Des Plaines, IL (PressExposure) June 25, 2009 -- Rent to own homes are in demand even though real estate terms and value are crashing down. Such is the effect of the recession that people are not even getting good value for their homes, and those who are willing to sell, are not getting satisfactory buyers.
The total value held by residential real estate came up to about $22.5 trillion in 2007. The market capitalization of domestic equities compared to the above figures was just $19.9 trillion, and about $29.7 trillion related to domestic bonds, respectively. The decline in value has been stupendous and analysts predict that by the end of this year, market will worsen.
âA rent to own house in Chicago or Aurora or even Bolingbroke requires no bank qualifications,â says Chirag Patel, Managing Director of LocateRE.com. âThe only requirement is the ability of the buyer for monthly lease payments and the potential home buying ability. Bad credit cannot stop anyone too. Rent to own is ideal for people that work from home, self-employed or single parents who are recently divorced.â
Brendon Buthello, an analyst at LocateRE.com says, âThe great part about rent to own homes especially Chicago rent to own homes are that the value of the house increases during the period of repayment but the buyer wonât have to pay more as the dealâs price is fixed from the day the buyer moves in. The down payment for getting rent to homes at Chicago is minimal too.
According to a source of Expert Click, real estate values have fared the worst in 20 years compared to the annual 4% inflation. Los Angeles seems to be the most affected as mentioned in the report. Real estate values have dropped up to 25% in recent years and are getting even much lower due to the recession.
Patel mentions the best features of the rent to own program for rent to own IL, as he addressed a conference some days back:
1. One can buy the rent-to-own home if one likes it. 2. A portion of the rent will be for the purchase. 3. You can live in the apartment before you buy it. 4. The rate of the house will increase, but not your buyout price, as it is fixed.
LocateRE.com is a free classifieds website which brings together buyers and sellers who are looking to buy or sell below market value real estate or deals with flexible terms.
As a real estate investor or a home buyer you know that it is very challenging to find a below market value property or a deal where seller is open to flexible terms. But LocateRE.com can make it possible. Log on to http://www.locatere.com for more details about rent-to-own homes in Chicago, Illinois, and even rent-to-own houses in local areas like Bolingbrook, Aurora, Plainfield, Oswego, Naperville etc.