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Hoping to get some advice. I seen an apartment I really liked close to where I work. The property manager showed me the apartment (model) and I asked what is required to start the process. He said bring 2 - 3 paycheck stubs as well as my social and $65 money order and $300 which if approved will go towards the security deposit owed if not approved for whatever reason he will give me back my $300, I am supposed to go to this office on Monday 12/5. Does that sound right? Is that normal practice to have to give a deposit before finding out if one is approved or not?
I was talking with my dad about it and hes just making me paronoid now. I didnt see anything wrong with it when he told me but after telling my dad what is required he was suspicous and wanted to talk with him to confirm and ask why they ask for money upfront and on top of that a money order instead of a check? I understand a money order is cleared funds but it too concerns me a lot. He was explaining to my dad that he needs to hold the apartment but I'm not even approved yet so why is this needed. I dont know it just scares me to know I am pretty much giving him cash.
It sounds funny to me.
I may not have followed your description correctly but what happens to the $65 money order?
Make 100% sure any money orders or checks are made out to the property owner or management company(the lease application will give the name of the company), NEVER a person in the office.
It doesn't sound like the right thing to me, but what is the norm where you live? Have you even seen the real apartment, you said that you saw the model. Did you just happen on this sign for rent?? I am a bit worried that you may be getting scammed. Here is why I think that. And why do need to provide your SS #, these have to be redacted nowadays on nearly all legal paperwork, etc. You are only allowed the last four digits on most papers. You mention that you haven't even been accepted yet? You haven't seen the real apartment yet? You are meeting some stranger, with money in hand? Do you know where this office is?? If there is somewhere else, why did you meet him at a model? Are you sure this is legit??Take your Dad with you, that is what I would do. I know that in N.D. my son had to pay a fee to have his credit run, and sign papers prior to his getting accepted. But, he didn't have to pay anything else upfront, before getting his app/background stuff done. Take your Dad, take you BIG boyfriend, Take your Boss, someone to this meeting, but do not hand over the money until you see the actual apartment that you are supposedly renting. Not trying to scare you, but I am with your Dad on this one, these are all just my opinions, but err on the side of caution, you have to these days.
We require cash for both application fees (your $65 probably) and for deposits. The $300 sounds like a "holding deposit" to me but ask for a receipt with this described in writing as well as the fact that the $300 is refundable. Usually no refunds on app fees, altho some apply part or all of it to a deposit or rent. (Ours pretty much covers the credit report)
If you have never rented before, all this is new to you and may sound strange. It's possible you just misunderstood part of it but I'm not seeing anything nefarious in your description. Go in on Monday and have them explain their policy to you and if you are not comfortable with it, move on. Be sure that you see the EXACT apartment you are going to rent - not just the model.
Just be sure everything is clear and in writing before signing. Don't feel bad, I've had mature adults who have owned for 30 years, sold their house on the mainland and now are here to rent for 6 to 12 months before buying again. It's all new to them, too!
It's not a strange request as long as it's not an individual landlord. If it's a property management company then I've seen a few instances of them asking for security deposit upfront.
Where I live there are a few property managmenet companies that change the price of the rental on a daily basis for a particular unit (I don't know why, but they just do). So if you were interested in a unit that day, you pay the application fee plus the security deposit so that they can "lock-in" the rate if you pass the checks. If not approved, you get the security deposit back.
I was skepitcal about them saying the rent changes on a daily basis, so we went in the next day and low and behold, the price of the unit changed by $25 (we made sure we went to a totally different agent). The prices are printed on a piece of paper, so they weren't pulling numbers out of a hat.
This may be totally different then your situation, but just wanted to let you know it may be possible, and the situation as to why they want it.
I would ask the agent you are talking to why they ask for it and get it in writing.
the last place i rented from did that. i had to give them 20% of the security deposit when i gave them the application. if i was approved and decided to sign a lease, that $ went toward my security deposit. if i was not approved, theyd give me the 20% back (but not the app fee). if i was approved i had 10 days to decide whether i wanted to execute a lease. if i decided not to sign a lease the 20% was also refunded.
