Landlord wants 6 months security deposit plus first month of rent

[Bear87]

Jurisdiction

Illinois

I'm in Illinois if that matters. So basically landlord wants 6 months security deposit plus first month of rent, he is renting his home he renovated for a year, monthly payment is 2350 , so add that up x 6. Reason why he's asking 6 month security is because im doing a short sale on my home and credit is not so great right now. He said he will give back security deposit after the year lease .

My question is there anything I can I ask or do with the landlord to make sure my deposit remains available for when I leave ?

 

[Zigner]

I'm in Illinois if that matters. So basically landlord wants 6 months security deposit plus first month of rent, he is renting his home he renovated for a year, monthly payment is 2350 , so add that up x 6. Reason why he's asking 6 month security is because im doing a short sale on my home and credit is not so great right now. He said he will give back security deposit after the year lease .

My question is there anything I can I ask or do with the landlord to make sure my deposit remains available for when I leave ?

Not really - if he's going to be a crook, then he's going to be a crook.

EDIT: You may wish to look for security deposit insurance. The LL may accept this in lieu of an actual deposit.

 

[army judge]

My question is there anything I can I ask or do with the landlord to make sure my deposit remains available for when I leave ?

The state of Illinois doesn't set a limit on the maximum amount a landlord can collect from a tenant as a security deposit, even for subsidized housing.

Municipal and county laws can differ, however. Be sure to check your local ordinances to see how they compare to state law.

Some localities are more tenant-friendly.

 

[mightymoose]

I would avoid this landlord. This will likely be the first of many inconvenient irregularities.

 

[Bear87]

I would avoid this landlord. This will likely be the first of many inconvenient irregularities.

I'm considering this. I don't wanna get screwed at the end .

 

[army judge]

I'm considering this. I don't wanna get screwed at the end .

There is no way you can protect money once it leaves your hands and is given to another person or entity.

For illustrative purposes, the other person could declare bankruptcy after receiving your $2300. If that were to occur, getting a mere $23 back of the $2300 would seem unlikely.

If I begin to question any part of a deal, I immediately walk away.
I don't deliberate it, I walk away.
You can't get hurt by walking away before you sign on the dotted line.
You might not gain, but you sure as heck won't lose by walking away.

 

[Bear87]

There is no way you can protect money once it leaves your hands and is given to another person or entity.

For illustrative purposes, the other person could declare bankruptcy after receiving your $2300. If that were to occur, getting a mere $23 back of the $2300 would seem unlikely.

If I begin to question any part of a deal, I immediately walk away.
I don't deliberate it, I walk away.
You can't get hurt by walking away before you sign on the dotted line.
You might not gain, but you sure as heck won't lose by walking away.

Thanks I needed to hear this maybe. My wife wants this house because the school district for my kids,plus the house is very nice, enough rooms for all of us, but I like I said I don't wanna get screwed at the end.

 

[Bear87]

I mean I get this LL point of view I guess, he doesn't wanna risk it with someone who's losing their house. I get that , but it's just way too much money . Thanks for all your replies