Profile picture for bborha

This is Blessing Borha and I am interested in rent to own homes also.

single family, 2 bathrooms, $50000-----$750000
  • April 30 2014 - Chicago
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Answers (7)

I agree with Tony. I would definitely discuss with a realtor whom specializes in rent to own. Good luck!
  • May 01 2014
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Hi,

I just wanted to add my opinion about rent to own homes. Rent to own usually favors the owner. First of all, there are few homes even listed as rent to owns, so your selection is limited. Also you will be expected to pay over and above the usual rent. Remember all that money will be forfeited if you do not buy the home for any reason (if you can't buy at the end of the lease term because let's say you can't qualify for a mortgage, etc. you lose all of that money!) 
I recommend clients to rent while they're working on raising their credit scores/saving up for a down payment and then buy when they're ready. 
 
Good luck!

  • May 01 2014
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Because of how hot the market is right now rent to own are not very common. See if you can find some agents who specialize in these sort of things.
  • April 30 2014
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Profile picture for Matt Laricy
I would get a agent to help you out that specializes in these sort of things. These are very rare in Chicago though. 
  • April 30 2014
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Profile picture for Dan Tabit
Blessing,
To add to what Tony said, very little of your payment in a rent to own is applied to your eventual down payment.  Most of these arrangements will require a large deposit up front which is non-refundable.  When the agreed upon period ends, usually 1 year or less, of you don't qualify for a mortgage you don't get to buy. 
You are only a renter until you finalize the sale with a mortgage.  These arrangements work out for sellers much better than renter/buyers as the landlord/seller gets to sell the house again.
A better choice is to rent in the least expensive place you can find and resolve whatever issues prevent you from buying now.  Save up some down payment or fix your credit or both.  When you are qualified to buy with a regular mortgage you'll have substantially more choices to consider and will be a real owner rather than a renter pretending.  
  • April 30 2014
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Profile picture for Tony Mitidiero
Talk to an agent who is familiar with Rent-to-Own.   When the market changed several years ago I was running a brokerage and had to become somewhat versed in this aspect of the business.  I spoke with several attorneys on the matter. 
In speaking with consumers since then I've learned their perspective of 'Rent-to-Own' can differ radically from the reality of it. 
In other words, it does not typically work as I have noticed consumers imagine it.  They typically believe you pay rent to a certain point and then, eventually (somehow, without going through a formal purchase process) you get a loan in your name and then own it.... Not so.  
  • April 30 2014
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Profile picture for RizaB
  • RizaBZillow
  • 4045 contributions
Hi bborha -

Please be advised that as of the moment, Zillow doesn't have yet the option to list a "rent to own" homes. However there are some rentals that are available for sale.

You can click this link for you to have a guide in searching for a rental or a home in your preferred area.

For more information about our website you can visit Zillow Help Center.

Thank you.

Riza B.
Zillow Customer Support
  • April 30 2014
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