very careful with that arrangement.

Some other way would be that you do a clean and straightforward lease, but with the option of first
refusal to the current renters, so that when you decide to sell the property, let's say in a year towards
the end of the lease, your current renters have the option to be the first ones to present an offer to
you as buyers, or not.... think about it, discuss the various options with your Realtor or better yet
with a local real estate attorney who will advise you of the risks you will be taking and the precautions in the terms you need to take.
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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