Rent to Own Homes in Richton Park
Just 32 miles south of Chicago, Richton Park is a village in Rich Township and Cook County. About 13,000 people live in Richton Park, enjoying easy access to Interstate 57, which runs north-south through the middle of town. Locals who commute to Chicago or other parts of Illinois and Wisconsin from Richton Park can easily catch a commuter train at the Metra electric train station located directly in Richton Park. The village encompasses 3.99 square miles in Northeastern Illinois, adjacent to recreation sites at Butterfield Creek Headwaters and Old Plank Road Prairie Nature Preserve.The below results are primarily rent to own homes in :
Just 32 miles south of Chicago, Richton Park is a village in Rich Township and Cook County. About 13,000 people live in Richton Park, enjoying easy access to Interstate 57, which runs north-south through the middle of town. Locals who commute to Chicago or other parts of Illinois and Wisconsin from Richton Park can easily catch a commuter train at the Metra electric train station located directly in Richton Park. The village encompasses 3.99 square miles in Northeastern Illinois, adjacent to recreation sites at Butterfield Creek Headwaters and Old Plank Road Prairie Nature Preserve.The below results are primarily rent to own homes in :
Richton Park children attend schools operated by Matteson School District 162, Elementary School District 159 and Rich Township High School District 227. Some of the local schools in these districts include Woodgate Elementary School, Colin Powell Middle School and Rich South High School. Each district offers numerous innovative programs for its students, including Elementary School District 159’s award-winning band and choir program. Richton Park has many different home styles, ranging from comfortable ranch-style houses to condos and apartments like Richton Square Apartments. About 55 percent of Richton Park homes are owned by their occupants, while less than half of local residents rent their homes. Median rent in Richton Park in 2016 was $1,042.
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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