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Why do landlords insist on one cheque?

Why do landlords insist on one cheque?

Old Aug 7th 2010, 5:31 pm
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Default Why do landlords insist on one cheque?

Had a bit of a disappointing day in my quest for the perfect apartment.

Last week I viewed this one-bed in the Fairways tower overlooking the golf course in the Greens. Place is on the small size. Despite the agent's claim that it's 800 sqft, it is smaller than the standard 1-bed in the low-rise Greens buildings and those are claimed to be 750 sqft. I'd put the apartment at about 600-650 sqft, but lying about sqft is standard Dubai procedure.

I did like the place. Whilst small the Fairways is great and has a fantastic pool and the views were terrific. As an added bonus when I viewed the place with the agent, in the elevator he mumbled a question to a pretty English girl and she replied, 'sorry?' An English girl in Dubai who doesn't say pardon! Whoo hoo!

Anyway, the original asking rent was 65K in two cheques according to the advert on dubizzle, and yesterday the agent contacted me again asking if I was still interested in the apartment and mentioned that the owner had reduced the rent to 63K. I asked to view it one more time, which we duly did today. Shortly afterwards I made my offer; 60K in two cheques.

Agent gets back to me and says that the owner wants 63k in one cheque.

I said, wait, the advert said two cheques were fine, which you confirmed.

He glosses over this detail. 'Sir, one cheque, 63k, offer now, let's close this deal.'

'Hold on, hold on, I never said I'd be willing to pay one cheque. My offer is 60K in two cheques.'

He gets back to me. 'Sorry sir, owner will accept 61K in one cheque.'

Me: 'Nope. 60K in two cheques.'

This goes on back and forth and he keeps urging me to accept the one cheque and to close the deal.

Now, I know the place has been empty for some time judging from the dust inside. I know it is a small apartment. I know the real estate market is lousy with an increasing glut of units. There are a lot of high end units in downtown, Greens and the Marina coming on the market at even lower rents. This small apartment is 10K more expensive than larger apartments in the low-rise Greens building. I can't believe we're having an argument over one versus two cheques.

Finally we both just walked away. I wouldn't budge from two cheques, the owner and agent wouldn't budge from one cheque.

I'm left pissed not because I didn't get an apartment I rather liked, but because I can't understand the inanity of someone willing to walk away from a prospective tenant who was willing to pay one thousand AED less than his final asking price all over the matter of one versus two cheques. Especially in today's market.

Can someone, especially the old timers and finance whiz, explain to me why many landlords are so insistent on one cheque. Do they have to pay their mortgage in one cheque? It just doesn't make sense to me.

Oh well, perhaps this is a sign that spending an extra 10K for a posh pool is a waste of money.
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Old Aug 7th 2010, 5:53 pm
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Default Re: Why do landlords insist on one cheque?

Originally Posted by Ethos83 View Post
Had a bit of a disappointing day in my quest for the perfect apartment.

Last week I viewed this one-bed in the Fairways tower overlooking the golf course in the Greens. Place is on the small size. Despite the agent's claim that it's 800 sqft, it is smaller than the standard 1-bed in the low-rise Greens buildings and those are claimed to be 750 sqft. I'd put the apartment at about 600-650 sqft, but lying about sqft is standard Dubai procedure.

I did like the place. Whilst small the Fairways is great and has a fantastic pool and the views were terrific. As an added bonus when I viewed the place with the agent, in the elevator he mumbled a question to a pretty English girl and she replied, 'sorry?' An English girl in Dubai who doesn't say pardon! Whoo hoo!

Anyway, the original asking rent was 65K in two cheques according to the advert on dubizzle, and yesterday the agent contacted me again asking if I was still interested in the apartment and mentioned that the owner had reduced the rent to 63K. I asked to view it one more time, which we duly did today. Shortly afterwards I made my offer; 60K in two cheques.

Agent gets back to me and says that the owner wants 63k in one cheque.

I said, wait, the advert said two cheques were fine, which you confirmed.

He glosses over this detail. 'Sir, one cheque, 63k, offer now, let's close this deal.'

'Hold on, hold on, I never said I'd be willing to pay one cheque. My offer is 60K in two cheques.'

