First American Title Insurance Company Reputable?

[JoeZuke]

I have my Marriott Newport Coast week 27 up for rent on RedWeek and I have a person interested in renting. He asked that we use RedWeeks "First American Title Insurance Comapny" as the escrow company to handle the rental and each pay 1/2 of their fee.

Has anyone had any experience with First American Title Insurance Company? I have been renting for the past several years and never used an escrow company. I have my own Rental Agreement form. I typically request 1/2 of the rental up front and balance 90 days before check-in. I have never had any issues. First American Title handles all the money from the Renter and pays me 11 days after the renter checks-out. I appreciate anyone's input on this company.

 

[theo]

No personal experience, but...

I have my Marriott Newport Coast week 27 up for rent on RedWeek and I have a person interested in renting. He asked that we use RedWeeks "First American Title Insurance Comapny" as the escrow company to handle the rental and each pay 1/2 of their fee.

Has anyone had any experience with First American Title Insurance Company? I have been renting for the past several years and never used an escrow company. I have my own Rental Agreement form. I typically request 1/2 of the rental up front and balance 90 days before check-in. I have never had any issues. First American Title handles all the money from the Renter and pays me 11 days after the renter checks-out. I appreciate anyone's input on this company.

For whatever reason (... referral kickback maybe? ) , RedWeek "pushes" renters using escrow through First American Title and has done so for quite some time now. First American Title is certainly legit, but...

Cost for the "service" involved is , I believe, $125 (...which any renter who insists on using the service should pay 100% themselves, at least imho).

The downside risk I see for the owner in this particular "escrow" arrangement is that of getting "stiffed" in the event of a late cancellation, potentially leaving the owner with (maybe) only a much later 50% payment --- and far too little time to find another renter at full freight.

I very rarely rent out any of my weeks, but when I do my terms are very much like yours, including having my own rental agreement form. Frankly, I would decline to proceed if the prospective renter insisted upn the First American Title escrow route, with rental proceeds reaching me only weeks after the completion of the rental. No thank you. YMMV.

 

[DeniseM]

I would never accept escrow - I'm not willing to wait until after the rental for the payment, and take the chance that the renter may come up with some bogus reason not to release the funds from escrow.

Nor am I willing to take the chance that the renter might back out - I get the full payment upfront.

I CERTAINLY would not pay for it - if the renter wants it, HE should pay for it.

 

[jsfletch]

I've used First American for the past eight years to rent my HHV TS. Absolutely no problems what so ever. Wouldn't do it any other way.

 

[rickandcindy23]

I have used the company in the past, but I do require the renter to pay for the entire amount of the escrow fee. I think $125 is outrageous.

I allow renters to use a CC on our secure site, and I don't appreciate being asked to pay for escrow, when I offer people the ability to pay with their card.

I also resent not getting my payment until 11 days after the rental is over. I have never had anyone complain about a rental, but I imagine it could be a disaster for me. So I will turn down anyone requiring it in the future, even if they choose to pay the entire fee. It's not worth it to me. The rights go primarily to the renter.

 

[chapjim]

I have rented weeks on RedWeek.com and used 1st American's escrow service but only if the buyer pays for it. If someone asks, I tell them I don't think they need the escrow service but if they want to pay for it, be my guest. I don't like not getting paid until after the rental period is complete because I have performed but the buyer has not, which gives the buyer an opportunity to misbehave.

I believe in trying to craft a deal that makes everyone happy. I rented a 3 or 4 BR Presidential unit at Panama City Beach, I think it was, maybe Bonnet Creek. The buyer wanted to use the escrow service. The rental was something like $1,800 and and I think the escrow fee was $150. After a couple of emails back and forth, I told the buyer, "Look, if I'm not going to get paid until two weeks after you check out, it doesn't matter to me whether you pay me or the escrow company pays me. The rental and escrow will cost you $1,950. Skip the escrow and let's split the $150 fee. You pay me $1,850. It costs you $100 less, I get $50 more." The renter readily agreed and I had the check two days after they checked in.

Someday I'll get burned doing that kind of thing but it hasn't happened yet!