How To Find A Good Deal On Apartments
So you're looking for cheap apartments, right
? Well today they are becoming more and more scarce. Ironically, because of the problems with the housing market and so many people defaulting on the loan for their homes, they are actually renting out apartments wherever they can and because of that, the cost of the apartments that are on the market is going up drastically.
However, even if you find that cheap apartment you're looking for, make sure you know exactly what you're getting yourself into. The New York Times recently ran a report where they discussed the phenomenon of people being duped into signing sublease agreements for apartments that are not really for rent.
The way it works is that someone may have a right to an apartment, for example, someone who has been paying rent. But they are now falling behind on the apartment rental and they are in fact several months behind. The lease holder may even have been ordered to vacate the apartment. Then, he or she will put up an ad on Craigslist, offering a cheap apartment.
People think it's a deal and they rush to try to rent the place out. They sign a lease, put down first and last month's rent as security and sometimes, they even pay more, in the form of an additional month of rent. They show up to take possession and find an order slapped on the door that the apartment must be vacated. They've been punked and lost out thousands of dollars.
Another popular method to dupe people out of their money is the application fee. The person who shows the apartment may not have rights to it. Or they may be offering it under false pretenses, intending to simply stay on instead of move. They place an ad and demand a fee for application processing.
This is actually quite common in tight real estate markets like New York City, where dozens of people may apply and certainly may apply for cheap apartments. The guy could collect $50 application fees from from 50 people and bingo, they are suddenly $2,500 richer and you and 50 other people did it for him even though he knew you had no chance at getting the place.
Most people wouldn't even realize that it had happened, because they would simply assume that the place went to someone else who had a higher credit rating than they did.
So the next time you see an ad, cheap apartments, be safe rather than sorry and make sure you really are getting a deal and you are not getting scammed.
by: Richard Cunningham
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