Rentals in Lower East Side>Question Details

Mike Jarmuz, Real Estate Pro in New York, NY

Trulia: We just looked at a listing on your site & as soon as we gave a deposit and application, they raised the price. Somebody offered more? :(

Asked by Mike Jarmuz, New York, NY Mon Jul 18, 2011

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There is a time lag for the listing updates on Trulia - it may take several days if a broker does not go to each site directly and manually updates them. Also the reason may be multiple offers/applications they have on this apartment. However, if you were told by the broker that the price was $X and gave a deposit and an application for that amount, it should be valid as of that date. Even if the asking price/rent went up a bit, a smart landlord should be able to negotiate a reasonable discount for a solid tenant with good credit history and required income.
0 votes Thank Flag Link Thu Nov 15, 2012
To me this sounds like the agent not having an up to date price. Prices in Manhattan can change several times in a day in certain areas this is not at all out of the ordinary for high volume landlords. Always ask again for the price with the owner or landlord before submitting an application to prevent these problems.

There are also some landlords that will undercut you and delay until they get several apps that is better than yours and then not approve yours. I do not believe this is illegal, but I personally do not deal with those kind of landlords.

Just be careful which landlords apartments you show there are some royal scumbags out there and plenty of good ones so when you have a bad experience with one just move on to the next and never work with them again, write bad reviews etc...
0 votes Thank Flag Link Thu Jul 21, 2011
Actually, it depends on the owner or management company. The application fee is not returned because it pays for your credit check. Usually, if you do not get the apartment, and you did not do anything wrong, your good faith deposit is returned. Even when you get the apartment, your good faith deposit is usually returned. The deposit is usually kept when you apply for an apartment and change your mind after the owner or management company has taken the apartment off the market. You have to ask the agent if the deposit will be returned if you do not obtain the apartment. Generally, the agent lets the owner know the price that you want to pay, and the owner or management company lets the agent know that the price is acceptable or if he/she has a higher offer. There are some applications that state that you will lose your deposit if you do not get the apartment. You should know if you could possibly lose your deposit before you submit your application.
0 votes Thank Flag Link Mon Jul 18, 2011
There you have it...capitalism at it's less than best. I would think you would have been given the chance for a best and final offer. I guess the owner just took the money and ran. There's not a thing to do about it either unless the offer came from folks with bad credit and no money. One word I've used many times in this business that puts it into perspective...NEXT! Good luck out there.
0 votes Thank Flag Link Mon Jul 18, 2011
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