Rental Question , what should I do (tenants, sale, fee, landlord)

[Lilime23]

So I am interested in rental property in my area from the owner who will be moving out into their Newley purchased home. The landlord states that they just bought a house and will be closing on it next month or so. They would like to set up a showing of the property this month while they are still residing in the property. After the showing they would immediately request the security deposit in order to hold the rental. I expressed interest in this property months ago and the landlord has changed the availability date of the rental multiple times which I am guessing was due to their bidding on a new home. I really like the property, it has everything that I am looking for and more and I don't want to lose out on it. I have a few concerns and wanted to get some advice on what others would do in this situation. My concerns are as followings: Paying a deposit before the owners officially move out, not having a chance to see the property vacant before paying a deposit, and giving them all of my personal information when they haven't yet closed on their new home yet. How would you feel about viewing a potential property while someone is still living in the unit? What should I do?

[Joylush]

If you want it bad enough then paying a non refundable deposit to hold it for you and not rent it to someone else is not unreasonable.

I have taken a house off the market to hold for a new tenant who viewed the house prior to the old tenants departing. I collect the security deposit as a non-refundable holding fee to take it off the market and hold it for the person who wants it. The whole purpose of the fee is to be sure I am made whole in the event the incoming tenant suddenly changes their mind and caused me to lose out on a different tenant by taking it off the market and holding it for them.

It’s not uncommon. If you have concerns then don’t do it and ask to see it once it’s empty and available but recognize someone else might have committed to it by then.

[adjusterjack]

How would you feel about viewing a potential property while someone is still living in the unit? What should I do?

Avoid it like the plague. Don't hand over any money until the house is empty and turnkey. Then carefully inspect it while all the utilities are on. If you still like then rent it. If you lose it there are plenty more where that came from.

There will always be fools who do what that owner is suggesting. Don't be one of them. Never like anything so much that you lose your common sense.

[Joylush]

Originally Posted by adjusterjack

Avoid it like the plague. Don't hand over any money until the house is empty and turnkey. Then carefully inspect it while all the utilities are on. If you still like then rent it. If you lose it there are plenty more where that came from.

There will always be fools who do what that owner is suggesting. Don't be one of them. Never like anything so much that you lose your common sense.

“There are plenty more where that came from?”

Not where I’m at. Where I’m at, you snooze you lose. Just one of the reasons why I have a waiting list. It all depends on the market and how badly you want it. I have wonderful tenants. Not a fool among them. They know a deal when they see it.

In a case where there are plenty of empty available units to wade through in your price range and desired location you suggestion makes sense. It’s important to know your market before you start looking.

[oregonwoodsmoke]

Wow, is that hard to follow.


I think OP is asking about putting a holding fee on a rental that is currently owner-occupied.


It would not be any different that putting a holding fee on any other rental and every landlord you rent from is going to get your personal information before they will rent to you, whether they are the occupants moving out of a house or it is tenants moving out of a house.


Nobody, absolutely nobody, is going to hold a rental for you for free. You must show your commitment by placing some money to reserve the property.


You can check and verify that the "landlord" is actually the owner of record of the house. You can probably verify that the house is listed for sale and that it is or isn't currently in escrow.

[Coolair]

If the date of the availability of the house is not determined how you can take a n advance on it. It is not rational to give or take non refundable advance because you cannot back out.