Hi,
Homeaway are a reputable company and a big one. They incorporate Owners Direct which is better known here in the UK. I can't tell you about other villa owners in the US, but our management company doesn't pass money over to us until the end of the month following the rental, when the statement comes into us home owners. I would assume that if one of us sold up or were repossessed after you book but before the rental, for this reason they could transfer you to another home of a similar standard.
If you want the name of our managment company let me know.