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Old 03-15-2009, 05:11 PM
 
1 posts, read 1,957 times
Reputation: 10

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I'm new to this so this may be an obvious questions. What is the obligation of a landlord of an apt to refrain from leasing unit out to someone else while he is in price negotiations with another person?

Basically, I saw a PERFECT penthouse unit on Thursday evening; my 5 year-old daughter loved it too. I was told that I was the first person who had seen the unit and that there were no other units available in the building. I asked for a $50 reduction in rent. This would bring it in line with other comparable units in the area. They said they would get back to me the next morning. I called first thing in the morning to check in and they said they'd get back to me by 2pm after checking with the owners.

At 2pm, I got a call telling me that at some point that morning, they had leased the unit to someone else for the full price. I also learned that that this person did not have a child. I was then shown a smaller (even though I was told that there were no other units available in the building) which was a FAR, FAR less desirable unit on the ground floor which and listed for the same price as the larger uniit.

What should I do...we really had our heart set on the other unit and from my point of view, I was ready to take the unit and was waiting on them to get back to me on pricing. We are very uneasy with the way this was handled...any advice would be very, very much appreciated!!

Last edited by Green Irish Eyes; 03-15-2009 at 06:15 PM.. Reason: Just cleaned up the coding
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Old 03-15-2009, 05:25 PM
 
25,801 posts, read 49,697,815 times
Reputation: 19248
"Negotiations" are the norm in the Real Estate Biz... It is not unusual for one property to receive multiple offers and counter offers...

I've heard a few stories like yours recently... Seems just about everyone believes this is a buyer's/renter's market and offering Landlords less than asking price is on the upswing...

Problem is, it's a gamble because Real Estate is still about Location and for a little more than $1.50 for day you lost out on your ideal apartment.

Being ready to take the unit and waiting for the owner to get back to you on pricing are two different things.

It's never good to go into a long term arrangement feeling uneasy either...

Last edited by Ultrarunner; 03-15-2009 at 07:47 PM..
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Old 03-15-2009, 06:27 PM
 
Location: Bella Vista, Ark
69,275 posts, read 79,447,244 times
Reputation: 38636
There isn't much you can do, you offered less than the asking price, landlord found someone willing to pay the price,,end of story..

Nita
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Old 03-15-2009, 07:17 PM
 
11,715 posts, read 35,010,269 times
Reputation: 7465
You thought it was "perfect" and offered $50/mo under asking. You gambled and lost. Better luck on the next one.
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Old 03-15-2009, 07:50 PM
 
413 posts, read 1,189,739 times
Reputation: 296
There really isn't anything you can do. It is all a question of money, they found someone who would pay the full price. I have never heard of where you can negotiate the rent on apartments. Buying a place you can but not renting. If you had a signed contract you might have a leg to stand on. The best thing to do is learn from this and move on.
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Old 03-15-2009, 08:04 PM
 
Location: Seattle
1,361 posts, read 2,845,666 times
Reputation: 1453
The real question is, why wouldn't the landlord rent to the other guy? I mean he JUST put the apartment on the market and he got two people interested right away, and one offered asking price and one offered less...what do you expect him to do?

I mean if the place has been on the market for a month and no one has rented, it's one thing to put in a lower offer since the apartment isn't too "hot." But if the place is your ideal apartment and it's just on the market, you shouldn't expect to be able to lowball the landlord and have him take it immediately, especially if you are the first person looking at it.
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Old 03-15-2009, 09:29 PM
 
Location: Southern California
15,088 posts, read 16,932,393 times
Reputation: 10273
Money talks. Unless you had a contract, there's nothing you can do.
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Old 03-16-2009, 06:56 AM
 
Location: Sherman Oaks, CA
6,203 posts, read 15,012,809 times
Reputation: 7951
I agree with everyone else. If you had already signed a lease, then you'd have something in writing to fall back on as legal recourse. Because you didn't, there's nothing to stop the landlord from finding someone else to rent the place at the full asking price. Better luck with the next apartment you find.
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Old 03-16-2009, 07:42 AM
 
1,308 posts, read 3,597,601 times
Reputation: 1097
The landlord would prefer someone who didn't haggle over the rent. Renters who haggle have a higher potential to be pain in the rear tenants.
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Old 03-16-2009, 06:48 PM
 
Location: Lake Conroe, Tx
637 posts, read 2,868,576 times
Reputation: 410
I would agree with most of the others in here; the next time you find that "perfect" place, go ahead and proceed with the leasing process so as not to lose out again. The aggravation and time spent looking for a new place isn't worth it.
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