First Time Renter Question

I'm new to this site and recently contacted a renter about a week I'm interested in. She is asking for full payment by check up front (and within less than a week) and then she'll transfer the week into my name and have the resort send confirmation. Sending the entire lodging budget for my much anticipated vacation off with no guarantee of actually seeing anything in return feels a little concerning. Is this a typical transaction?

First of all there needs to be a rental contract in place with all the specifications from the owner then signed by both of you then you will know what to expect ... many owners ask for the entire rental fee upfront, but I wouldn't do it unless there was a contract.

Also, you as the renter, can pay for an escrow service to hold all monies until the transaction and your vacation is complete .... Redweek recommends American Title Services .... if the owner refuses then I would keep looking elsewhere.

sarahm222 wrote:

I'm new to this site and recently contacted a renter about a week I'm interested in. She is asking for full payment by check up front (and within less than a week) and then she'll transfer the week into my name and have the resort send confirmation. Sending the entire lodging budget for my much anticipated vacation off with no guarantee of actually seeing anything in return feels a little concerning. Is this a typical transaction?

Unless the week is coming up on very short notice asking for a full check in less than a week might be a red flag or not! This might be a very honest owner who has other possible renters or a top week and resort they are renting. Many possible renters want to drag things out as long as possible while they look for a owner that is under valued their week or just hurting for money. When I rent I take a personnel check and copy of your drivers license and they must match on information. I fax or mail a contract and copy of my reservations showing I'm a owner and have the week you want for you to sign and send half the rent with contract. I also give the resort phone number and recommend you call the resort and check out my information not that all resorts will give this info out. I understand its hard to send a stranger money but this is about as much as a owner can do. After I have reservations in your name and send copy or resort does and I want full payment within couple weeks. To protect myself I state that there will be no refund for any reason so please make sure you want the unit and week your getting. When I rent to you I will probably be renting from some other owner at a different resort and area so your money is spent. I know this sounds hard because of lifes unexpected turns but so many renters will find a better deal or what they think is a better deal at last minute and try every excuse to cancel. Some reasons are probably true but most just want out and their money back and couldn't careless about the owner now being stuck with the unit and maybe no time left to rent it.

You need to remember your renting from the owner for couple reasons and that is they have the resort and week you want and second reason is your probably saving a large amount of money that the resort would cost you.

What jayjay stated about using a escrow company is alright if owner is willing to wait for few weeks after your vacation has ended to get their money. Also most renters are trying to save by renting from a owner and adding the cost of escrow for the company Redweek recommends is something like a $150 and most times you have to pay that cost yourself. My understanding this company has a high rate compared to others. I do disagree with statement if owner says no you should move on because this doesn't mean the owner is not honest but just planning on using the money for their use now and not six months later. I would say if you are not feeling safe with a owner then just rent from the resort and pay twice a much and probably not get the best units at that resort. At our resort 302 units the owners get the best units and the resort rents what ever is left over for that week. Sometimes you get lucky and get a very nice room but you never know until you checkin.

I hope this helps you! PHIL

Thanks for the replies. I ended up asking the owner if we could pay 50% with the rental agreement and then the other 50% when we have confirmation from the resort that it is in our name. She agreed, so we're moving forward. I feel more comfortable with that than sending the entire amount right off the bat. We're thrilled with the price and what we've seen of the resort, so hopefully everything works out.

sarahm222 wrote:

Thanks for the replies. I ended up asking the owner if we could pay 50% with the rental agreement and then the other 50% when we have confirmation from the resort that it is in our name. She agreed, so we're moving forward. I feel more comfortable with that than sending the entire amount right off the bat. We're thrilled with the price and what we've seen of the resort, so hopefully everything works out.

Sounds great! I will recommend after your notice showing your reservations arrives to call the resort and ask about your reservation in your name before paying second half.

This only takes few minutes but if there is a problem this is time to find out.

PHIL

phill12 wrote:

sarahm222 wrote:

I'm new to this site and recently contacted a renter about a week I'm interested in. She is asking for full payment by check up front (and within less than a week) and then she'll transfer the week into my name and have the resort send confirmation. Sending the entire lodging budget for my much anticipated vacation off with no guarantee of actually seeing anything in return feels a little concerning. Is this a typical transaction?

Unless the week is coming up on very short notice asking for a full check in less than a week might be a red flag or not! This might be a very honest owner who has other possible renters or a top week and resort they are renting. Many possible renters want to drag things out as long as possible while they look for a owner that is under valued their week or just hurting for money. When I rent I take a personnel check and copy of your drivers license and they must match on information. I fax or mail a contract and copy of my reservations showing I'm a owner and have the week you want for you to sign and send half the rent with contract. I also give the resort phone number and recommend you call the resort and check out my information not that all resorts will give this info out. I understand its hard to send a stranger money but this is about as much as a owner can do. After I have reservations in your name and send copy or resort does and I want full payment within couple weeks. To protect myself I state that there will be no refund for any reason so please make sure you want the unit and week your getting. When I rent to you I will probably be renting from some other owner at a different resort and area so your money is spent. I know this sounds hard because of lifes unexpected turns but so many renters will find a better deal or what they think is a better deal at last minute and try every excuse to cancel. Some reasons are probably true but most just want out and their money back and couldn't careless about the owner now being stuck with the unit and maybe no time left to rent it.

You need to remember your renting from the owner for couple reasons and that is they have the resort and week you want and second reason is your probably saving a large amount of money that the resort would cost you.

What jayjay stated about using a escrow company is alright if owner is willing to wait for few weeks after your vacation has ended to get their money. Also most renters are trying to save by renting from a owner and adding the cost of escrow for the company Redweek recommends is something like a $150 and most times you have to pay that cost yourself. My understanding this company has a high rate compared to others. I do disagree with statement if owner says no you should move on because this doesn't mean the owner is not honest but just planning on using the money for their use now and not six months later. I would say if you are not feeling safe with a owner then just rent from the resort and pay twice a much and probably not get the best units at that resort. At our resort 302 units the owners get the best units and the resort rents what ever is left over for that week. Sometimes you get lucky and get a very nice room but you never know until you checkin.

I hope this helps you! PHIL

One question. What if I get the first 50% and the signed rental agreement and then put the reservation in my potential renters name what is my guarantee that the renter will bail on the last 50%. If that were to happen can I call the resort and put the reservation back in my name?

lynng129 wrote:

One question. What if I get the first 50% and the signed rental agreement and then put the reservation in my potential renters name what is my guarantee that the renter will bail on the last 50%. If that were to happen can I call the resort and put the reservation back in my name?

P.S. You need not fear the time delay of "snail mail" (USPS) either. Signed documents sent by fax to the resort are instantateous communications and will be an equally acceptable form of "written notification". E-mail, however, is likely unacceptable, UNLESS you can scan and send your signature by that method and the resort is willing to accept that "cyberspace" route. Understandably, most won't.