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My roommates and I submitted an application, application fees and security deposit at the full asking price for an apartment for rent.
About 5 days later, the broker calls to let us know that the owner/landlord received a higher (more than the asking as we offered full asking) offer for the apartment and a deposit as well.
We now had to "outbid" the second offer by $100 to get the aparment, which we eventually did.
I was just curious if this was legal, standard or if we were just played to get a higher rent. Can a broker say that you have to pay more even though you are fully qualified (he ran the app), already had the app and security deposit, because of a higher offer?
In sales, nothing is firm until a contract is signed.
I don't know about rentals but it could be the same -- nothing firm until lease is signed.