Using an Escrow Company when renting a unit.

[OCsun]

I have agreed to rent a unit from someone renting through redweek. The owner wants to retain the use of an Escrow company for the renting deposit and final payment sixty days prior to the rental period. The cost for the service is $200 - which she has agreed to pay since she did not declare her intent to use the Escrow company upfront.

I am willing to send the owner a personal check or use pay-pal and wait until all payment has cleared before receiving a copy of the reservation in my name. Am I crazy? I know the Escrow company protects the renter but I hate to see someone spend $200 when I am not asking for protection. My husband said just tell her to reduce the rate by $200 - that will be protection enough! :hysterical:

 

[DeniseM]

My guess is that she is new at this and doesn't realize that the risk is mostly on your side...

 

[Phill12]

You are right! Sounds like a owner renting for first time and just trying to play it safe.

Are you sure of the $200 because the one Redweek and some on there recommend is around $100 total and normally owner and renter share this cost.

I can understand renter liking the idea but surprised that the owner is pushing it when you have agreed to pay the money now before reservations being made in your name.

PHIL