Using Escrow as a intermediary

[willbon]

Does anyone have experience in using Escrow?

I have a possible sale where the buyer wants to use the service... It may be a con... but you need to follow the process just in case!... also good knowledge to have for future transactions....
After viewing the 'process' Escrow follows, it seems to have a flaw... Step 4...(see below) where the buyer can accept or reject the deal... but this is after the domain name has already been transferred to the buyer...??
Am I reading this wrong... or missing something?....
Any help or advice appreciated! - Thanks!

Step 1: Buyer and Seller Agree to Terms
Both parties agree to terms of the transaction, which includes a description of the merchandise, sale price, number of days for the Buyer's inspection, and any shipping information.

Step 2: Buyer Sends Payment to Escrow.com
The Buyer submits a payment, selecting check, money order, wire transfer, credit card or PayPal online. Escrow.com verifies the payment.

Step 3: Seller Transfers Domain Name(s) to Buyer
Upon payment verification, the Seller is authorized to transfer the domain name(s) to the buyer's name, email, and address listed on escrow.com and submit registrar information. The Seller must contact the official Registrar of the domain name and request a transfer of ownership to the Buyer. The Registrar will provide specific instructions and information for doing this. Escrow.com verifies that the domain names are transferred to the Buyer. Transfer times vary by registrar.

Step 4: Buyer Receives Domain Name(s)
The Buyer has a set number of days for inspecting the domain name(s) and the option to accept or reject.

Step 5: Escrow.com Pays Seller
Escrow.com pays the Seller by check, ACH or wire transfer. The transaction is complete.

 

[Admin]

hehe...yes the buyer could reject the deal but unless you do as well then their money is locked at Escrow. It works.

 

[willbon]

You're just not reading far enough into Escrow.com's services. This is what you want.

I saw the conceirge service, but the buyer just wants to use the standard service... hence I smell a rat!

 

[willbon]

Well most people do use the standard service which will be cheaper, I suspect. Why don't you split the costs? There have been suggestions that a buyer could leave the WHOIS unchanged and then try to claim back the money from Escrow.com by saying seller hasn't transferred the domain name. I am not sure what would happen under that circumstance with standard Escrow.com. Have you asked Escrow.com?

I might just do that... better safe than sorry... thanks for the advice....

 

[willbon]

Update!....
Well, the buyer has an 'approved' payment method and requests the domain is transferred to an address where the post code doesn't exist or match the addreess (not a simple typo)... and there's an 0203 telephone number given as a contact number...

I'll request the concierge service... but it's time to pull the plug methinks!

 

[Sam]

Update!....
Well, the buyer has an 'approved' payment method and requests the domain is transferred to an address where the post code doesn't exist or match the addreess (not a simple typo)... and there's an 0203 telephone number given as a contact number...

I'll request the concierge service... but it's time to pull the plug methinks!

I would stay away from escrow the service is really poor best use sedo's escrow service that works well or transpact.com i will avoid escrow if i can its such a slow process.