Newsflash: Leasing office roped us into applying by withholding information

We took a tour of a nice facility in PA. We told the leasing agent that we are selling our house, that it’s under a contract contingent on buyers selling their home. We asked, “if we were to proceed to the next step and fill out an application, only to learn that the buyers can’t go to closing, what would we lose?”The leasing agent said only the security deposit.The next day prior to filling out the application we asked again just to be sure, and the leasing agent told us the same thing.So we filled out the application, we were approved, and given a leasing agreement. The agreement states we have five days to accept and that upon signing if we break the lease, we owe first months rent plus two months rent as penalty.We called the leasing office and asked what this was about– clearly this information was withheld as we were told the maximum we would lose would only by the security deposit. Furthermore, they did not disclose the leasing terms before or during the application- but we felt they should have because we were in effect asking for them.The leasing office admitted that they did not disclose the terms of the lease before or during the application process and that they would have disclosed them if we had asked specifically for them– but we weren’t specific enough apparently.That’s when we asked to negotiate – e.g., longer time period to sign the lease, or reduce the penalty before the move in date. The agent said they cannot change any of those terms in the lease agreement as it would violate the FHA.What can we do at this point? If we walk away we lose $1660. If we sign as it is, and for some reason the deal falls through we lose like $4500+.we told them we would never have applied if they had disclosed the information that we asked for. We would have waited until the buyers of our home had an offer for theirs.

Read more at https://www.reddit.com/r/RealEstate/comments/6k3u18/leasing_office_roped_us_into_applying_by/?utm_source=ifttt

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