Co-op / Sublease Scam? (New York, York: real estate, sublets, apartment)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I found a sublease apartment (coop) and met with the broker to view it. The broker told me that I have to submit a credit application first so I paid for that and the credit report was fine. Then she told me that I had to do an application for the coop board to approve. The application is a lot of personal information, tax returns and credit check etc. It costs $300 (non-refundable).
I was fine with that, but then the broker also let me know that when I submit the application for the co-op board, I also have to submit two checks for the first months' rent and the security deposit. She wants the checks to be bank certified, but she wants them BEFORE I've been approved by the board! Is this normal? Is this a scam? I find it strange that I would submit two checks for rent before being approved by a board.
She promised me that the money is refundable if I do not get board approval to sublease the apartment, but could she be lying?
Please help - I am new to New York and how real estate and renting works!!!
It's likely the requirement. Coops can set whatever rules they want for subletting. I know my building won't permit ANY sublets, and most boards are very leery of subletting at ALL.
I found a sublease apartment (coop) and met with the broker to view it. The broker told me that I have to submit a credit application first so I paid for that and the credit report was fine. Then she told me that I had to do an application for the coop board to approve. The application is a lot of personal information, tax returns and credit check etc. It costs $300 (non-refundable).
I was fine with that, but then the broker also let me know that when I submit the application for the co-op board, I also have to submit two checks for the first months' rent and the security deposit. She wants the checks to be bank certified, but she wants them BEFORE I've been approved by the board! Is this normal? Is this a scam? I find it strange that I would submit two checks for rent before being approved by a board.
She promised me that the money is refundable if I do not get board approval to sublease the apartment, but could she be lying?
Please help - I am new to New York and how real estate and renting works!!!
Google the name of the broker and the building name/address. It's probably legit if you don't come up with any scamish type results.
I didn't find any scammish reports but here's one thing I am concerned about:
The apartment was listed as 'no broker' fee. The broker assured me that there is no fee that I personally have to pay because it is being charged to the owner of the apartment. I was fine with that until she let me know that when I submit the two checks for the security deposit and the first months' rent, I would have to write one of the checks out to her directly, as this would cover her broker fee (that the owner is supposed to pay). I asked her why she can't have me just write the checks to the owner and have the owner give her one check, and she told me that that was their agreement and she can put it in writing, but she was not willing to change .
Is this standard? I have not been in touch with the owner at all during this process and the broker tells me that she cannot give out the owner's details until the lease is signed.
Just have the bank checks made out to yourself and endorse them over to whoever they want when you sign the lease and have board approval.This is done all the time with real estate purchases.
I didn't find any scammish reports but here's one thing I am concerned about:
The apartment was listed as 'no broker' fee. The broker assured me that there is no fee that I personally have to pay because it is being charged to the owner of the apartment. I was fine with that until she let me know that when I submit the two checks for the security deposit and the first months' rent, I would have to write one of the checks out to her directly, as this would cover her broker fee (that the owner is supposed to pay). I asked her why she can't have me just write the checks to the owner and have the owner give her one check, and she told me that that was their agreement and she can put it in writing, but she was not willing to change .
Is this standard? I have not been in touch with the owner at all during this process and the broker tells me that she cannot give out the owner's details until the lease is signed.
Honestly, at this point I would move on if you don't feel comfortable with the transaction.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
