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2384 Views 8 Replies Latest reply: Jan 25, 2012 9:06 PM by sunshine RSS
New Member 3 posts since
Jan 21, 2012
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Jan 22, 2012 11:35 AM

What is the policy for Owners canceling a reservation?

We are planning to list our condo for sale.  What is the policy for owners ?  If I do not cash the deposit check ($300.00) and ask for the rent to be paid one month in advance........could I return the deposit and cancel the reservation?  I have requests now for July etc.  Please respond ASAP if you have any ideas.  Is one month enough notice?  Thank you so much for any feed back!!!

  • wiffle Contributor 217 posts since
    Feb 23, 2011

    I would only rent to "last minute" rentals in that case. It isn't fair to renters that they've planned their vacation and within 30 days, their plans may fall apart. I do hope you let your renters know that the condo is for sale, and that you don't allow showings during any stay.

     

    If you are in a resort area, the new owners may not mind assuming your paid rentals.

     

    P.S. There isn't a "policy". You would have to go by the laws for your state regarding real estate transactions.

    • msdebj Senior Contributor 1,357 posts since
      May 25, 2011

      Sunshine, I agree. You really should make sure your currently booked guests are aware of the situation. I would then offer a full refund to anyone who wants. .

       

      I don't know where your home's located, but check the laws. I know I'd be really upset if my vacation was wrecked if a homeowner cancelled even 2 months out. In today's economy so many people plan 4-6 months ahead. Airline change fees, etc. can really add up- not to mention trying to find another place in the same price range, in the same location.

       

      Maybe you know of another VR home in your area and can talk to the owner about referring inquiries to them. Who knows?They may be willing to pay you a referral fee. Realtors often get a 25% fee of the selling price when some they refer buys a home from a Realtor they've made such an agreement with.

       

      My motto = full disclosure protects everyone involved.

  • wiffle Contributor 217 posts since
    Feb 23, 2011

    Plus she probably wouldn't want a showing while vacationers are in the unit as many times the place is a mess.

     

    I've considered selling our place, and have thought about how to go about it. Homes sit on the market for a long time here, and unless during a major festival, I can always find another owner with availability. Ours is a unique destination though.

     

    If mine were for sale, I would make it very clear that there would be no showuings when occupied, and I would have my caretaker remove the for sale sign during any rentals.

  • sophie Senior Contributor 969 posts since
    Mar 4, 2011

    I just sold one of my vacation rentals.  It was on the market for 3 months WITH renters in the property.  It was a nightmare. I couldn't even show it.  I pulled it off vrbo, etc. and only then did I sell it.  I did lose rental income but it is almost impossible to sell it with renters in the home.

    • sophie Senior Contributor 969 posts since
      Mar 4, 2011

      I think you probably need to make a choice:

       

      1. Don't take any other renters at all and market it to sell or:

       

      2. Keep renting it but know that you can't show it with tenants in it and you can't cancel someone's reservation if you continue to take them.

      • stjvilla Active Contributor 624 posts since
        May 27, 2011

        I agree with sophie.  Where we are located, when a vacation home goes on the market it's with the understanding that any future rental contracts must be honored.  However, only buyers looking for a vacation rental property (not a home for only themselves) will consider honoring prior contracts you have made.  And you can't show it with renters in it.  So, depending on how long you feel it will take to sell, I would take it off the rental market.  Or don't list it yet.  You really can't accept a rental contract with the idea that you would cancel it if the condo sells.  That would not be fair to the renter.

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