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what's my risk renting with sellmytimesharenow?

M

mindy35

TUG Review Crew: Veteran
TUG Member
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Location
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They answered my craigslist ad and say they already have a renter (and their credit card) for a date not too far away from now. I am satisfied with the $$ offered.

First, they want the confirmation number for my reservation to confirm I actually have a res.. Is there any risk giving him that info.?

Next, they want the contract signed first and then will mail the check. I was concerned about the time delay in receiving payment and requested paypal but only if they are sending it from a bank account, not a credit card so as not to incur a fee.

Are there things I should be on the lookout for? What are my risks?
 
Are they going to pay 100% up front?

What is their cancellation policy?

Do you have the contract in hand?

Using a Paypal bank transfer will delay the payment at least 3 days.

They can use a credit card and add the Paypal fee to the payment, or pay the fee directly.

Even if you sign the contract first, if they don't complete the transaction, you simply refuse to put the reservation in the renter's name.

When I do a Paypal transaction, I immediately transfer the funds to a band acct. with no overdraft protection, and then to a 2nd Acct. so that a scammer can't do a Paypal charge back. In other words, if you leave the proceeds in the Paypal Acct., or the linked bank Acct., Paypal can take the funds back without your permission.

I also left an expired credit card affiliated with my PP Acct. so they can't do charge backs to my CC.
 
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Thanks Denise,

I believe they are paying us in full as the arrival is within 45 days.

I will ask their cancellation policy but assume it will be on the contract.

Is this renting this unit out with an agency legit from SVO's standpoint?

We are only renting out one portion of a lockout that was timestamped very, very early. Can they mess up that timestamp by inquiring about the reservation? I do not want to jeopardize the other half of the res.

Is there a risk of giving them that confirm number?
 
DeniseM said:
Are they going to pay 100% up front?

When I do a Paypal transaction, I immediately transfer the funds to a band acct. with no overdraft protection, and then to a 2nd Acct. so that a scammer can't do a Paypal charge back. In other words, if you leave the proceeds in the Paypal Acct., or the linked bank Acct., Paypal can take the funds back without your permission.

I also left an expired credit card affiliated with my PP Acct. so they can't do charge backs to my CC.
Click to expand...

So do you feel I am safer with a mailed check? I was assuming paypal was the safer way to go but is that inaccurate?
 
mindy35 said:
Thanks Denise,

I believe they are paying us in full as the arrival is within 45 days.

I will ask their cancellation policy but assume it will be on the contract.

Is this renting this unit out with an agency legit from SVO's standpoint?
Click to expand...

Nope - perfectly fine.

We are only renting out one portion of a lockout that was timestamped very, very early. Can they mess up that timestamp by inquiring about the reservation? I do not want to jeopardize the other half of the res.
Click to expand...

It shouldn't but sometimes I get an inexperienced Rep. Ask them upfront, "Do you know have to split the reservation without changing the timestamp." If they seem unsure, ask for someone with more experience or call back.

Is there a risk of giving them that confirm number?
Click to expand...

Not really - Starwood won't talk to anyone unless they have all your contact info. Name, address, phone number, email address.
 
mindy35 said:
So do you feel I am safer with a mailed check? I was assuming paypal was the safer way to go but is that inaccurate?
Click to expand...

I don't accept checks at all - especially on a 45 day rental, when you want to get the $$$ ASAP.

I prefer Paypal, but you have to set it up right to protect yourself.

What's your back up plan if the rental goes bad, will you deposit it?
 
DeniseM said:
Nope - perfectly fine.


Not really - Starwood won't talk to anyone unless they have all your contact info. Name, address, phone number, email address.
Click to expand...

Well they have my name, my phone number (we have conversed over the phone) and they have already sent me an email. If I ask to receive a check, they will have my home address too.

Should I call SVO and ask them to require additional verification when anyone calls?
 
mindy35 said:
Well they have my name, my phone number (we have conversed over the phone) and they have already sent me an email. If I ask to receive a check, they will have my home address too.

Should I call SVO and ask them to require additional verification when anyone calls?
Click to expand...

I know of people who have asked Starwood to add a password to their Acct., but then Starwood didn't ask them for the password when they called back.

It might be easier to give them a different mailing address - like your work.
 
DeniseM said:
What's your back up plan if the rental goes bad, will you deposit it?
Click to expand...


??? backup ???

>60 days to arrival = can't do points or options. I cannot use another reservation within 60 days. I also don't want, in any way, to mess up the priority placement for the other half of that unit.

Any suggestions? II?
 
mindy35 said:
??? backup ???

>60 days to arrival = can't do points or options. I cannot use another reservation within 60 days. I also don't want, in any way, to mess up the priority placement for the other half of that unit.

Any suggestions? II?
Click to expand...

Maybe you can't use another reservation in the next 60 days, but you can make another reservation to rent. You can wait up to the day before to cancel the reservation with no penalty. Keep the one side, and make another reservation with the other side.

You have until the last day of the year to deposit it with II, so if it were me, I definitely keep trying to rent it up until then. If it doesn't rent, just keep pushing the reservation back 60 days.
 
mindy35 said:
Thanks Denise,

I believe they are paying us in full as the arrival is within 45 days.

I will ask their cancellation policy but assume it will be on the contract.

