New Member Questions

I just became a member. I have reserved my 2016 Marriott Shadow Ridge for March 26 thru April 2, 2016. What is the timeline that you recommend that I post this rental (e.g. 12 months in advance, 6 months in advance etc.).

Secondly, I am very much interested in the vacation escrow service. I think that it protects both the owner and renter. What are the general thoughts on this?

chris579

chris579 wrote:

Secondly, I am very much interested in the vacation escrow service. I think that it protects both the owner and renter. What are the general thoughts on this?

It does indeed provide protection. However, as most owners will tell you, this escrow service is more beneficial to the renter as opposed to the owner.

First of all, the service costs about $100. That would have to be negotiated as to who pays that. If you are comfortable with that amount, then think of the second disadvantage to the owner.

As the owner, you will not get paid until at least one week after check out. This gives the renter time to file some frivolous grievance and then clamor for his or her money back.

The other disadvantage to the owner is that the renter has no fewer than 60 days to back out and change his mind. So if that did happen, you would only have 60 days to try to find another renter. Does that sound appealing to you?

Hi,

My name is Alisa and I am the customer service director for RedWeek, and also work closely with First American Title to mediate rental escrow disputes.

I would like to take this opportunity to clarify a statement made by lancec13 about a renter backing out. The way the rental escrow program works is: the renter submits fifty percent (50%) of the total rental amount together with renter’s portion of the escrow fee (if applicable) to First American along with an executed copy of the First American rental agreement. If the rental period begins in less than 60 days of the rental agreement submission, then 100% of the total rental amount is due at time of submission.

Should the renter back out after submitting the rental agreement and any portion of rental amount, then it is very unlikely that the money held in escrow will be returned to the renter. In most cases, the money held in escrow is disbursed to the owner as 'damage' compensation. In some cases, if enough time remains to re-rent the week, the owner is given the opportunity to find a new renter. If successful, the money held in escrow (less the non-refundable escrow fee) is returned to the original renter and a new escrow contract is opened with the new renter.

What about the comment on giving them a week or two after the vacation to complain and get there money back? would that happen? This is kinda out of our control what happens at the resort. I would think one would read the reviews on that resort but shouldn't fall back on the owner offering the week. If one was able to re-rent the week out, but for a lesser amount because of the scramble to do so would that come out of the original contract ? I'm new at this also , trust goes both ways. If we use your service does it help protect us if damage above normal ware and tear takes place? thanks for the post

Per First American's rental escrow contract, money is not disbursed to the owner until eleven days after the last day of the rental period. This is to allow the renter enough time to return from their vacation and file a dispute. A RedWeek representative will mediate all rental escrow disputes so any frivolous disputes would be rejected (i.e. there was a bug in the bathtub or housekeeping was not up-to-par).

There is also a clause in the current contract that states:

"Owner is not responsible for any inconvenience or interruption of services due to repairs, improvements or for any other reason beyond Owner's immediate control or reasonable knowledge."

The current contract also states that disputes may be filed for the following reasons:

a. The Rental Property, or a satisfactory substitute, was not available for use by Renter during the Rental Period.

b. The Rental Property was materially different than what was promised (one bedroom vs. two bedroom, missing amenity - kitchen, microwave, etc.)

If the Rental Property is not habitable on the day that the Rental Period commences by reason of flood, fire, or storm and a satisfactory substitute is not made available, the Total Rent will be refunded to Renter. In such event, Owner will have no further liability to Renter.

All instances of a renter backing out are reviewed on a case-by-case basis. However, if the owner was able to re-rent the week for a lesser amount after the original renter backed out, then it is highly likely that the difference would come out of the money held in escrow.

Lastly, the renter is responsible for any damage to the unit. Most, if not all, resorts collect a credit card from the guest at check-in to cover the cost of any damage to the unit or ancillary expenses (phone calls, room service charges, etc.).

thank you

I found a rental property i'm an interested in. The owner stated the week i requested is available. We've agreed on a price. What are my next steps? Will I get any contract or agreement from RedWeek as the mediator?

christineb390 wrote:

Will I get any contract or agreement from RedWeek as the mediator?

RedWeek is not a mediator nor does it provide contracts. It is just an advertising website. It is also the owner's responsibility to get a contract and then he will send you a copy of the contract.

You might be referring to First American Title (FAT) as the escrow company. FAT will be mediator in a dispute if you use its services. Just remember, its services cost about $100 and the owner might not be willing to pay that. Therefore, you have to decide if it is worth it for you to shell out the $100 for the escrow services

The owner is asking me to mail him a check for the week. Once the check clears he will send me the confirmation number. How do i know this is not a scam?

Christine-

Please visit this page for tips on how to stay safe from fraud: Stay Safe

If you have further questions, feel free to Contact Us

Phyllis

We rented our timeshare for 5 nights and the rental period ended on March 27 (14 days ago) Our renter called us when they returned home and said that everything was great. My question is when do we receive his payment, and also how will it be credited to us. Will we receive a check, or will it be credited back to our credit card? Thank You! Bee Todd

Hi Bee,

How and when you receive payment is based on what you and your renter agreed to prior to the rental. If you used the escrow services of First American Title Co, then a check with the remainder of the payment is sent out eleven days after the last day of the rental period. If you haven't received it yet, we'd encourage you to give it another day or two or contact them directly via email at VOSDRentals@firstam.com or via telephone at 800-408-5808.

If you instead conducted a private transaction, you'll want to consult your rental agreement (if you used one) or your prior correspondence to see what you and your renter agreed upon in terms of payment.

Samantha

my 2024 1099-K is $99 higher than the money I received. Why would that be?