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July 27, 2009
Cash Only for Sec Deposit?
So, I was reading an ad for an apt. for rent in the center of park slope. Seemed like something I might be interested in, and there is an upcoming open house.
Then I read this:
"If you're looking seriously and ready to commit, come equipped with proof of salary and employment, a copy of our credit check, and either enough cash or the ability to quickly get enough cash for a binder To rent you will need one month's rent and one month's security in cash."
Now, the first part of that is rather pushy, especially in this market, but it's tolerable.
But asking for 1 month rent and security deposit in cash seems loony to me.
What is the point of this?
What kind of legitimate landlord can't wait 3 business days for a check to clear?
And who, in this day and age, would rather do business with thousands of dollars in cash changing hands.
Oh, and it is at an advertised open house. Kinda like saying "OK, so, there are going to be a bunch of people walking around with thousands of dollars in their pocket at this time at this place. Muggers welcome."
Bizarre. I don't think I'll be going to the open house...
Comments
haha - you and I should start our own rental blog
Apparently one of the many rental scams involves open houses with a shifty fly by night broker who is able through bldg management,a super or a contractor obtain a set a keys and "host" an open house at one of the nicer condo turned rental bldgs with the hopes that people will come with at least cash for credit checks. so the shifty broker makes out with the cash never to be heard from again.
Posted by: gemini10 at July 27, 2009 3:24 PM
I agree that this seems like a scam.
Posted by: Bob Marvin at July 27, 2009 3:48 PM
"you and I should start our own rental blog"
I almost did in 2007 when I last moved, but then I decided it was too much work.
I found Brownstoner when looking to see if someone had already created a good NYC rental blog (as far as I know, no one has...).
Posted by: northsloperenter at July 27, 2009 4:00 PM
Yes, I've been to an open house with an "application fee". It's defintely a scam.
However, some landlords only take deposits in cash or certified check to prevent problems. When it's through a broker, it seems a bit more legitimate, but it's even more necessary if it's owner-rented.
Posted by: slick at July 27, 2009 4:28 PM
For the first month and security I always take cash or certified check...and you should definitely start a rent blog
Posted by: landlord at July 27, 2009 9:21 PM
I have no problem with bringing a certified check when I'm signing a lease.
I just don't like dealing in cash for anything over a few hundred bucks unless it is someone I know well and trust.
If things go wrong, it is easy to prove someone cashed a check and really hard to prove exactly how much cash you handed them. And while I have had good luck with the landlords I've dealt with in NYC, you hear enough horror stories that you have to protect yourself when dealing with someone you just met.
Someone should start a rental blog, but if I didn't have the time and energy in 2007, I sure don't have it now that I'm a father and consider any night with more than 5 consecutive hours of sleep to be a great night's sleep!
Posted by: northsloperenter at July 28, 2009 9:44 AM
If a Landlord insists in cash, I would run for the hills. A certified check should be good enough - period
Posted by: Crownlfc at July 28, 2009 10:22 PM
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