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We're moving to GF in August and are still looking for housing (which yes, is a bit scary at this point. If we were single students, it would be one thing, but a whole family is hard to find something for.) We've applied to rent a place and are waiting for the background check to go through, but something the owner said made me wonder if we were using the same word for two different things. In all the places I've lived, a security deposit is a large sum (equal to a month's rent or so) that you give to the landlord upon signing a lease to cover possible damages. When you get to the end of your lease, you get it back if you've taken care of the property. It isn't rent, it's just held money. But you don't pay it until you sign a lease.
Well, when I inquired about the property, the owner said if I paid a security deposit right now (yes, equal to rent), they would stop showing it. I haven't seen a lease and I don't know this person (I'm doing this from a different state and not in person). Is this...normal?? I've turned in the application and am anxiously waiting for a response, but it seems odd to give someone a large sum of money without some kind of guarantee that we'll actually get into the place. Our credit and references are excellent, so I don't see any problems there, but I suppose the owner could pick someone else in the end. Thoughts?
We're moving to GF in August and are still looking for housing (which yes, is a bit scary at this point. If we were single students, it would be one thing, but a whole family is hard to find something for.) We've applied to rent a place and are waiting for the background check to go through, but something the owner said made me wonder if we were using the same word for two different things. In all the places I've lived, a security deposit is a large sum (equal to a month's rent or so) that you give to the landlord upon signing a lease to cover possible damages. When you get to the end of your lease, you get it back if you've taken care of the property. It isn't rent, it's just held money. But you don't pay it until you sign a lease.
Well, when I inquired about the property, the owner said if I paid a security deposit right now (yes, equal to rent), they would stop showing it. I haven't seen a lease and I don't know this person (I'm doing this from a different state and not in person). Is this...normal?? I've turned in the application and am anxiously waiting for a response, but it seems odd to give someone a large sum of money without some kind of guarantee that we'll actually get into the place. Our credit and references are excellent, so I don't see any problems there, but I suppose the owner could pick someone else in the end. Thoughts?
congrats if you found a house to rent... what part of town if I may ask?
But I am not a real estate person, just have an interest in it. But your situation reminds me of when I have bought a house before....you put down earnest money and the real estate company holds and this signals to the buyer that you are indeed interested in the place and they will stop showings. Then the paper work is gone through and usually the earnest money is then included in the downpayment.
For the renting situation, I dont know if you are dealing with a property management company or an individual person who happens to own the house you want to rent. Also I have never rented a house...just apartments. But my assumption is the owner (person or company) wants a pre-payment of some sort that shows you are indeed serious about the place and that it will not show until all the approval is done. By requesting this, the owner is asking to see who is really interested and who is not really and saves time for them. I would assume you would either get back this extra holding money or it would be included as part of the deposit once final papers are signed.
August is a good time to move....the last of summer and just before school starts.. cannot recall if you have kids or not so apologize. School starts the last week of August usually in ND site and Tuesday after Labor Day in MN. Fall kicks in a week or two after Labor Day with the first frost potential.
Thanks for the reply, Dan. It's not a done deal yet. (We have excellent references, but it turns out people are rather reluctant to rent to people with kids, and this is the first time when they've gotten far enough to even check the references. Our kids are nice, really! They like math and reading and are gentle on houses.) It would be Central HS, though--and in a nicer part of town. I just hope things work, and soon!!
Central HS is fine....All schools in the GF district I think are pretty equal in terms of quality.... not one of those districts where you have to worry about what school boundary one is in (IMO). Central HS is more downtown....like Red River they just finished their performing arts addition.
Good luck and hope it works out....
Trying to think Central HS and nicer part of town....would it be south a bit of downtown Belmont-Cherry way...I do know Central boundaries extend pretty far south to mid way between 13th and 17th I think. Another newer area is out west by our office in Congressional 2 subdivision on W University.
I am going to Bismarck in August. I paid my deposit on an apartment a few weeks ago. Although it is just me and my wife, we are in a similiar situation. Moving out of a 2300sq ft home and into a 1 bedroom apartment. Hoping to find a reasonable priced home before our lease is up in 6 months.
I would be careful, I have heard of scams on some of the internet sites. I would make sure that you're dealing w/ a real property owner.
Dan is correct about the area of Central High.
Yeah, I have run into several scams so far--then you contact them about the address of the house and they give you a story about how they had to go back to Nigeria before they could sell their house, but if you just send them $1200, they will set you up... I'm glad I saw the warnings around here first, because in most places, people advertising on line really do have a place that they just want to find renters for. So I check them out extra carefully to make sure it's a real person at the other end. Sadly, this one I had high hopes for was real, but despite conceding that we had excellent references, they declined to rent to us because we have children. Sigh. On to the next one!
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