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Updated over 1 year ago on . Most recent reply

User Stats

63
Posts
14
Votes
Terri B.
  • Realtor
  • Detroit
14
Votes |
63
Posts

Prospective tenant does not have deposit until move-in day

Terri B.
  • Realtor
  • Detroit
Posted

I'm in the process of renting my STR out for month to month during the winter season. Prospective tenant has already presented some.red flags but I said we can be more lenient bc it's short term. To protect my interests I require the deposit and first month rent within 3 days of signing the lease to secure the property. I also do not sign the lease until I recieve the full move in costs and do not accept partial payments. Prospective tenants now are saying they cannot pay the full move-in costs until move in day when it was supposed to be within 3 days of signing. This presents another red flag and at this point I'm leaving the property open to others to rent and pursuing a potentially better tenant. Do you forsee there being any issues with me backing out of approving their application at this point? They have signed the lease but no deposit or rent paid and my lease has a clause which says the lease is void without payment within the time period allotted.

Most Popular Reply

User Stats

4,351
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5,757
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James Hamling
#2 Market Trends & Data Contributor
  • Real Estate Broker
  • Minneapolis, MN
5,757
Votes |
4,351
Posts
James Hamling
#2 Market Trends & Data Contributor
  • Real Estate Broker
  • Minneapolis, MN
Replied

@Terri B. I don't understand the hesitation. You know exactly what you need to do, exactly why you need to do it, this is nothing new as you designed your lease for exactly this so.... what's the deal? Why are we even discussing this? 

Or am I supposed to believe your asking should you do the complete opposite of exactly what you know your supposed to do?.... that you very literally designed to do?.... 

I don't get it. 

  • James Hamling
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The REI REALTOR®
5.0 stars
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