Using Paypal

Everytime I rent my two timeshares I am tempted to accept paypal rather than a personal check, but I don't understand the process,Can someone explain it?

Paypal is very similar to a bank. When you sign up with Paypal you give them a credit card number or bank account number, and when you make a purchase the amount comes out of the credit card or bank account. And when someone pays you, it goes into your Paypal account.

This can be a great service because you receive your money quickly & safely. Also, a renter/buyer can use their credit card to pay you. However, be advised that there can be small fees that you may have to pay to paypal depending on how the money is received into your account. See the fees area on paypal.com. I use this service when I ebay. Fees can be upwards of 4.9*% + a .30 cent fee on a personal account. It is very easy to open an account and you can transfer money right into your checking account.

donnam80 wrote:

This can be a great service because you receive your money quickly & safely. Also, a renter/buyer can use their credit card to pay you. However, be advised that there can be small fees that you may have to pay to paypal depending on how the money is received into your account. See the fees area on paypal.com. I use this service when I ebay. Fees can be upwards of 4.9*% + a .30 cent fee on a personal account. It is very easy to open an account and you can transfer money right into your checking account.

There are other post on Redweek about Paypal that you should read first!

Paypal gives no protection to renter of a timeshare!

The only items covered in the Paypal protection plan are Tangible items that can be shipped to you!

Only thing Paypal gets for you is your money to owner faster and that is it. Have a problem and you need to deal with your credit card company direct and that probably will not get your money back.

phill12 wrote:

donnam80 wrote:

This can be a great service because you receive your money quickly & safely. Also, a renter/buyer can use their credit card to pay you. However, be advised that there can be small fees that you may have to pay to paypal depending on how the money is received into your account. See the fees area on paypal.com. I use this service when I ebay. Fees can be upwards of 4.9*% + a .30 cent fee on a personal account. It is very easy to open an account and you can transfer money right into your checking account.

There are other post on Redweek about Paypal that you should read first!

Paypal gives no protection to renter of a timeshare!

The only items covered in the Paypal protection plan are Tangible items that can be shipped to you!

Only thing Paypal gets for you is your money to owner faster and that is it. Have a problem and you need to deal with your credit card company direct and that probably will not get your money back.

========= Keep in mind that both parties need to set up a PayPal account and this can take several days. As Phil said, using PayPal gives the renter no more security than sending a check in the mail.

avoid pay pal like the plague!!!! I used to be an ebay seller, until I was TOTALLY SCR(((D BY PAYPAL!! enough that I completely stopped selling on ebay and closed my paypal account.

They go against their own polocies, regardless of all documentation!

do your self a favor and stay away from them

laurenh35 wrote:

avoid pay pal like the plague!!!! I used to be an ebay seller, until I was TOTALLY SCR(((D BY PAYPAL!! enough that I completely stopped selling on ebay and closed my paypal account.

They go against their own polocies, regardless of all documentation!

do your self a favor and stay away from them

I have only shopped on e-bay twice back in 2002-2003 when I tried Paypal for one day and canceled it.

I could be wrong because of not using e-bay but this was first time I ever heard of Paypal. It seemed to be pushed by e-bay and the sellers.

As timeshares sales carried over onto e-bay so did people's thinking of using Paypal to buy or rent and now people that want the money quickly demand you use it.

I will not rent from a owner that only collects this way because they get their money and renter gets nothing but fee to pay and no protection.

I agree to stay away from Paypal and if a owner only wants to deal this way then move on.

phill12 wrote:

laurenh35 wrote:

avoid pay pal like the plague!!!! I used to be an ebay seller, until I was TOTALLY SCR(((D BY PAYPAL!! enough that I completely stopped selling on ebay and closed my paypal account.

They go against their own polocies, regardless of all documentation!

do your self a favor and stay away from them

I have only shopped on e-bay twice back in 2002-2003 when I tried Paypal for one day and canceled it.

I could be wrong because of not using e-bay but this was first time I ever heard of Paypal. It seemed to be pushed by e-bay and the sellers.

As timeshares sales carried over onto e-bay so did people's thinking of using Paypal to buy or rent and now people that want the money quickly demand you use it.

I will not rent from a owner that only collects this way because they get their money and renter gets nothing but fee to pay and no protection.

I agree to stay away from Paypal and if a owner only wants to deal this way then move on.

============== If a potential renter feels more comfortable using PayPal or an escrow account, I will gladly go that route. My rent price reflects the potential additional fees anyway. If they choose to send me a check instead, I'll offer them a slight discount. Because of ebay and PayPal purchases, people think they have protection, but as you've said they really don't. I don't know if a renter has any more protection paying with a credit card via PayPal. In my last transaction, the renter got so frustrated with trying to set up the account, she finally just sent me a check instead. A renter has more protection with an escrow, but I don't know how many want to pay the extra fee. As an owner, I prefer PayPal to the escrow, because I get my money now. Have a great weekend Mike

Have never used Paypal to rent or sell anything, but we've used it many times for purchases we've made via Ebay .... so far, so good .... quick and easy with no complaints.

I have had several responses to my sale listing on redweek.com and now I realize that I don't know how to proceed with the closing. Is there a standard contract and do I need an attorney? Who pays the closing costs? I would greatly appreciate some advice.

Re: >> Now I realize that I don't know how to proceed with the closing.<<

This entirely new subject inquiry should have been posted as a whole new thread with a new topic heading, rather than just being plopped within an existing thread entitled "Using Paypal". Nonetheless, answers follow:

I recommend that you and your buyer promptly engage the services of a closing company. Customary fee is about $300, most often paid by the buyer (except in instances of a truly desperate seller). Whoever is paying the closing costs should obviously be able to select his/her own closing company of choice. The fee includes escrow services and preparation and proper recording of a new deed. The closing company will want you (seller) to provide them with a copy of the current recorded deed. If they have to track down the current deed on their own, valuable time is lost (and your buyer may have a change of heart in the meantime). Transfer fees (generally ranging from $50 up to $400, depending on the particular resort, and some resorts don't charge one at all) are virtually always paid by the buyer.

Personally, I happen to like Timeshare Transfer of Vero Beach, Florida to use as a closing company, but be aware that there are many states in which they do NOT handle closings. Their web site lists each and every such excluded state. For the record, I am NOT afffiliated with them in ANY way, but I HAVE used them myself many times without a hitch --- and I will use them again in the future without hesitation. Timeshare closings is all that they do, and they do it well. There are numerous other choices of closing companies, of course. A few might be $25 or $50 cheaper, but most will be about the same (or more) money --- and NONE will be better than TT, in my personal opinion. ===========================================

RE: >> Is there a standard contract...<<

No. In fact, there doesn't really need to be a contract at all if a closing company serves as "middleman" for the transaction, ensuring that buyer and seller are on exactly the "same page" with all of the details about price, week, unit, any "spacebanked" weeks, next available use, etc., by communicating with buyer and seller separately and confirming full agreement of both (and with the resort) on all details and particulars. Let a closing company handlle the deed preparation and recording if you are not already well familiar with the associated legalities, as (no disrespect intended) appears to be the case. ============================================

Re: >> .... and do I need an attorney? <<

For a timeshare located in the state of South Carolina, the answer is yes, by state law. In most states, the answer is no. Most good closing companies do have an attorney either on staff or on retainer to prepare and approve all deeds going through that closing company office. =========================================

Re: >> Who pays the closing costs?<<

Already answered above, (usually) the buyer. ========================================

Re: >> I would greatly appreciate some advice.<<

You just got a whole bunch of it above, in very clear and specific detail, to follow or ignore as you may see fit. ;-) =====================================