He gets back to me. 'Sorry sir, owner will accept 61K in one cheque.'

Me: 'Nope. 60K in two cheques.'

This goes on back and forth and he keeps urging me to accept the one cheque and to close the deal.

Now, I know the place has been empty for some time judging from the dust inside. I know it is a small apartment. I know the real estate market is lousy with an increasing glut of units. There are a lot of high end units in downtown, Greens and the Marina coming on the market at even lower rents. This small apartment is 10K more expensive than larger apartments in the low-rise Greens building. I can't believe we're having an argument over one versus two cheques.

Finally we both just walked away. I wouldn't budge from two cheques, the owner and agent wouldn't budge from one cheque.

I'm left pissed not because I didn't get an apartment I rather liked, but because I can't understand the inanity of someone willing to walk away from a prospective tenant who was willing to pay one thousand AED less than his final asking price all over the matter of one versus two cheques. Especially in today's market.

Can someone, especially the old timers and finance whiz, explain to me why many landlords are so insistent on one cheque. Do they have to pay their mortgage in one cheque? It just doesn't make sense to me.

Oh well, perhaps this is a sign that spending an extra 10K for a posh pool is a waste of money.
good man for walking away though
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Old Aug 7th 2010, 6:27 pm
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Default Re: Why do landlords insist on one cheque?

Landlord obviously has a cashflow problem - not a good sign. Though a previous landlord of mine in Dubai is a very well known and spectacularly wealthy man who was a complete arse also.

Noted on another thread I think, that no payments are due to a lender under some Islamic mortgage loans if the property is empty?
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Old Aug 7th 2010, 7:37 pm
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Default Re: Why do landlords insist on one cheque?

Originally Posted by ctfc View Post
Noted on another thread I think, that no payments are due to a lender under some Islamic mortgage loans if the property is empty?
Only if you are a local probably...

I've just done a deal on 4 cheques. He was flexible to the number of cheques but less so the price as he had a tenant in there already.

If they need one cheque (which really isn't a benefit in terms of money) it suggests that they are struggling to meet repayments. probably best to avoid.

Offer him 63k and 6 cheques just to bait him.
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Old Aug 7th 2010, 7:39 pm
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Default Re: Why do landlords insist on one cheque?

Originally Posted by Ethos83 View Post
As an added bonus when I viewed the place with the agent, in the elevator he mumbled a question to a pretty English girl and she replied, 'sorry?' An English girl in Dubai who doesn't say pardon! Whoo hoo!
This is lost on me. Has it got something to do with having cucumbers shoved up your ass in a boarding school?
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Old Aug 7th 2010, 7:43 pm
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Default Re: Why do landlords insist on one cheque?

I was thinking of having a few friends give low-ball offers on the same apartment so my offer looks much better by comparison.

But the point about the cash flow problem is noted. Probably best to avoid. A shame. I did like the apartment.

Originally Posted by EmiratesMillhouse View Post
Offer him 63k and 6 cheques just to bait him.
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Old Aug 7th 2010, 7:44 pm
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Default Re: Why do landlords insist on one cheque?

For your information it wasn't a cucumber, it was a plunger.

Originally Posted by EmiratesMillhouse View Post
This is lost on me. Has it got something to do with having cucumbers shoved up your ass in a boarding school?
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Old Aug 7th 2010, 7:44 pm
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Default Re: Why do landlords insist on one cheque?

Originally Posted by Ethos83 View Post
I was thinking of having a few friends give low-ball offers on the same apartment so my offer looks much better by comparison.

But the point about the cash flow problem is noted. Probably best to avoid. A shame. I did like the apartment.
I did this on a house in the UK. It works... you basically try and set the guy's expectations lower...
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Old Aug 7th 2010, 7:45 pm
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Default Re: Why do landlords insist on one cheque?

Originally Posted by Ethos83 View Post
For your information it wasn't a cucumber, it was a plunger.
good answer.
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Old Aug 7th 2010, 8:10 pm
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Default Re: Why do landlords insist on one cheque?

Originally Posted by Ethos83 View Post
For your information it wasn't a cucumber, it was a plunger.
A minor public school then?
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