• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Help with Rental

vlapinta

TUG Member
Joined
Jun 21, 2005
Messages
558
Reaction score
37
Points
388
Location
Toms River, NJ
Resorts Owned
Marriott Ocean Watch at Grand Dunes
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

Moderator
Joined
Jun 6, 2005
Messages
57,668
Reaction score
9,088
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
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

TUG Member
Joined
Jun 21, 2005
Messages
558
Reaction score
37
Points
388
Location
Toms River, NJ
Resorts Owned
Marriott Ocean Watch at Grand Dunes
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

Moderator
Joined
Jun 6, 2005
Messages
57,668
Reaction score
9,088
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
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

TUG Member
Joined
Jun 21, 2005
Messages
558
Reaction score
37
Points
388
Location
Toms River, NJ
Resorts Owned
Marriott Ocean Watch at Grand Dunes
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
TUG Member
Joined
Dec 8, 2008
Messages
107
Reaction score
0
Points
16
Location
Houston, Texas
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

TUG Member
Joined
Aug 6, 2007
Messages
1,263
Reaction score
36
Points
409
Location
Orlando
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

TUG Member
Joined
Dec 2, 2008
Messages
1,297
Reaction score
0
Points
36
Location
Montana
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

TUG Member
Joined
Jun 21, 2005
Messages
558
Reaction score
37
Points
388
Location
Toms River, NJ
Resorts Owned
Marriott Ocean Watch at Grand Dunes
Thanks to everyone's advise I rented my timeshare!

Vicki
 

MuranoJo

TUG Member
Joined
Jun 7, 2005
Messages
4,946
Reaction score
186
Points
448
Location
Idaho
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.
 
Top