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Help with Rental

vlapinta

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I need some help with my first timeshare rental. Reading these boards I have gathered information to assist me in renting my timeshare. I listed an add and just got a serious inquiry. I sent an email requesting an initial deposit of $200 to hold the unit. 1/2 of the balance due within a week, and the remaining money due by Februry 8th because after February 10th I would have to deposit it so I would not lose my week. I asked to be paid by PayPal. I received the $200 but I have not accepted the money yet because Paypal claims there is no seller protection. The reason I went through Paypal was because I assumed I would be protected. I called Paypal and they said this type of transaction is not covered for sellers protection because it is not a tangible product that can be
delivered. Why then would I use Paypal and pay fees?
I am hoping someone who has rented and used Paypal can help me, or someone can give me a better idea how to do this so the renter cannot back out and leave me with an unuseable week.
Vicki
 

DeniseM

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Your protection is having the cash in hand. There is nothing that Paypal can do if your renter doesn't make the final payment. You would just keep their $200 in that case, and deposit your week. You know you can withdraw the $200 right now, right?

However, I would not have set the terms up the way you did. With my rentals, I ask for a $100 deposit to put the confirmation in their name, and as soon as the seller receives the confirmation, the balance is due in full with no cancellations and no refunds. The way you set it up, you are at the renter's mercy, if they decide to back out.
 

vlapinta

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Thanks for your reply. Yes I can take out the $200. February 8th is only 2 weeks away, so I was just giving them extra time to get the money together. I told them I would not put anything in their name until I get all the funds. There is no cancellation policy and I still have technically till February 18th to deposit if it falls through.

Vicki
 

DeniseM

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I was just giving them extra time to get the money together.
I would be concerned about a renter that needs more time to get the money together. If I was you, I would keep advertising the week, in case renter #1 backs out. Good luck!
 

vlapinta

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Thanks, but they didn't say they needed more time, I was just being nice... maybe I shouldn't have set the payments up that way. Oh well, this is my first time and you learn from your mistakes. Hopefully all will work out fine.
I am still advertising it for rent untill all money is in hand.
Thanks again,
Vicki
 

weh8625

Tug Review Crew: Rookie
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Renter question

Denise,
I was thinking about renting a week.
If the owner of the week does it your way,
and I pay a deposit, then the balance when I get the
confirmation, how can I be sure that they won't sell
the week again, change the confirmation, use the week
themselves, etc.
In other words, what's a good way for a renter to protect themselves
from being cheated out of the rental?

Thanks.
 

richardm

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Denise,
I was thinking about renting a week.
If the owner of the week does it your way,
and I pay a deposit, then the balance when I get the
confirmation, how can I be sure that they won't sell
the week again, change the confirmation, use the week
themselves, etc.
In other words, what's a good way for a renter to protect themselves
from being cheated out of the rental?

Thanks.
The answer is actually quite simple. If the financial consideration is significant, both parties can simply agree to use a third party rental or escrow agent. Most of the closing and title agents that specialize in timeshare can offer some type of rental escrow arrangement. Cost normally ranges from around $100 to $250.
 

NWL

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Your protection is having the cash in hand. There is nothing that Paypal can do if your renter doesn't make the final payment. You would just keep their $200 in that case, and deposit your week. You know you can withdraw the $200 right now, right?

However, I would not have set the terms up the way you did. With my rentals, I ask for a $100 deposit to put the confirmation in their name, and as soon as the seller receives the confirmation, the balance is due in full with no cancellations and no refunds. The way you set it up, you are at the renter's mercy, if they decide to back out.
Thanks for the tip DeniseM! :cheer:
 

vlapinta

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Thanks to everyone's advise I rented my timeshare!

Vicki
 

MuranoJo

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I just rented using PayPal to receive funds, and never got a message like that, (that I would be unprotected as the seller).

I didn't have a problem at all with the transaction.

When I rent, though, I ask for 50% down and payment in total BEFORE I put it in their names. I do let them see a copy of my confirmation slip or sometimes they ask for my resort ID to call the resort themselves to make sure I own. (However, as owner, I don't believe there'd be any harm in putting it in their name before recieving payment, as the owner could always change it back if payment isn't made.)

I use a standard contract I purchased online.
 
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