Looking for rent to own homes. Where should I start?

Asked by Tangela Wiggins, Calumet City, IL Tue May 22, 2012

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Suzanne Hami…, Agent, Orland Park, IL
Wed May 23, 2012
Rent to own homes are not that common but most rentals can turn into ownership opportunities and can be prenegotiated. Couple things to be aware of. Most rent to owns will charge close to market rent until purchase. Then you can some back on the purchase. They can ask for a nonrefundable down payment to secure the purchase agreement. And often you will have less negotiation power on price. On the other hand, many people I work with like these agreements because they can stay in one place and get some discount on . the rental period. There are some companies that do rent to owns but have a shorter period to buy. You also need to work on getting qualified. I would work with a realtor or attorney who understands these types of agreements.
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