Is this renting this unit out with an agency legit from SVO's standpoint?

We are only renting out one portion of a lockout that was timestamped very, very early. Can they mess up that timestamp by inquiring about the reservation? I do not want to jeopardize the other half of the res.

Is there a risk of giving them that confirm number?
Click to expand...

I also met with Howard Nussbaum, CEO of ARDA, at the same meeting where I met with Jason Tremblay. Howard gave SMTSN a positive mention in his presentation.
 
mindy35 said:
Denise, I sent a pm

Plus...it is OK to discuss all this with SVO?
Click to expand...

I think it's fine, but I don't think reservations will be much help, to be quite honest with you.
 
DeniseM said:
When I do a Paypal transaction, I immediately transfer the funds to a band acct. with no overdraft protection, and then to a 2nd Acct. so that a scammer can't do a Paypal charge back. In other words, if you leave the proceeds in the Paypal Acct., or the linked bank Acct., Paypal can take the funds back without your permission.

I also left an expired credit card affiliated with my PP Acct. so they can't do charge backs to my CC.
Click to expand...

This is very bad advice as they will still go after you for the money. Paypal will send it to collections. Until then your paypal account balance will be negative. That means that any future money you receive will be applied to your negative balance. It is against Paypals Terms and Conditions. If you do not like the terms then do not use paypal. All this will do is force paypal to hold a certain amount of money in reserve from each account. This would hurt all paypal owners.
 
mindy35 said:
So do you feel I am safer with a mailed check? I was assuming paypal was the safer way to go but is that inaccurate?
Click to expand...

Mindy,
I don't want to scare you , but in our business we deal with a large number of customer's checks each year. And we have had NSF checks returned to us as much as ten weeks after we deposited them. Not often, but it has happened. There is risk in anything. You just have to figure out which way you can breathe easier.
 
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As I said, I do lots of business with SellMyTimeshareNow. They are not a scam organization. If they are asking you for a rental, they have a renter for it.

If you believe that, then the only risk you have is if they lose their rental. All you need to do is find out if they have been paid by their renter. If they have, then you should be fine.

The other stuff being mentioned on this thread is for extreme protection of a one time inexperienced renter from an unknown entity.

Whatever payment vehicle SMTSN provides to you will be fine.
 
ready123go said:
Mindy,
I don't want to scare you , but in our business we deal with a large number of customer's checks each year. And we have had NSF checks returned to us as much as ten weeks after we deposited them. Not often, but it has happened. There is risk in anything. You just have to figure out which way you can breathe easier.
Click to expand...

When I first started renting timeshares, all I accepted was checks. I never once had a problem. Now, I only accept checks from other companies (I know) because that is their preferred method of payment. Otherwise, I use Paypal or a Virtual terminal to take credit cards over the phone.
 
am1 said:
This is very bad advice as they will still go after you for the money. Paypal will send it to collections. Until then your paypal account balance will be negative. That means that any future money you receive will be applied to your negative balance. It is against Paypals Terms and Conditions. If you do not like the terms then do not use paypal. All this will do is force paypal to hold a certain amount of money in reserve from each account. This would hurt all paypal owners.
Click to expand...

I agree. It's bad advice. There is no risk accepting paypal if you take payment more than 60-days from check in.

If it is less than 60-days, then the owner just needs to have enough time for for the payments to clear. If the owner is paranoid, a bank check from a well known US bank works really well.
 
BocaBum99 - How do you deal with fraudulent charge-backs on your Paypal account? Do you just pay it and move on? My concern is that Paypal takes the money back first, and asks questions later, or worse, doesn't ask questions at all and automatically sides with the buyer. What has your experience been?
 
DeniseM said:
BocaBum99 - How do you deal with fraudulent charge-backs on your Paypal account? Do you just pay it and move on? My concern is that Paypal takes the money back first, and asks questions later, or worse, doesn't ask questions at all and automatically sides with the buyer. What has your experience been?
Click to expand...

Its not fun but if you do not like it then do not use paypal. Your "solution" may make you feel safer but means nothing.
 
So far so good.

This transaction has been handled professionally and smoothly.

The check arrived yesterday (paypal did not work). If it bounces.......I will SURELY let you know!
 
I just wanted to add that I do many rentals with them as well and all transactions have gone smoothly.


Thanks,
Cindy
540-560-2987
 
DeniseM said:
BocaBum99 - How do you deal with fraudulent charge-backs on your Paypal account? Do you just pay it and move on? My concern is that Paypal takes the money back first, and asks questions later, or worse, doesn't ask questions at all and automatically sides with the buyer. What has your experience been?
Click to expand...

I do over 100 Paypal transactions per month over the years. In all that time, I have only had 2 charge backs. One was an accident when the wife of a client didn't know that her husband rented a timeshare. The second was because we added the wrong guest last name to a reservation. Once the name was corrected, the client made payment.

The only scenario I am worried about that I have seen on these message boards is when a payment is made less than 60-days from check in and the guest disputes the charge after checking out. I can prove that the charge is legitimate because we require rental agreements, have a detailed email trail and a confirmation letter to prove our case. I can say that if after providing that proof, if Paypal sides with the renter, I will switch providers over night and Paypal will lose a huge account.
 
Thanks - knowing you have had so few charge backs is very reassuring.
 
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