Comments | nycgirl107: help!!

nycgirl107

help!!

Jul 18, 2009 15:57

Okay I know pretty much all of you have done an apartment hunt before. Have you ever had to pay a fee to go through the application process? As in did you have to put down x amount of dollars (which would go to your first month's rent and security deposit) in order to get your paperwork looked at? If so..how much? I found a great place in an ( Read more... )

Comments 6

stonecolekitten July 18 2009, 21:09:30 UTC

Yes, it's common for them to require a deposit at the time you submit your application. It's like they hold the apt for you until they determine if you are approved or not.

nycgirl107 July 19 2009, 17:33:31 UTC

Hmm. I guess what weirded me out about it was that they said $500 was just for them to prove we were serious about the apartment, but they wouldn't take it off the market until we were approved. I actually got the guy to let us apply without putting the money down...we'll see if anything actually happens...

leagirl July 19 2009, 02:53:49 UTC

I carry 500 cash when I'm hunting so that I can hold one on the spot, that's normal. Its to prove that you're serious. They can back out (tell you no) but you can't.

There will be a charge to check your credit that you will not be able to get back, that'll be 30 to 50 bucks. If you have a guarantor, you'll have to pay to check theirs too. (I didn't have to have one at my last apt, but this one required one)

Just make sure you ask a LOT of questions.

nycgirl107 July 19 2009, 17:34:51 UTC

Yikes! Do they usually have some sort of terms and conditions they have you sign about the money you put down? Like...that it will go towards your security deposit or first month's rent. i get concerned that they would take the money then ask for the full two months worth of rent without putting the money towards it.

avathebrat July 19 2009, 14:44:36 UTC

Also, if you are going through a broker you will have to pay their fee as well. Some charge a flat fee, others charge a percentage of the yearly rent. (I think our broker's fee for our current apt was around $2000, to give you an idea. It can be a lot.) Ask what their fee is before you sign anything, we actually changed our minds on an apt once because the broker wanted a ridic fee and wouldn't budge on it.

nycgirl107 July 19 2009, 17:36:21 UTC

There are actually no-fee brokers. Or rather, brokers who get their fee covered by the landlord instead of having the customer pay. That's what I'm working with..I've already signed off on the fact that I will not pay broker fees, so hopefully they don't pull some random business out of nowhere.

Thank you for your help!