The mortgage company wants you to be responsible first and foremost, make the payment every month, take care of the property etc. The documents up front are an attempt to prevent fraud, some true investors try and get a loan that states it is a 2nd home with no intention of living in the home.
Glad to answer any questions you might have.... more
The rental market in this area is very strong and you should expect to find a tenant within 30 days. Do you currently own this home or are you in escrow on it now? I have extensive recommendations from my clients regarding my property management services. Here is a link to view rental comparables in the area: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=x4gws9rmb7x&s=12&id=1&cid=1
I am sorry to hear your experience was not what you were expecting. Some Realtors do not like to show rentals but I find it to be away to meet more people. If you would like some help please feel free to contact me.
You should try to use the Arizona Association of Realtors lease form as it has more protections for buyer and seller in it. Also try to get a "home purchase clause" put into the lease if you are going to want to purchase a home in the future. This can help so that if you find a great home you don't have to wait for your lease to end, or pay for a few months of lease payments and house payments. Some lenders will not qualify you if your ratios won't hold both payments.
Also check to see if the home is in foreclosure as there are some owners trying to get a little money prior to a foreclosure and not telling the tenants that they will have to get out soon.
Ron & Brenda Cunningham
West USA Realty
***** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" *****... more
Sounds like this person is a creep, you should have called the bluff before you signed anything. No it is very uncommon to take deposit money as earnest money. Unless you entered a lease-purchase, which you probably did.
Did you look at the paperwork you signed and did you keep it?
If you signed a contract (lease) that said no-refundable deposit or none-refundable earnest deposit, than deposit is well non-refundable. If you think the documents that you signed are do not allow for a non-refundable deposit hire and attorney.
Arizona subscribes to the doctrine of caveat emptor â€œbuyer bewareâ€. Coercion by definition is forcing someone to do something. Check your paperwork unless you signed with a gun to your head, you where not forced. Perhaps uniformed, unless you have strong evidence against the real estate person (giving us all a bad name) you may be out of luck.... more