question about possible illegal leasing practices and hiking advertized rent (Philadelphia: real estate, apartment)

[a75206]

Hi helpful C-D folks.

I have a question to ask of you who are familiar with the real estate landscape of Philadelphia. Here is my situation:


I came to Philly over the last several days on an apartment-hunting trip and saw several properties before landing on one that is in a condo building near Washington Square. Since a friend of mine who is a real estate agent was helping me with looking, she was the one who set up all the appointments to view places and such.

This particular condo unit is being advertised by Coldwell Banker Preferred for $1450/month. So I looked at the property and since I liked it, I filled out the application which stated this rent and the fact that I had to cut them a check for the first month, last month, and security deposit, which I did. My agent and I dropped off the application and the check as well as my background check and all to the Coldwell Banker Preferred offices on Walnut Street.

So I figure everything is fine and I should be getting a call to sign the lease papers. Instead, I now get a call from my agent telling me that someone else also saw that unit and is willing to pay $1500/month and so unless I am okay paying $1500/month, then they will rent out the unit to this other person.


My question is: Am I being bamboozled into paying extra than the listing price? You can still see the unit as advertised for $1450/month and I was apparently the first one to fill out the application and give a signed check for the amount needed to close the deal. So now why is the deal still open for negotiation and a rent hike?? Is this legal in PA??

Thank you for any helpful thoughts. Should I be contacting some government agency about this? If so, please direct me whom to call or write.

Thanks again!

[niceguy19125]

Unfortunately it is legal, but not all that common. It's actually more common in higher demand rental markets like NYC or DC. Apparently the greedy owner (probably from NYC or DC) sees dollar signs and is holding out for competition. I would politely inform the branch manager with Coldwell Banker of the situation and of how poorly that reflects upon them. Then I would move on to a less sleazy landlord. If they're like this in the beginning, what is going to be like later on?

[lititzman2003]

Originally Posted by niceguy19125

Unfortunately it is legal, but not all that common. It's actually more common in higher demand rental markets like NYC or DC. Apparently the greedy owner (probably from NYC or DC) sees dollar signs and is holding out for competition. I would politely inform the branch manager with Coldwell Banker of the situation and of how poorly that reflects upon them. Then I would move on to a less sleazy landlord. If they're like this in the beginning, what is going to be like later on?

Excellent response, niceguy. Until the lease is signed the unit is still available.

[solibs]

It does happen and it's perfectly legal (although i don't care for it either) It's really not up to the broker - unless you're working with a property management firm it's the owner of the unit that is calling the shots.

I own a house at the other end of my block that I rent out. When i had it up for rent two years ago I had two different prospective tenants who were willing to pay more than the advertised rent . . . but I had already offered it to someone else with the caveat "as long as everything checks out." It did so i leased it to him because we already had an agreement.

if they're asking you to pay more you can always call their bluff and ask to see the offer.

[a75206]

okay. thanks, folks! I have a better idea of the situation now.