Looking for a house for rent with intent to buy in Cook County Chicagoland Area?

Question

My family is looking for a 3+ bedroom 1.5+ bathroom house with a separate dining room from the living room, a big kitchen with lots of cabinets with a basement - finished or not finished. We want the master bedroom to have a private bathroom. We want central air/heat. We want a nice sized backyard because we have small children and a garage and we want to live in the south suburbs or even if we can find such a house in the city, we would like to be in a nice area near public transportation in case something ever happens to our car. Now here comes the hard part...we don't want to pay more than $1000 a month with the hope that the mortgage would be at least half that upon purchase proceedings. Is this an impossible dream or do you know of someone whom God can use to answer this prayer?

Answer 1

Its kinda like wanting your cake and eating to. However what you are describing is really simple, there are 2 ways you can buy with this type of method. 1. Lease option - This is where you lease a house for 1 yr or longer (as long as you can really)with an option to buy at the end of that yr. If you do buy then your rents would go towards the purchase of the house as a down payment or something . The thing here is is that you would need to be able to pay for it then with some sort of financing, you could have a bank do it, or a mortgage broker, or even maybe the home owner would finance it. 2. Subject to - This is where you would buy a house from a MOTIVATED seller that has a mortgage in place and would allow you to take over the payments of the house while leaving it in his/her name. Sometimes the seller would want something out of the deal for his/her risk of selling this way, but if its a good enough deal then go ahead and do it. your risk is ultimately lower than the sellers in most cases. It might sound to good to be true buying houses this way but trust me when I tell you, that IT CAN BE DONE . Now keep in mind that it takes very specific contracts and documents to d either style of buying. SO do some research.