Illinois Owner Financing Homes, Houses, Townhomes, Condos

ILOwnerFinancing.com is your resource for owner financing homes, houses, townhomes, and condos located in Illinois. Whether you are looking for a Contract for Deed in IL or possibly you need an owner to carry a second mortgage, you have found the best resource for owner financing homes in Illinois.

Rent to Own Homes in IL

Another form of owner financing can be Rent to Own. Your best source for Rent to Own houses and homes in Illinois is located at IL Rent to Own.

More Information on Rent to Own >>

Real Estate Agents, Property Owners, and Management Companies

Get your property sold now! Are you looking for a qualified owner financed buyer? Our site not only ranks well in the search engines but we also are a full fledged marketing platform that helps you get the best qualified resident for your property. Visit FillMyProperty.com for how to find a buyer for owner financed homes in IL.

Special Foreclosure Notice

Are you currently or about to be in Foreclosure?

Stop Foreclosure Now in Illinois!

Illinois Home Savers specializes in out-of-court resolutions of Mortgage Foreclosures by negotiating with your lender.

Click here for more information

Owner Financed Homes by Area in Illinois

City of Chicago (4 homes)
Chicago - North Chicagoland (1 home)
Chicago, Naperville, Joliet, Evanston, Aurora, Kenosha, and Vicinity (2 homes)
Kankakee, Bradley, and Kankakee County (1 home)
Chicago - West Chicagoland, Naperville, Aurora and Vicinity (8 homes)
Chicago - South Chicagoland, Joliet, Tinley Park, Oak Lawn, and Vicinity (9 homes)
Chicago - North West Suburbs, Schaumburg, Elgin, Palatine, and Vicinity (3 homes)
Chicago - North Chicagoland (2 homes)
Chicago, Naperville, Joliet, Evanston, Aurora, Kenosha, and Vicinity (2 homes)
Chicago - West Chicagoland, Naperville, Aurora and Vicinity (26 homes)
Chicago - South Chicagoland, Joliet, Tinley Park, Oak Lawn, and Vicinity (9 homes)
Chicago - North West Suburbs, Schaumburg, Elgin, Palatine, and Vicinity (7 homes)

What is a Contract for Deed?

A Contract for Deed (aka 'installment land contract) is an agreement wherein the buyer makes payments on an arrangement similar to an vehicle financing. The seller has legal title to the property as security for payment, while the buyer has 'equitable' title. When the buyer pays the full amount due under the contract, the seller delivers legal title to the buyer.

Equitable title gives the buyer the right to live in the property, improve it, rent it and otherwise enjoy all of the benefits of ownership. However, since the buyer does not have legal title, he cannot use it as collateral for a home equity loan (although in some states, banks will lend against an equitable interest in a land contract).

More Information on Contract for Deed >>

How does Rent to Own Work?

'Lease-option' or more commonly called a Rent to Own describes the process whereby you are only buying the right to buy a home at some time in the future at a given price (or again, at a price to be determined). With a lease option you are under no legal obligation to buy the property ('exercise your option') if you determine that doing so is not in your best interest.

More Information on Rent to Own >>