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Old 06-06-2011, 09:48 PM
 
1 posts, read 3,649 times
Reputation: 10

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Hi
I am about to sign a lease for an apartment with a management company who is requiring me to write them a check for a six month security deposit (I have no guarantor ) as opposed to going through a bank depositing the money into an account and getting a letter of credit.. Is this legitimate?


Thanks
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Old 06-06-2011, 10:10 PM
 
3,268 posts, read 5,331,974 times
Reputation: 1392
Quote:
Originally Posted by odyseus View Post
Hi
I am about to sign a lease for an apartment with a management company who is requiring me to write them a check for a six month security deposit (I have no guarantor ) as opposed to going through a bank depositing the money into an account and getting a letter of credit.. Is this legitimate?


Thanks
i've never heard of this type of amount for a deposit before
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Old 06-07-2011, 07:04 AM
 
Location: Earth
151 posts, read 309,546 times
Reputation: 127
wow that sounds excessive
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Old 06-07-2011, 07:41 AM
 
979 posts, read 4,279,502 times
Reputation: 516
Is yo' one of them fo'eigners? Eff'n yer one of them french varmints then thet makes sense.
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Old 06-07-2011, 08:58 AM
 
12,994 posts, read 25,983,813 times
Reputation: 12675
Quote:
Originally Posted by odyseus View Post
Hi
I am about to sign a lease for an apartment with a management company who is requiring me to write them a check for a six month security deposit (I have no guarantor ) as opposed to going through a bank depositing the money into an account and getting a letter of credit.. Is this legitimate?

Thanks
If you don't meet the landlord's income requirements (which you don't if you need a guarantor and don't have one), then you are a "risky" tenant. The landlord has a right to ask for whatever he wants up front (6 months, full year, etc). You have the right to sign the lease or move onto another place.
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Old 06-07-2011, 01:03 PM
 
1 posts, read 3,543 times
Reputation: 10
Default Yep Its accually sounds expensive

Have you ever tryed broker, last time I was looking for a place lady who was my broker helped me a lot negotiating amount of the deposit
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Old 06-07-2011, 01:32 PM
 
Location: New York City
668 posts, read 895,089 times
Reputation: 363
It is too much!
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Old 06-07-2011, 01:49 PM
 
Location: Manhattan
24,288 posts, read 34,015,233 times
Reputation: 11802
Walk away unless it is a deal that is worthy of Guiness.
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Old 06-07-2011, 03:10 PM
 
1,319 posts, read 4,059,874 times
Reputation: 816
Quote:
Originally Posted by odyseus View Post
Hi
I am about to sign a lease for an apartment with a management company who is requiring me to write them a check for a six month security deposit (I have no guarantor ) as opposed to going through a bank depositing the money into an account and getting a letter of credit.. Is this legitimate?


Thanks
If you don't meet the income requirement and do not have guarantor, I'd say it's not insane management company asked for something like that. That said, if you have real estate broker that'd be best person to ask. 6 month security deposit is a lot of money. It may even be worth paying a professional some fee just to confirm or set something else up...professional being real estate agent or lawyer.
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Old 06-07-2011, 04:24 PM
 
Location: The United States of Amnesia
1,357 posts, read 1,793,790 times
Reputation: 686
Run awy, dude! What kind of apt is this? A super exclusive one??
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