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What is safest way to rent from private party?

fordar

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When dealing with private parties, like from the TUG classifieds, what is the best way to ensure when you give someone your money they aren't running off with it and no rental? I read some of the suggestions on the site about renting. Does anyone have advice on method been most successful and comfortable for both parties?
 

richardm

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One word... Escrow!

First American Title can offer an escrow only service for rentals at a cost of $100. There are probably other companies that provide this type of limited service as well.

Other than that- you have to take your risks if you are dealing with an individual owner. If you aren't comfortable with this type of informal arrangement- there are numerous companies that specialize in timeshare rentals and can act as a third-party to ensure both the landlord and tenant are protected.
 

DeniseM

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When you rent from VRBO you are still renting directly from the owner and VRBO does not get involved - they just provide the website and the funds go directly to the owner, so while it is a good source for rentals, it offers no special protection.

As far as escrow...many owners won't accept it because you have to wait too long to get your money. If you have a hot property to rent, it's going to rent easily without escrow - so why would the owner agree to escrow? Frankly, I wouldn't.
 
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Sandy VDH

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Ask for references. I rent privately all the time. I get references from clients I have rented to. I ask the client once the rental has been completed and they have used to timeshare. I ask if they would be willing to answer an email about a reference for me, should someone inquire. I tell prospective renters that I will provide references if requested.

I have provided references on many occassions, but I only know of 2 instances where my references have been followed up. Perhaps not many follow up as provide quick responses and insist on speaking to any potential renters prior to the transaction. I have been phished earlier this year regarding a rental. They wanted banking info so that they could wire me the funds. However they never wanted to know anything else about the timeshare or me. Red flags for me for sure.

Since I only rent prime weeks and/or prime locations, everyone has been extremely pleased with their rental and the process. I usually even call the renter in the first day or two of their arrival to ensure that everything is as expected. I guess that is why I have a repeat renter pool.

Most reputable renters will provide references if asked.
 
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Sunterra

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When you rent from VRBO you are still renting directly from the owner and VRBO does not get involved - they just provide the website and the funds go directly to the owner, so while it is a good source for rentals, it offers no special protection.

As far as escrow...many owners won't accept it because you have to wait too long to get your money. If you have a hot property to rent, it's going to rent easily without escrow - so why would the owner agree to escrow? Frankly, I wouldn't.
I think that VRBO and PayPal do provide a modicum of 'protection' as these and similar sites would not keep someone as a member who has been reported as 'bad.'

Ask for references.
VRBO and similar sites often have guest books that give you a feeling for the owner.
 

richardm

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Rental escrow....

Just found out- PCStitle.com also offers a rental escrow service for a very low fee..
 
J

JoeMid

When dealing with private parties, like from the TUG classifieds, what is the best way to ensure when you give someone your money they aren't running off with it and no rental? I read some of the suggestions on the site about renting. Does anyone have advice on method been most successful and comfortable for both parties?

When you rent from VRBO you are still renting directly from the owner and VRBO does not get involved - they just provide the website and the funds go directly to the owner, so while it is a good source for rentals, it offers no special protection.

As far as escrow...many owners won't accept it because you have to wait too long to get your money. If you have a hot property to rent, it's going to rent easily without escrow - so why would the owner agree to escrow? Frankly, I wouldn't.

Actually, VRBO and/or Homeaway provide

HomeAway Rental Guarantee

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    You qualify for the HomeAway Rental Guarantee if you:
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    13. 4.13 By registering with HomeAway you may also receive our email newsletters and account information targeted to your interests.
 
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