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Asked by Luis Flores, Bensenville, IL Wed Dec 5, 2012

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Jack Disimone, Agent, Elmhurst, IL
Tue Dec 18, 2012
Hi Luis-

Sadly, you are not in a good spot. I hear people using the terms "Rent-to-own " and Lease/Option too often and most of the time incorrectly.

In some cases you will need all the items as in a normal lease: Sec Depo,First months rent, Good work history, good credit, etc. You will also need some money offered as the "option" Which you will lose if you do not buy the home. Based on the info you have provided and the fragile housing recovery and job market , I don't know if a seller would consider you.
I have to agree with an earlier answer. Consider staying put and rebuild your credit to the point you can buy in a tradtional deal

PLEASE be careful and use lawyer if you plan on entering any type of " out of the box" contracts.

Good Luck
0 votes
Lester S. , Agent,
Thu Dec 6, 2012
Hi Luis, I agree with the comments given to you here already that there is generally no benefit to you in a "rent to own" or "lease with option" scenario, only unknowns, uncertainties and risk. I am local, my RE/MAX office is downtown Elmhurst and will be happy to meet with you for a consultation session to discuss your options and their pros/cons. I am a CDPE (Certified Distressed Property Expert) trained Broker and well versed/experienced in helping in these situations. Contact me directly if you would like to discuss further....good luck!
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Dec 6, 2012
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes
Mack McCoy, Agent, Seattle, WA
Thu Dec 6, 2012
My advice is - stop looking. Get your credit back into shape, save up some money, and then go out and pursue a good house that you can buy direct from a seller without worrying about whether they keep up their payments or any of the other incredibly significant hazards that await the lease-to-own "buyer."

All the best,
0 votes
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