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I just got approved and was offered to sign the lease for an apt that was my second choice. My docs were also just submitted for HPD approval for my 1st choice apt, which is significantly better than the other one. Those are my only two options, and I have to move asap. They haven't given me a deadline with signing the lease, but I'm worried they'll give me an ultimatum if I stall too much while waiting on approval for the other apartment. Has anyone been in a similar situation?
I just got approved and was offered to sign the lease for an apt that was my second choice. My docs were also just submitted for HPD approval for my 1st choice apt, which is significantly better than the other one. Those are my only two options, and I have to move asap. They haven't given me a deadline with signing the lease, but I'm worried they'll give me an ultimatum if I stall too much while waiting on approval for the other apartment. Has anyone been in a similar situation?
Generally LLs aren't going to wait forever for new tenant to sign lease. You'll likely have a week maybe a bit more or less to make up your mind. You can try asking managing agent (apartment lease offered) for more time if second set of paperwork has not come through (offer of lease or rejection), but nothing is guaranteed.
Generally LLs aren't going to wait forever for new tenant to sign lease. You'll likely have a week maybe a bit more or less to make up your mind. You can try asking managing agent (apartment lease offered) for more time if second set of paperwork has not come through (offer of lease or rejection), but nothing is guaranteed.
Yeah I'm hoping I'll have a week. The approval came within 2 days, so hopefully it'll be as quick for the other unit.
Location: Read the Marketing Handbook, and Income a Guide.
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It’s a nice problem to have. You might already know, having your file sent to HPD is not a guarantee, but it’s a very good sign.
You can consider contacting your second choice and asking for a bit more time. Tell them you have the money. Also consider asking the agent for your first choice if there is anyway you two might be able to get a quick response from HPD. If the the units are similar AMI% and household qualifications, is HPD allowed to look at the recent approval and offer of choice #2 as evidence that choice #1 should should get the fast rubber stamp? I am guessing all the documents submitted are the same.
Thought question: would it be worth it to you to make a ‘deposit’ to hold the offer on choice #2 while waiting on choice #1? Would you be willing to risk a ‘deposit’?
If you offer a deposit maybe they will give you more time.
It’s a nice problem to have. You might already know, having your file sent to HPD is not a guarantee, but it’s a very good sign.
You can consider contacting your second choice and asking for a bit more time. Tell them you have the money. Also consider asking the agent for your first choice if there is anyway you two might be able to get a quick response from HPD. If the the units are similar AMI% and household qualifications, is HPD allowed to look at the recent approval and offer of choice #2 as evidence that choice #1 should should get the fast rubber stamp? I am guessing all the documents submitted are the same.
Thought question: would it be worth it to you to make a ‘deposit’ to hold the offer on choice #2 while waiting on choice #1? Would you be willing to risk a ‘deposit’?
If you offer a deposit maybe they will give you more time.
They are the exact same AMI, and all the docs I submitted were the same. But Idk, from what I've read here nothing is a guarantee.
- My 2nd choice is with HPD for review and I should get a decision any day now.
- My first choice contacted me for initial round docs almost two weeks ago now. My log #for this one is 3xx with ME. I understand that since I’ve only been contacted for initial round docs, I have ways to go with no guarantee of even a next step for my first choice. So I will probably just sign the lease for option 2.
Good luck friend on a similar boat! Let us know what you do!
Location: Read the Marketing Handbook, and Income a Guide.
2,007 posts, read 1,626,371 times
Reputation: 479
Asking about the consequences of breaking the lease seems wise. Likewise, backing out of the lease before moving in, and so on. It might be possible to get that first choice but costs might be involved.
- My 2nd choice is with HPD for review and I should get a decision any day now.
- My first choice contacted me for initial round docs almost two weeks ago now. My log #for this one is 3xx with ME. I understand that since I’ve only been contacted for initial round docs, I have ways to go with no guarantee of even a next step for my first choice. So I will probably just sign the lease for option 2.
Good luck friend on a similar boat! Let us know what you do!
I got approved today for my first choice. Can't believe it's all over!
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