Escrow.com Question

[toria]

I have never used Escrow.com before and need advice.

Among of the terms that must be agreed to by both parties are:

number of days for buyer to inspect merchandise -- Since there is no physical product to inspect and I assume buyer has done his/her electronic inspections already, how do I word that?

delivery options -- How do you describe the transfer? (I'm at GoDaddy and want to push within GoDaddy -- no registrar change.)


shipping costs -- Since this is a domain and a push within my registrar is free, I assume none.

Those of you who have done this a lot must have some good boilerplate text. Please help.

Thanks in advance.

Best,

Victoria

 

[Thomas Nash]

When you started the new transaction are you sure you clicked the 'Domain Name' option, as whenever I start a new transaction there I have never been asked either of the last two questions. Or is it the buyer asking these questions?

With the number of days to inspect merchandise, I usually just set it to 1 or 2, they shouldn't need any longer than that unless they're inspecting traffic.

 

[toria]

When you started the new transaction are you sure you clicked the 'Domain Name' option, as whenever I start a new transaction there I have never been asked either of the last two questions. Or is it the buyer asking these questions?

With the number of days to inspect merchandise, I usually just set it to 1 or 2, they shouldn't need any longer than that unless they're inspecting traffic.

Ginge: thanks for your reply.

I haven't actually started the transaction yet, so I didn't know there was a domain name option to check.

I have only read the Escrow instructions on this page:

http://www.escrow.com/solutions/escrow/process.asp

I did not see mention of domain names there.

Thanks,

Victoria

 

[Alan Glennon]

From the page link you provided, note the "domain name escrow" option on the left menu. Follow from there.

 

[toria]

From the page link you provided, note the "domain name escrow" option on the left menu. Follow from there.

Jagusa: Many Thanks!

I didn't notice that on the page before you pointed it out.

Thanks again.

Best,

Victoria

 

[DomainBELL]

Congrats on the sale...

which domain did you sell ??

If you run into any other Escrow.com snags or questions... let us know...
someone here will be able to assist - I am sure...

~DomainBELL (Patricia)

 

[toria]

Thank you, Patricia, for the congrats.

The other person is in another country (Middle East) and has not agreed to using Escrow.com yet, though he has agreed to price. He PM'd me on this forum for instructions on how to pay. I PM'd back that I want to use Escrow.com a couple of hours ago, but have not heard back. It's about 4AM there now, so expect to hear from him in a few hours.

I'll reveal the name when the deal is done.

Thanks again Patricia!

Best,

Victoria

 

[DNP]

Should you have any questions, Victoria, please do not hesitate to PM and ask.

Good luck!
-DNP-

 

[reclad]

One extra thing that may be of use.
Escrow.com allows up to 30 domains per contract.
Useful if you're selling a group.

Cheers.

 

[toria]

Thank you for that, reclad. I'm glad to know we can do up to 30 names at a time!

Best,

Victoria

 

[Domagon]

I usually ask the buyer to create an account at escrow.com and for them to open the escrow. Often scammers / timewasters won't bother doing all of that.

If having the buyer open the escrow, it's important to be specific as to what email address they should open the escrow to (it should be the same email you used to create your escrow.com account) and the fee arrangements ... ie. 100% buyer or 50/50 buyer/seller split.

On an aside, for some international transactions of a few thousand $ or less I've found it easier to simply ask the buyer to send the money directly, such as via western union. I too as a buyer have often done the same (some risk, but then sometimes that's what it takes to get deals done) because escrow can be problematic for people in some countries; cultural customs, language barrier, etc.

Ron

 

[toria]

Thanks for the great info, Ron.

Best,

Victoria

 

[phsemm]

New here, hi all !
The rationale for using escrow.com has become clear to me, but....
won't you incur double fees, 'cause Escrow has to pay you, right, and if that's through PP, you get their fee as well.

 

[toria]

I don't think you get double charged.

I had the impression that the fee charged by Escrow.com includes PayPal fees. PayPal charges fees to Escrow.com for the transaction and the fee charged by Escrow.com to the buyer or seller is high enough to include the PayPal fees.

Best,

Victoria

 

[Domagon]

Glad to help.

In regards to PayPal - in my view, it's best to avoid it whenever possible.

PayPal is increasingly delaying withdrawals / suspending user accounts than in the past; things are really falling apart over at PayPal - and this is being openly discussed on PayPal's own message forum at Ebay (they own PayPal). Large amounts of money in PayPal (which is NOT a bank; can basically do what they want) often equates to problems.

Getting paid from escrow.com via direct deposit (free) or bank wire (nominal cost; best for very large transactions and/or for more immediate funds availability) is much safer than PayPal.

On a related note, a buyer funding escrow using PayPal is typically not a concern, since escrow.com bears the risk.

Ron

 

[DomainBELL]

Glad to help.

In regards to PayPal - in my view, it's best to avoid it whenever possible.

PayPal is increasingly delaying withdrawals / suspending user accounts than in the past; things are really falling apart over at PayPal - and this is being openly discussed on PayPal's own message forum at Ebay (they own PayPal). Large amounts of money in PayPal (which is NOT a bank; can basically do what they want) often equates to problems.

Getting paid from escrow.com via direct deposit (free) or bank wire (nominal cost; best for very large transactions and/or for more immediate funds availability) is much safer than PayPal.

On a related note, a buyer funding escrow using PayPal is typically not a concern, since escrow.com bears the risk.

Ron

thank you for all the information you have shared in this thread...
it's been helpful... and useful to me...

~DomainBELL (Patricia)

 

[HuntingMoon]

another thing to be aware of with escrow.com is the up to 2 week hold time they have for funds to become verified. it may come as a surprise sometimes when you see the status unchanged for a while. although we all want fast turnaround on funds, the hold time is actually a nice protection. the time is long enough for a fraudulent payment into the escrow to be identified.

we got a fraudulent wells fargo ach transfer last week and now that escrow.com hold time does not seem so bad...

 

[DomainBELL]

another thing to be aware of with escrow.com is the up to 2 week hold time they have for funds to become verified. it may come as a surprise sometimes when you see the status unchanged for a while. although we all want fast turnaround on funds, the hold time is actually a nice protection. the time is long enough for a fraudulent payment into the escrow to be identified.

we got a fraudulent wells fargo ach transfer last week and now that escrow.com hold time does not seem so bad...

excellent point...

~DomainBELL (Patricia)

 

[Raider]

Nice to see members using Escrow over Paypal, With all the domain and other virtual scams going on today, I think it's really foolish not to use them.... I generally use them for sales of $300 or more.

I sold a domain recently through Escrow, the turn around was 4 days total from the time Escrow was initiated to the time I received my check in the mail, NO KIDDING... The fact their located less 10 miles from my house may of had something to do with it.

I also know someone who works there... If you have a problem with disbursements, send me a PM and I'll try to help you out.

 

[DomainBELL]

Nice to see members using Escrow over Paypal, With all the domain and other virtual scams going on today, I think it's really foolish not to use them.... I generally use them for sales of $300 or more.

I sold a domain recently through Escrow, the turn around was 4 day total from the time Escrow was initiated to the time I received my check in the mail, NO KIDDING... The fact their located less 10 miles from my house may of had something to do with it.

I also know someone who works there... If you have a problem with disbursements, send me a PM and I'll try to help you out.

4days... that is swifter than swift...

smile...

~DomainBELL (Patricia)