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Old 11-18-2010, 08:39 AM
 
1,072 posts, read 2,910,615 times
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i found one condo i really like. has everything i want. But the realtor wanted the $975 deposit along with my application fee. Look, if i pay a deposit. then i want keys. Is that how they do business in minnesota?? also one place called the colony apartments does the same thing. You have to pay a $300 deposit along with your applicaton fee. If you get denied, you get a refund. If you get approved, but decide to not sign a lease. You lose everything .
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Old 11-18-2010, 08:57 AM
 
Location: Home in NOMI
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Landlords have had people trash their rooms and skip out on their last month's rent ever since people have rented rooms. This damage deposit protects landlords from abuse by low-life tenants.
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Old 11-18-2010, 09:01 AM
 
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Quote:
Originally Posted by audadvnc View Post
Landlords have had people trash their rooms and skip out on their last month's rent ever since people have rented rooms. This damage deposit protects landlords from abuse by low-life tenants.
im sorry i think i worded it wrong. i meant why do they want your deposit before you even get approved. they won't even look at your application until you give your deposit. i always thought it was application first. then once you get approved, you pay your deposit.
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Old 11-18-2010, 09:15 AM
 
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Because it costs them time and money to go through the approval process. They want to know someone definitely wants the apartment before they go through the trouble and they also know they can stop showing the place.
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Old 11-18-2010, 09:56 AM
 
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That sounds reasonable enough to me, although I don't recall ever running into that situation. I assume that the places who do this simply want to make sure that you're serious before you waste their time; maybe they've been burned in the past. You wouldn't be putting in an application unless you're planning on living there, anyway, would you? You don't lose anything if you're denied, so you still have full control of the situation. Just don't submit an application until you're sure you want the place. If you're concerned about not being approved I'd also ask about just how quickly the deposit will be returned, and how quickly the approval process will take (usually it's fast); I can see how this would be a problem if someone was denied and then had their money held in limbo at the very time they needed it for another security deposit elsewhere. Then again, the process usually works so fast that worse-case scenario you'd probably still have time to put a stop payment order on it. I'd ask if they cash the check before approval; they might just take the deposit check, hold onto it, and return it (the actual check) if not needed.
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Old 11-18-2010, 11:34 AM
 
20,793 posts, read 61,189,627 times
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Quote:
Originally Posted by MnMomma View Post
Because it costs them time and money to go through the approval process. They want to know someone definitely wants the apartment before they go through the trouble and they also know they can stop showing the place.
I agree with this.
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Old 11-18-2010, 11:40 AM
 
Location: MMU->ABE->ATL->ASH
9,317 posts, read 20,957,428 times
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Isn't the appliction Fee made to cover the costs of the approval process?
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Old 11-18-2010, 01:17 PM
 
Location: Mound, MN
267 posts, read 556,913 times
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I will be interested to hear other responses as I just bought my first investment property yesterday that I plan to rent.

My initial thoughts are that yes, the application fee covers the approval process but maybe the landlord is using the security deposit option as 1 more level of screening. If a potential renter is so tight on funds that they can't provide a security deposit up front then that might be a red flag that they may have trouble paying the rent (or be habitually late). The costs to a landlord over having a deadbeat renter are quite high when you consider the lost rent, legal costs and potential damage.
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Old 11-18-2010, 01:35 PM
 
1,072 posts, read 2,910,615 times
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Yea but what if you are trying to apply for diff properties. let me give you an example. Just looked at penn village in bloomington. Here is a quote directly from warner properties. Now why should i have to pay $450 when im not even approved yet. Im sorry but if i give you money, i want keys. especially that much money.


[SIZE=2]Application to be processed must have an application fee of $35.00 per person.

[/SIZE]
[SIZE=2]2.[/SIZE] [SIZE=2]Application to be processed must have a rental deposit of: [/SIZE] [SIZE=2]
$450.00. Preferably a separate check from the application fee.[/SIZE]

[SIZE=2](If application is accepted, deposit will apply to first month’s rent. If application is rejected, the deposit is refunded).

[/SIZE]

[SIZE=2]3.[/SIZE] [SIZE=2]No application will be taken without application fee and rental deposit. No application fee or rental deposit will be taken without a completed application.[/SIZE]
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Old 11-18-2010, 01:38 PM
 
1,072 posts, read 2,910,615 times
Reputation: 611
Yea but what if you are trying to apply for diff properties. let me give you an example. Just looked at penn village in bloomington. Here is a quote directly from warner properties. Now why should i have to pay $450 when im not even approved yet. Im sorry but if i give you money, i want keys. especially that much money.



Application to be processed must have an application fee of $35.00 per person.

Application to be processed must have a rental deposit of:
$450.00. Preferably a separate check from the application fee.

(If application is accepted, deposit will apply to first month’s rent. If application is rejected, the deposit is refunded).


No application will be taken without application fee and rental deposit. No application fee or rental deposit will be taken without a completed application.
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