Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
Some people came to see the house today. They seemed pretty nice to me on a personal level. However, they said they couldn't come up with the rent and deposit until March 1. At least part of their income comes from Disability or some similar program, and they get that money on the first of each month. The move in date would be around March 5.
I agreed to this verbally without thinking, and now I'm uneasy about it. What if I hold the house off the market for the next couple weeks and then they don't move in for some reason? What would you do in this situation? Try to get $100 deposit to hold the house for them until March 1?
I gave them the applications to take home and fill out. They are supposed to get the apps back to me tomorrow with the app fees.
So they haven't paid anything yet.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
On my most recent tenant I took the house off the market for a couple of weeks while waiting for them to sign. However, I required the security deposit in order to do that. We were toward the end of the month, and I didn't expect to get anyone else to pay for the rest of the month. The deposit was non-refundable if they did not sign a lease. If they signed the lease on the first (which they did), the deposit became their security deposit. I did continue to market and accept calls on the unit (well, the leasing agent did), with the understanding it was probably leased but they would be called if the tenant fell through.
In your position I would (and have) told them that if they show up on March 1 with the deposit and one month's rent, and the place was still available, and they passed the screening, they could have the place. If they pass screening, and want to be sure they were able to move in on 3/5 I would require they pay me a non-refundable amount equal to the security deposit now. I would state in the "agreement to hold property" that they must sign a lease on 3/1 and pay the March rent in full or the deposit would be forfeited.
Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
16y
Thanks Jon. I think I'll give them those two alternatives if he calls back tomorrow. They'll be irritated, but they kind of sprung this on me with no warning and caught me off guard.