Possible move back to CA - questions on rental real estate market (San Diego: for sale, apartments) - San Francisco - Oakland - California - City-Data Forum

s0nginmyheart · 02-07-2018, 11:27 AM

Hey CD -

L.A. native here and have been living in Chicago for almost 10 years now. Husband is currently entertaining a job opportunity in SF. We immediately took to PadMapper to see some housing options. We found a 1 bed/loft that we especially like in the SoMa neighborhood. It's listed for $2500/mo and asking for 1st month's rent and same for deposit. I'm just wondering if there are a lot of "scams" on PadMapper or do these listings have any verification process. It does seem a little bit too good to be true. Real estate broker/property manager with the listing (reply from Padmapper) said that per CA real estate law that we can receive all our monies back if the unit is not what was advertised or for whatever reason, after we view the unit (available to view after end of Feb). Is this true? I'm not too familiar with this as again, I've been out of CA for the last decade. Any help is most appreciated! My husband is ready to sign everything and send the deposit/1st month so we don't miss out on this awesome looking loft, but I'm urging him to just wait and be cautious.

Thanks in advance.

gizmo980 · 02-07-2018, 11:58 AM

Are you planning to rent it sight unseen? I would NEVER do that, especially in a market as hot as SF - and even more especially for one that is listed WAAAY below market rate. A loft in SoMa should be going for over $3000, maybe as much as $4500 depending on its size and amenities. So I wouldn't recommend sending any money without seeing it first, meeting with the landlord in person, and verifying that it exists. What is the landlord's story? Are they local?

Can't say what the "scam rate" is on PadMapper, but I'm sure they do exist. I think it was PadMapper where I saw a "too good to be true" house for rent once, and when I looked up the address, it was listed as FOR SALE on Zillow (which can be trusted). Zillow also estimated its rental value at nearly double what the listing was, and "coincidentally" the photos were identical on both. SCAM. Look up this loft's address on Zillow and Realtor; that might give you a hint if it's really a rental. And if you have any local friends, ask them to contact the landlord and arrange a showing... if he/she claims any reason for not being able to show it, or asks for money first, run away fast.

s0nginmyheart · 02-07-2018, 12:27 PM

The agent/property manager said that we couldn't look at it until the current tenant vacates at the end of February. That doesn't seem like a typical process to me, but agent followed up with the holding deposit "monies are completely refundable if unit is not what was described or that we changed our mind" line. Any how, husband will likely fly in for final interview soon, so there is opportunity there if he is allowed to view the unit. We also have a handful of friends there that could do it for us if timing doesn't work out.

That being said, agent has already sent us a standard rental agreement to review and in it it states:
DEPOSIT AGREEMENT: I xxxxxxxxxx (Landlord), xxxxxxxxxxx (PROPERTY MANAGER) agrees with_______________ (Tenant) that the first month rent of $2500 and the security deposit of $2500 was paid prior to viewing, if for any reason tenant does not like or find the apartment not in perfect condition as advertised after viewing, tenant can terminate this agreement and the full deposit payment of $5000 will be refunded immediately on the spot.

I am trying to confirm that this "refund" process is legitimate and is indeed CA real estate law or something a scammer is just feeding to us. The lease has Landlord's banking information that we are supposed to make the deposit and 1st month's rent directly to. Just seems super unusual to me.

gnomatic · 02-07-2018, 01:01 PM

Quote:

Originally Posted by s0nginmyheart

first month rent of $2500 and the security deposit of $2500 was paid prior to viewing

Major red flag right here. $5000 PRIOR to view the place and wait for the them to "refund" if you don't like it? Return the deposit "on the spot"...really? They are gonna pull out $5000 in cash?

Direct deposit into their bank account? No.

None of what you described is standard operating procedure in SF, even in the current competitive rental market.

Also $2500 for a renovated one bedroom loft in SOMA is WAY below market rate.

Trust your instinct. This one is a scam.

gizmo980 · 02-07-2018, 02:11 PM

Quote:

Originally Posted by gnomatic

Major red flag right here. $5000 PRIOR to view the place and wait for the them to "refund" if you don't like it? Return the deposit "on the spot"...really? They are gonna pull out $5000 in cash?

Direct deposit into their bank account? No.

None of what you described is standard operating procedure in SF, even in the current competitive rental market.

Also $2500 for a renovated one bedroom loft in SOMA is WAY below market rate.

Trust your instinct. This one is a scam.

+1

Sadly, I have to agree... never NEVER pay money (beyond maybe a $35 credit check fee) before seeing the place, meeting the landlord/agent, and signing an actual lease. I wouldn't take a chance on this.

aslowdodge · 02-07-2018, 02:20 PM

I think padmapper maybe draws on other ads, so if there is a scam ad on Craigs list, it might be picked up by Pad mapper.

RosieSD · 02-07-2018, 02:39 PM

Quote:

Originally Posted by s0nginmyheart

I am trying to confirm that this "refund" process is legitimate and is indeed CA real estate law or something a scammer is just feeding to us. The lease has Landlord's banking information that we are supposed to make the deposit and 1st month's rent directly to. Just seems super unusual to me.

No. Do not send money to a random stranger's "bank account".

Anyone can draft up an official looking "lease agreement." But what good will that be if you get there and neither the apartment or the "landlord" are anywhere to be found?

Trust your gut instinct that something is off about this one.

Also, down here in San Diego, where the rental market is hot but not nearly as hot as in the Bay area, few reputable landlords will rent an apartment without first requiring a credit history check on the tenant and meeting the prospective tenant in person. The fact that this "landlord" seems to have skipped those steps, yet is eager for you to send the money directly to their bank account rings further warning bells.

If you're determined to risk this, pay by credit card. That way you will at least have some chance of recovering your money if it turns out to be a scam. You will have NO way of doing that if you transfer cash directly to a stranger's bank account.

gizmo980 · 02-07-2018, 02:45 PM

Quote:

Originally Posted by RosieSD

Anyone can draft up an official looking "lease agreement."

Yep... you can literally Google lease agreements, and find a plethora of official (not just official LOOKING) ones online:

LMGTFY

gizmo980 · 02-07-2018, 02:48 PM

Quote:

Originally Posted by aslowdodge

I think padmapper maybe draws on other ads, so if there is a scam ad on Craigs list, it might be picked up by Pad mapper.

Yes, PadMapper essentially just gathers listings from various sources (Craigslist, rent.com, apartments.com, etc) into an easier format. If the OP searched Craigslist for that ad, they'd likely either find it or a "this post has been deleted" if it was reported as scam.

joejerryronnie · 02-07-2018, 03:52 PM

If you send in that $5,000 you will never see it again and will be ghosted by whoever you're corresponding with online. Look at other lofts in the neighborhood and if they are all significantly more expensive, that should give you the answer right there. On another note, I heard about this Nigerian prince that needs a little help . . .