Prospective Tenant Backs Out

[CuCullin]

Originally Posted by new jersey mike

It is better to go empty then have the wrong person in.

From friends experiences, its also better to have the right person in for a little less money than leave it empty - would you agree?

[new jersey mike]

Yes definitely. But less money does not ensure the right person.

Dropping/setting the price I think depends on calls and activity. We try to set the price accurately , if the world calls you may be too low if no one call you are possibly to high. I will also ask the people at the rental network and similar what their activity is like it could just be a low time, like around a holiday.

Being diligent is one thing you can control.

[Kalililla]

Even though there was no deposit agreement, am I entitled to withhold a portion of the deposit for lost rent revenue? For example - rent is $1500/month; prorated $50/day x 7 days that it's been vacant = $350.

BTW, she finally contacted me yesterday and now says she wants to reconsider the condo!! Since I live out of state and it's only a short-term 3 months, I'm actually considering it IF she pays for the 3 month's upfront. Can I ask for full payment upfront? What do you think?

My relatives who were helping me sell it are travelling for 2 weeks, so I'm kind of stuck waiting.

[colleeng47]

Originally Posted by Kalililla

Even though there was no deposit agreement, am I entitled to withhold a portion of the deposit for lost rent revenue? For example - rent is $1500/month; prorated $50/day x 7 days that it's been vacant = $350.

BTW, she finally contacted me yesterday and now says she wants to reconsider the condo!! Since I live out of state and it's only a short-term 3 months, I'm actually considering it IF she pays for the 3 month's upfront. Can I ask for full payment upfront? What do you think?

My relatives who were helping me sell it are travelling for 2 weeks, so I'm kind of stuck waiting.

i would definitely ask for the 3 months upfront. she sounds a little flakey, and she's liable to take off after a month and leave you with an unrented condo anyway.

[new jersey mike]

Verify this with an attorney.
As I understand it deposits are not binding in new jersey, as soon as you are sure the personal check has cleared through her bank give the money back. Move on and rent you place.

As for collecting multiple months of money up front, never accept more then 1.5 months for security or you are in violation.

If you or anyone else ever considers additional rent upfront be careful how it is worded in you lease. Again protect your self, you don't want to violate tenant law, or lock your self into having to keep a bad person for a set period of time. EG you collect 6 mo up front and the person is a drug attic or some other terrible think, you want to PRESERVE your right to evict and refund any money after calculated losses.

So if you are going to collect additional rent talk to a lawyer. You might have the tenant sign the lease and you thought you did well and when you are in front of the judge he says, you violated their rights. You do want you can to make sure if something happens that you are covered, for things like loss rent, unexpected advertising, travel cost etc.

You may have to collect 1/mo rent. 1.5 sec and Good Faith funds??

The lease is the time for these negotiations to be agreed upon but it does get tricky.

another example, I had a sweet young lady rent my apartment I said I did not provide a refrigerator and she said she would get her own. 2 weeks later she call and demand I get her one. She called the township the code guy said I had to buy one, I said NO. I must have a stove. I had called trenton before this phone call and spoke to a state housing person, he stated at 3 units or more refrigerators are required. Not in a 2 units.

Now I Knew this because the code in NJlaw tenant.pdf
LSNJLAW - Tenants' Rights in New Jersey
but I didn't know about the cutoff at 3 units and there is no written code or the guy just didn't want to provide it.

So Kalililla, if you are 100% sure her check cleared return the money and move on. Never take a deposit again (and people this is for NJ only deposits are legal and binding in other states).

Start another post "which is better 1 year lease, multi month or month to month"

And I love the URL is tenants' rights not tenant-landlord.

I won't be posting next week my tenants are paying for a trip to St. Croix
Just had too..

[ottomobeale]

Not sure I would put up with all of NJM's hoops...
A credit report is the landlords (smart) perogative and responsibility.
Lined up 15 minute interviews? You get that many people applying?

Then again... I gave him a positive for a very VERY well written response.

[dgonzalez1]

These responses are all great, but is there any information like this for New York, anyone know? Thanks.

[Chubz]

unless there was a legal binding agreement stating that the deposit was nonrefundable, you have to give it back

[Retriever]

Originally Posted by billthenormal

I hate jersey, and yes i've been there. the place stinks and the people are annoying.

So are people who resurrect threads that are almost two years old in order to post comments that are absolutely NOT relevant to the original topic of the thread.

[nybbler]

Originally Posted by dgonzalez1

These responses are all great, but is there any information like this for New York, anyone know? Thanks.

Try the New York forums, e.g.
//www.city-data.com/forum/new-york-city
for NYC.