holding deposit

7 Replies

Hi....I am from GA....I am a renter....I have a question about holding deposits....I made a holding deposit on a property on Wednesday June 3rd, 2015 with the understanding that it would be taken off the market and certain things would be done prior to move in date....I have had second thoughts about the property because it only has one entrance...m the front door....the property is still showing available on the real estate management sight...I did not however read the holding agreement throughly and it states it is nonrefundable. ...do I have any chance of getting my deposit back. ..I rushed into it....which is my fault I know...but it gas been less than a week and it is still showing as available... just need to know if I have any options. . .really can't afford to lose my 650 dollars....thanks for your time and help.

Sincerely

SassyAngela

Angela Grider When we take a deposit from someone we have them sign a document that basically says by them giving a deposit, we won't show the apartment to anyone else. Their end of the agreement that is outlined in the document is that if they do not sign a lease by the specified move in date and essentially back out that the deposit is non-refundable. Just because an ad is up doesn't mean they are showing the unit. If this was me I wouldn't refund your deposit. It's been a week which is an eternity when trying to fill a unit.
Michael Noto, Real Estate Agent in CT (#RES.0799665)
860-384-7570

Okay....my next question is this...if there were stipulations added to the agreement...and they are not met by the property management company....would I have a chance of getting my deposit it back....I realize I should have read the agreement more thoroughly...but I don't feel u should lose my 650 dollars....my mother has been a landlord for years and would never keep a holding deposit of this amount from someone...and it gas not been a complete week...I'm not trying to be a a** ...but that is a lot of money to lose for me....especially moving from another city....and I truly appreciate your insight....I'm just trying to see if I have any options...I was panicky about not finding a place and rushed into my decision....I just want to be somewhere that I am comfortable living. ..I have never done this before ...(changing my mind about a property)....would there be any chance that they would be willing to apply it to a different property that I felt more comfortable with....like I said I am just trying to see if I have any options. ...and any information is appreciated....even if is not in my favor. ...thanks again .

Sincerely 

Angela

We stop showing an apartment once we take a holding deposit, but it sometimes takes a day or two to get all the ads taken down and I often get calls up to a week later.  It might also still be listed as a way to get people to call- once they call they can say it was JUST rented, but perhaps we have another apartment that would work for you?  

I am sorry to say you have most likely lost your holding deposit.  They will have to find a new tenant and that does cost money, which is why we charge a holding deposit in the first place.  I would talk to them about another apartment, maybe they  will be willing to switch units, but they are not obligated to.

@Angela Grider Angela, You are talking to the wrong people to solve your problem.. Call ( or better yet , go see them)  the property management company and ask them if they would apply to another property that they represent. 

When you as a renter give a deposit for a rental unit it serves as a good-faith that you will follow through with your commitment in applying for the home. Imagine if one could apply with out any recourse of losing their deposit money. People would apply over and over again at different places until they were ready to settle. This wastes valuable time for the landlord to secure a renter which could translate to significant financial losses to the manager and/or landlord. Your best bet is to see if the landlord might refund your deposit if they secure a renter by the times ou stated you would move in.

Angela,

          I clearly understand your predicament and this is not a clear-cut case. There is a possibility you may lose your deposit depending on the organization you are dealing with. 

The bottom line is communication. You need to talk with them and see how they will resolve this matter. Do they have any other property for you to switch with?

However, as a Georgia landlord myself I personally would refund you the deposit and move on. The reason being is that I don't want to deal with someone who doesn't want to be at my property.

You will be unhappy and possibly find every reason to make my life miserable during your tenure.

You can review the Georgia Handbook at the link listed below to see if there is any recourse for you. I glanced through it and didn't find any.

https://www.dca.ga.gov/housing/HousingDevelopment/...

Good luck, but, I am sure you will learn from our feedback and your involvement with this issue.

           

Thank you all for your insight. It has been truly appreciated. I did contact the property management company and disused applying the holding fee to another property that they have posted. They said that it would be possible.  I am waiting for them to let me know when I can view the property before giving them the extra money seeing that it rents for more money. I live 3 1/2 hours away so I have to set a time up because there is still a tenant in the property. I really really appreciate all of the advice. Thanks again.  I have definitely learned a valuable lesson from this.

Sincerely,

Angela

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