Escrow.com Question From Seller's Point Of View.

[RUUR]

I have a question about escrow.com from a seller's point of view.

Let's assume both the buyer and the seller have agreed on terms and price for a domain is$ XXX , XXX

Q1)
I believe at this point in the game the buyer now has an obligation to pay something either to escrow.com or the seller?

Q2)
If that's true are the only options the one's I've listed below as A & B?
A) pay for the domain $ XXX , XXX
or
B) Back out / Cancel purchase and be forced to pay $ XX , XXX (the 10% escrow fees + banking fees).


Thanks for your help everyone!


I am assuming that only A or B are the choices based on the following info form escrow.com
"Escrow Fee to be paid by: Seller
The buyer is responsible for 100% of the escrow fee in the event
the transaction is cancelled or the merchandise is returned."

 

[Biggie]

Q2)
B) the buyer would only be liable for fees, if it was agreed to, when price was negotiated.

some sellers > split fees
some buyers > pay fee
some sellers > pay fee

it depends on what the selling/buying criteria is.

Also, please utilize the forum's "SEARCH FEATURE" ie: "escrow.com process"
imo....

 

[Theo]

If the cancellation of an escrow isn't per a mutual agreement, the party at a loss can most definitely file a lawsuit to recover the funds plus legal fees.

 

[RUUR]

Very helpful information from the both of you! Thank you!

I believe their customer service is open in an hour, but I could not find any information while they were closed all weekend.

 

[abbey]

Very helpful information from the both of you! Thank you!

I believe their customer service is open in an hour, but I could not find any information while they were closed all weekend.

Customer support emails are answered on the weekends and in a need to know asap situation I am usually not away from mine for more than 4-5 hours. [email protected]

 

[shutuzhe]

how to sell for high price?

 

[angel69]

RUUR, Escrow.com asked you if you agreed to pay 0%, 50% of 100% of their fee. They always ask each party and they both have to agree. If you already chose then you're bound by that choice whether you're the seller or buyer. I never understood why only the buyer is responsible for paying all their fees if the deal is cancelled (cancellation may occur due to the seller's fault), or if the merch is returned (why should buyers get penalized if they were sent an item in bad condition or they were not given what they paid for ?)

abbey, it's great you attend to your own emails quickly (from your email address you actually work at Escrow.com, right ?) But unless the deal has their premium fee option they do not answer emails promptly, two business days is the fastest they're responded to mine and that was only once, other times they just never answered. Hold times are also really long when you call (now I see from that post emails are only answered on weekends, that's even worse than I thought lol, so if I email them Mon and I paid the standard fee they'll answer it Sat or Sun at the earliest, that sucks...) It must be done to encourage ppl paying premium fees but in a large deal that can be a lot. I'm not sure if they even offer online chat

 

[barrysanders]

The fees get capped, so it is not 10% of 100k.

 

[abbey]

RUUR, Escrow.com asked you if you agreed to pay 0%, 50% of 100% of their fee. They always ask each party and they both have to agree. If you already chose then you're bound by that choice whether you're the seller or buyer. I never understood why only the buyer is responsible for paying all their fees if the deal is cancelled (cancellation may occur due to the seller's fault), or if the merch is returned (why should buyers get penalized if they were sent an item in bad condition or they were not given what they paid for ?)

abbey, it's great you attend to your own emails quickly (from your email address you actually work at Escrow.com, right ?) But unless the deal has their premium fee option they do not answer emails promptly, two business days is the fastest they're responded to mine and that was only once, other times they just never answered. Hold times are also really long when you call (now I see from that post emails are only answered on weekends, that's even worse than I thought lol, so if I email them Mon and I paid the standard fee they'll answer it Sat or Sun at the earliest, that sucks...) It must be done to encourage ppl paying premium fees but in a large deal that can be a lot. I'm not sure if they even offer online chat

 

[abbey]

RUUR, Escrow.com asked you if you agreed to pay 0%, 50% of 100% of their fee. They always ask each party and they both have to agree. If you already chose then you're bound by that choice whether you're the seller or buyer. I never understood why only the buyer is responsible for paying all their fees if the deal is cancelled (cancellation may occur due to the seller's fault), or if the merch is returned (why should buyers get penalized if they were sent an item in bad condition or they were not given what they paid for ?)

abbey, it's great you attend to your own emails quickly (from your email address you actually work at Escrow.com, right ?) But unless the deal has their premium fee option they do not answer emails promptly, two business days is the fastest they're responded to mine and that was only once, other times they just never answered. Hold times are also really long when you call (now I see from that post emails are only answered on weekends, that's even worse than I thought lol, so if I email them Mon and I paid the standard fee they'll answer it Sat or Sun at the earliest, that sucks...) It must be done to encourage ppl paying premium fees but in a large deal that can be a lot. I'm not sure if they even offer online chat

Yes, I do work for Escrow.com. There is some confusion here. We respond to customer emails Monday thru Friday 7-4 PST. We also answer support emails on the weekends. Standard vs Premier does not effect the level of support you are to receive, it is whether or not you are paying by credit card or PayPal vs check, money order or wire. There are additional charges when a credit card is involved. In the event a transaction is cancelled the buyer is responsible for the escrow fee, in this situation we have protected his funds as part of the escrow service. He is not being penalized.