When putting in an application for a rental property in Old Town Alexandria, your agent should emphasize that "until the lease is executed, you don't have a deal." Many applications will include some or part of the following verbiage, which prospective tenants are required to sign:
This Application, each occupant and each pet are subject to acceptance and approval by Landlord;
Listing Broker is obligated to present all Applications to Landlord until a lease is signed;
Landlord and Listing Broker may rescind acceptance and resume marketing the Premises at any time until a lease is signed.
Not understanding the above can lead to bitter disappointment on the part of prospective tenants if they don't realize how things work.
It means just putting in an application and submitting first month's rent plus processing fees does not mean you have been approved for a property.
It means at any time the Landlord may accept another applicant. In fact, it also means they can rescind your acceptance and accept another applicant.
And it means you cannot blame your agent or the listing agent if this happens to you. The listing agent, in particular, has an obligation to continue to present applications until a lease is signed.
Hopefully, your own agent has explained all this to you so that you do not have unrealistic expectations.
It is a harsh reality in the Alexandria VA rental market that there are often multiple applications for highly desirable properties. There are also properties that are listed for sale as well as for rent. The homeowners in those cases usually prefer to sell, but need to have some income coming in sooner rather than later, so they are willing to rent to the right applicant.
It does happen that an offer to purchase comes in while a rental application is being processed.
If the seller and buyer are able to reach mutually acceptable terms, then the prospective tenant is out.
It can be a huge disappointment to the tenant who thought they had found the perfect place to live, but unfortunately, it can and does happen.
My best advice for prospective tenants is this:
- Understand that until you have a signed lease, you don't have a place to live;
- When you are looking at properties, make sure you have a backup property or two if you find yourself in a situation where you lose your first choice and need to make a quick decision;
- Should you find yourself in a situation where you do lose out on a rental, instead of wasting time complaining bitterly and arguing about the situation, accept the fact it is "what it is" and move on;
- When you identify a property you want to put an application in on, be sure to complete the application fully, legibly and attach all requested documentation so that your application can be processed quickly, without delay;
- Be sure to hire an agent who is experienced in tenant agency and who will make sure you understand all the facts about renting.
It is often very surprising to prospective tenants to find that the market for finding a rental can be every bit as competitive as it is when finding a house to purchase. Be prepared and be sure you have an agent who is going to look out for your best interests.
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