In our latest post, we will help you learn how to find rent to own homes in Chicago! Find out how easy it can be to become a homeowner no matter what your financial situation currently looks like!
Using a rent to own agreement to buy a house is becoming increasingly popular for homebuyers in Chicago. Finding the properties or understanding how it works can feel a bit overwhelming if you aren’t sure exactly what you are doing. Below, we will offer some tips to find the best rent to own properties in Chicago!
Work With A Pro
Chicago Home Buyers can help you find the best rent to own properties in the Chicago area. Our specialty is helping good people buy homes. We know that one mistake or blemish on your credit can cost you for years to come. People are much more than what their credit report says! At Chicago Home Buyers we work with buyers and sellers who are interested in the rent to own process. We understand the legalities and can help with the entire process from start to finish.
Search The Classifieds
Many homeowners will opt to place ads themselves both in print and online. Keep your eye on the many different sites out there people use to post items for sale. Sometimes a rent to own property can be found in the strangest of places!
Present Your Case
Maybe you have found the perfect property on the MLS, but you just aren’t in a place to buy. One option would be to wait until the listing has expired, then propose a rent to own scenario to the owner. You’ll want to have your facts and figures in place, showing them how they will be able to benefit by receiving their original asking price.
Your Current Property
Have you been renting the same house for a long time? While your landlord likely enjoys receiving your rent check each month, they might like it even more if they are able to cash in their property, ultimately getting their asking price. If you think your landlord would be receptive to the idea, reach out to them! Have the numbers available to show them what the situation would look like from their point of view.
You can look for reluctant landlords by finding listings that have expired, with the properties being rented out instead. These landlords had likely wanted to sell as opposed to dealing with tenants and continued maintenance.
You know when you are driving down the street and you see a house with overgrown landscaping, visible damage, or signs it is vacant? Typically, those owners aren’t as involved with owning the home and frankly may not care if they do or not. They may see your offer as an excellent way to sell a property that hadn’t cared about in the first place. Most ownership information is public record. Once you know who the owners are, approach them politely and professionally with a well thought out letter and proposal.
You are likely to find rent to own homes or homeowners willing to use a rent to own contract in areas with a slow or less competitive housing market. These sellers are looking for buyers and if you are able to present the right situation for them, you’ll likely be able to find a seller you can work with.
At Chicago Home Buyers, we will make the process simple for you! We can help you get a better understanding of the rent to own process so you will know exactly what to expect.