Renting a house in Mass
 

Hi everyone.
Been wondering if anyone has had situation where new in US without jobs and not on corporate transfer (i.e. no job waiting) and wanting to rent a house. Been staying with family temp. Rental agent and landlords seem very jittery and we do understand but we are home owners in Uk and have shown proof of savings . One agent/landlord suggested they would want 12 months rent up front! We recognise first, last and deposit is usual and would not mind an extra month but wonder how safe we are if landlord was to go bankrupt, have house foreclosed etc or there are problems with the property when we move in. Surely our situation is not that unusual with all the newcomers and people must start somehwere! Any advice? Thanks and have found this site really helpful so thanks to all.

Re: Renting a house in Mass
 

Basically they are wanting previous references.

First thing to remember is that when it relates to real estate, everything is negotiable. A lease should outline who is responsible for what etc regarding repairs etc... basically, a lease allows you to have legal possession to a property but there may be local laws which may be a LL responsible to provide things like rubbish bins or something to that nature. The other thing about leases is that they are a private agreement/contract between you and the LL, so you are s.o.l. if the property is foreclosed etc because you still have obligations as outlined and agreed upon in writing ie continue to pay rent despite the owner defaulting etc.... UNLESS you address such situation as a provision of the lease.

If it boils down to 12 months lump sum upfront... negotiate a different rental rate, eg 12k instead of 15k for the year - bird in the hand etc.
If you decide to move out, the remaining balance belongs to the LL unless you address that as a scenario etc... b/c you've given that money upfront so you've paid so not entitled to reimbursement unless you have an agreement in writing.
If the place is to go into foreclosure or LL goes bankrupt... address such scenario in your lease... do you suspend payment, is the lease null and void at your notice and discretion... no back rent owed to LL... no adverse ramification to you if you stop paying under foreclosure conditions (ie no reporting to credit bureau etc).

Its not out of the question to have everything handled in escrow.. security deposit (because you will kiss it goodbye in the event of foreclosure/bankruptcy)... have the lump sum dispersed on a monthly basis and not if there is a bankruptcy/foreclosure and have the remaining balance returned to you in such circumstances.

You will probably find that security deposits can't be used in lieu of rent. LL often commingle. Customarily many places don't allow 1st, last mo and deposit upfront... just sec dep and 1st month's rent... Check with local laws etc.

Re: Renting a house in Mass
 

When I lived in Ohio, a LL wasn't allowed to take more than one month's rent at a time, so paying 12mo all at once wasn't legal.

Personally I wouldn't feel safe handing over that large of an amount up front. Tarkak has given you a few things to think about that may make it safer though. You may want to consider having a lawyer consult to help with writing up the lease such that you are protected and the LL feels more secure as well.

Re: Renting a house in Mass
 

Any deposit and up front rent would have to go into a savings account that they would only be allowed to draw their monthly from and in event they go under the account gets signed over to you, and also you are supposed to get all of the interest on the deposit annually, though most usually just give it when you move.

Also if you have no credit history, it's pretty common that on top of the fist/last/deposit, you put down a further 3-6 months down as a deposit that'll get used in lieu of rent if you don't cough up.

Showing UK salary info and savings might help put a private rental person at ease and generally you'll have better luck. You'll have less luck with a corporate type place, those naff massive condos and complexes. Also going with a realtor you have to pay a finders fee which in Boston is usually between a month or two worth of rent as a fee, but if you get right out into the burbs, that can go down to about a half months rent for a fee. Some landlords might negotiate paying part of that for you, but less likely these days it seems, certainly until winter hits.

Re: Renting a house in Mass
 

Any rental you get there should be a contract to protect you and the landlord. Also if there's a foreclosure you have to be given notice and then you negotiate with the bank etc.

Your situation is a bit odd. No job and in the US? What is your visa status? If you don't have a US credit history or US jobs I can see why renting would be difficult. You should try the boston craig's list as you'll find lots of apartments and houses there that are rented directly form the landlords so they might be less strict

Re: Renting a house in Mass
 

And the BostonGlobe.com that's a good resource for finding places as well.