What should I do? : ezLandlordForms

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Lydia H

started a topic almost 4 years ago

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?

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Benita N

said almost 4 years ago

First, ask that the security deposit BE FULLY REFUNDABLE if their home purchase falls through. The Security Deposit shall be held in an NON BEARING ESCROW account. They should provide you the bank name and account number. Second, once they vacate and you take possession you complete a move in inspection report with the owners. Any application would have your personal information on it. Its not uncommon to show rental properties while the owner/tenant is occupying the property.

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Benita N

said almost 4 years ago

Lastly, we only HOLD rental properties when the security deposit is paid and the lease is executed by all parties. We give 72 hours to complete if not, we move on to the next applicant.