Broker's fee and cash advances... eek.

[MikePRU]

Originally Posted by SoFresh99

As far as I have always been told, it is illegal to ask for more than 3 months rent (combined) upfront. So they can charge you security, first and realtor fee but not security, first, last and fee. In my many years of renting I never had to cough up more than 3 months worth at once.

You're slightly off base with this one. It's against the law to ask for more than 3 deposits. Each deposit cannot exceed the amount of one month of rent (i.e. you can't have one deposit be two months rent and two deposits be 1/2 month of rent). Also, the agent's fee is not considered a deposit. There is no maximum or minimum on what the agent can charge and it has no influence on any other deposits.

[Gauss44]

Originally Posted by angela638x

So my roommate and I just found out we have to leave our apartment by August 31 because our building is being sold. I have a little over $4,000 saved, thankfully, but the area we need to be in is extremely pricey. Because we have such a short amount of time, we have contacted several brokers to help us. While I can pay first, last, and security... I am wondering how much a broker fee will be. I haven't moved in three years so I'm a little out of touch.

If if the fee a month's rent (which is about $2,400) here, I'm screwed. I'm contemplating taking out a cash advance from my Chase credit card because I know, come end of September/early October, I can pay the balance. It's right now that I can't because this is all so unexpected.

Does anybody have any experience with cash advances, or negotiating a fee with a broker? I don't want to make us look bad or like we can't pay by doing so.

1. The broker might be willing to negotiate the fee, although I wouldn't be too resistant because the housing market is very tight for September 1st.

2. Before taking a cash advance, call Chase and ask if there are any 0% apr promotional balance transfer offers available for your card. If yes, you might be able to get a balance transfer check written to yourself so you can deposit it in your checking account.

3. If #2 fails, you can go to Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com (click on Credit Cards) and apply for a credit card that does have a 0% apr promotion going on. (Just remember to make your minimum payment every month so the 0% won't end early.) And, fyi, some credit card companies don't allow balance transfer checks to be made to oneself, but most do.

And try Craigslist's apartments by owner section. You may not have to pay a fee at all: boston apts by owner classifieds - craigslist

Good luck!