Just go Monday and give the app fee and your ssn. Tell them once they approve you, THEN you will go forward with giving a "holding deposit"...which the $300 is. Sounds like the security deposit is higher...and that is typically equal to 1 month rent in some places, but not all. Ask what that is.
When you give a holding deposit, you are committing to renting the unit. If you change your mind, you lose the $300. Since you are not ready to commit until the approve you, just give the $65, your ssn and the paystubs. Then when they approve you, you need to decide if you want to commit, then give holding deposit, sign lease, agree on move-in date.
It is normal for landlords to ask for money orders for app fees, holding deposits and also for first month rent/last month rent and security deposit.....very, very common.
They need your ssn to run the credit check...don't worry about giving it to them.
I think they told you about the holding deposit because you have signals that you were ready to commit. I am sure they don't require the holding deposit at time of application.
While you are there Monday, ask them to give you a sample copy of their lease. This way you can review the lease while they are doing to credit check, application review, etc.
Read the lease thoroughly. Make sure you understand it. Big issue is leases/renting is related to tenant wanting to move out prior to end of lease. Realize the default law is that if you sign a 1 year lease and move after 5 months...landlord can charge you rent after you move out...up until the end of the lease....BUT landlord MUST attempt to rerent and once a new renter comes in, landlord can no longer charge you rent. Some leases in FL now have a choice where you can check at lease signing....It is an Early Termination Clause where you pay 2 months rent(upon moving out early) as settlement and then you can break lease early. In this case you do not owe rent until end of lease but also if landlord rerents quickly, you don't get any of the fee returned to you.
Hoping to get some advice. I seen an apartment I really liked close to where I work. The property manager showed me the apartment (model) and I asked what is required to start the process. He said bring 2 - 3 paycheck stubs as well as my social and $65 money order and $300 which if approved will go towards the security deposit owed if not approved for whatever reason he will give me back my $300, I am supposed to go to this office on Monday 12/5. Does that sound right? Is that normal practice to have to give a deposit before finding out if one is approved or not?
I was talking with my dad about it and hes just making me paronoid now. I didnt see anything wrong with it when he told me but after telling my dad what is required he was suspicous and wanted to talk with him to confirm and ask why they ask for money upfront and on top of that a money order instead of a check? I understand a money order is cleared funds but it too concerns me a lot. He was explaining to my dad that he needs to hold the apartment but I'm not even approved yet so why is this needed. I dont know it just scares me to know I am pretty much giving him cash.
Any advice on this would be much appreciated.
The $65 MO is entirely within normal limits. That is non-refundable whether your application is approved or not. Since you didn't note that the additional $300 was to be tendered via a MO then I assume the method of payment was left open. As long as it's understood via the documented signature of both parties that this amount will be (a) applied to the security deposit IF the rental application is approved or, (b) returned to the applicant if the applicant is NOT approved, where's a problem?
Quote:
Originally Posted by JanND
It doesn't sound like the right thing to me, but what is the norm where you live? Have you even seen the real apartment, you said that you saw the model. Did you just happen on this sign for rent?? I am a bit worried that you may be getting scammed. Here is why I think that. And why do need to provide your SS #, these have to be redacted nowadays on nearly all legal paperwork, etc. You are only allowed the last four digits on most papers. You mention that you haven't even been accepted yet? You haven't seen the real apartment yet? You are meeting some stranger, with money in hand? Do you know where this office is?? If there is somewhere else, why did you meet him at a model? Are you sure this is legit??Take your Dad with you, that is what I would do. I know that in N.D. my son had to pay a fee to have his credit run, and sign papers prior to his getting accepted. But, he didn't have to pay anything else upfront, before getting his app/background stuff done. Take your Dad, take you BIG boyfriend, Take your Boss, someone to this meeting, but do not hand over the money until you see the actual apartment that you are supposedly renting. Not trying to scare you, but I am with your Dad on this one, these are all just my opinions, but err on the side of caution, you have to these days.
I don't know what to say. I'm all for erring on the side of caution but this all seems overly paranoid when the conditions outlined by the OP simply aren't that unusual at all.
Quote:
Originally Posted by MrRational
This absolutely NOT appropriate before approval.
Disagree for reasons stated above.
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