The apartment I am trying to get asked for another $25 for the co-signer application, I just want to know if I am getting the run around or not. THank you!!
2006-12-01 08:30:19 · 6 answers · asked by Sarah D 1 in Business & Finance ➔ Renting & Real Estate
I don't think you are getting the run around on this...
There are certain fees associated with an application.
It cost a few dollars to run somebodies credit and a few more if there is a background check. There is also the time involved in filling out paperwork for credit agencies... if they company has to do two people (signer and co-signer) all these numbers double and they want to charge a second application fee to cover those cost.
2006-12-01 08:39:46 · answer #1 · answered by John Stamos 3 · 0⤊ 0⤋
No, you are not getting the run around.
This is very common practice in the property management/housing industry. (if however, this person is singled out from the rest of their applicants and the property owners rental criteria, that is a different scenerio with a different set of rules).
1. Each applicant must complete separate application-required by the credit bureaus. (even if married).
2. Each application has the application fee associated with the application to cover costs.
3. IN additon to asking for a "pre-lease deposit" or a hold deposit, ask what the cancelation policy is and make sure it is signed by both parties. The application fee, however, is usually non-rufundable.
Sometimes, in the industry, there will be "initial lease specials" this may include 1/2 mo rent off first mo, or 1/2 off application fee, which essentially would be like a buy one get one free deal.
It is even common to ask for higher of a deposit from the results of the applicant- if there are lease specials -- equal to first, last, etc.. for reasons of business, shaky credit or background/rental history.
(as a former property mngr 10 years)
2006-12-04 00:06:31 · answer #2 · answered by Melissa G 1 · 0⤊ 0⤋
If they are also asking for another credit check fee or are not checking credit than yes it is unusual. If they are your co-signer they would be on your application.
2006-12-01 16:40:32 · answer #3 · answered by Michel D 2 · 0⤊ 0⤋
Not unusual. They have to pull a credit check on the co-signor. That costs money, so a separate application fee would be appropriate.
2006-12-01 16:42:10 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I would expect that to be normal.
Running a credit check or rental history check costs money. $25 seems appropriate.
All they want to do is make sure your co-signor is worth anything to your application.
It doesn't appear in any way that they are trying to screw you or run you around.
2006-12-01 17:10:23 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Never heard of such a thing.
2006-12-01 16:38:02 · answer #6 · answered by Anonymous · 0⤊ 2⤋