Escrow.com question

[O.C.]

The buyer elected to pay by check. Escrow.com received payment on the 19th. That was a week ago.. and I still haven't been prompted to transfer over the name.

Has this become usual with Escrow.com? Or is there a problem with the buyer or what?

 

[Anthony Ng]

To play it safe, most companies would wait till the check is cleared with the bank (which could take up to a week or so even for domestic checks). I thought they would have some kind of time-table reference for different kinds of payment methods at Escrow.com.

 

[Fearless]

They wait 2 weeks.

 

[BobBob is verified member.]

I had a buyer pay with a check once and they held it up 2 weeks AFTER they received the payment.

-Bob

 

[GeorgeKGeorgeK is verified member.]

I had to wait a while when a company paid by cheque too. Better to tell them to do a wire transfer to escrow.com, as that will be much faster (or use a credit card, if it's a sale below $5000).

 

[O.C.]

Thank you, every one. Never realized it was 2 weeks after they received payment. Here I was wondering if the buyer had payment problems (bounced check, or some such).

Checks normally clear in about 4 or 5 days. Better safe than sorry, I suppose. Probably even required by their liability insurance.



Greg, now I completely understand why you make transactions through PayPal.