Updating post from Reddit.
Hi I am a new landlord and have a few questions
Have 3 families interested in the property and we kind of selected one and sent request through openrent for a holding deposit. Called them and they said they will do it today which was yesterday and still not done. What would you usually do in this case, get the deposit from second interested tenant or give the first one a few days. All three tenants viewed twice and offered to move in. Or would you usually take holding deposits from a few tenants and then after reference checks return to people you don’t want to give the house to.
This is what I am thinking as well I have given them deadline for mid day tomorrow after that I will possibly offer it to another family as they are chasing me.
I’d sell up, you’re preventing these families from buying their own home and draining their resources, so probably best to just allow someone else to buy the house you don’t need
When you ask next time you need to give a date for them to have the money with you by. 24 hours is nothing if you work and have a family - plus if it’s via bank transfer this can take a few days. I think 3-5 working days is fair depending on how quickly everything has to move.
EDIT: And I’d do reference checks on the first candidate and if I was happy with those THEN I’d take the holding deposit from them. I wouldn’t take multiple deposits from multiple people.
Most uk banks will do a faster transfer takes minutes….
Thanks I have sent them a request via openrent so once they receive it I am hoping I’ll be sent an email confirming that.
It takes seconds to do a BACs transfer these days. In the past yeah 100% it’s a pain. But now it’s so easy on the app.
If they can’t find the time to secure the house it would be a red flag. Are they looking at others still? Have they got cash flow issues? Are they going to be generally unreliable?