Escrow.com - A little help

[stevo]

I am in the middle of my first transaction using escrow.com. I am the seller of a domain and I have been prompted to transfer the name directly to the buyer. Is this usual? I always believed that escrow.com took possession of the name and the money and then distributed them accordingly. It just seems strange that the buyer would have the name prior to me receiving the money. My "spider senses" are aroused and a little confirmation of this procedure would help.

 

[MediaHound]

Escrow does not take possession of the domain.
You push it to the buyer, then Escrow will verify it changed hands in a day or so, and then disburse the funds to you.

 

[Domagon]

There are various forms of escrow...

In the case of escrow.com, they only hold the funds in escrow, not the asset(s) itself.

Sedo, on the other hand, holds both the funds and the asset - generally safer (can't say 100%, since there's a chance of Sedo accidently losing it; transferring it to the wrong party, etc) for both buyer and seller, but the extra steps can sometimes add much time to the whole exchange process; escrow.com transactions can often easily be done in one or two days.

So in a nutshell, escrow.com isn't totally without risk ... but assuming they have possession of the buyer's funds, the risk, despite doing the domain transfer part direct, is still much less than dealing totally direct with the buyer.

Ron

 

[GT Web]

I always wondered what happens if the buyer changes the WHOIS info back to the sellers and says he never recieved the domain...what does Escrow.com do in that situation?

 

[Bender]

good question, GT.
Normally, a call to the registrar should solve this issue, but...

 

[stevo]

Escrow does not take possession of the domain.
You push it to the buyer, then Escrow will verify it changed hands in a day or so, and then disburse the funds to you.

Thanks! Just wanted to be sure.

 

[BLazeD]

I always wondered what happens if the buyer changes the WHOIS info back to the sellers and says he never recieved the domain...what does Escrow.com do in that situation?

I heard a story they just keep the money until it is resolved. They should always take possession of the domain to avoid this.

 

[Kevin]

There are various forms of escrow...

In the case of Escrow.com, they only hold the funds in escrow, not the asset(s) itself.

Sedo, on the other hand, holds both the funds and the asset - generally safer (can't say 100%, since there's a chance of Sedo accidently losing it; transferring it to the wrong party, etc) for both buyer and seller, but the extra steps can sometimes add much time to the whole exchange process; escrow.com transactions can often easily be done in one or two days.

So in a nutshell, escrow.com isn't totally without risk ... but assuming they have possession of the buyer's funds, the risk, despite doing the domain transfer part direct, is still much less than dealing totally direct with the buyer.

Well said Ron!

I have had numerous transactions with Escrow.com and have not had any problems…

But Sedo’s procedure does seem safer, even though it does take longer.

 

[TexasFilly]

congrat's stevo..
i've used escrow.com without any troubles.

they released the funds to me, once I made the name ownership changes.. without any hassle.. i rec'd the check within 5 business days!

good to hear of your escrow sale!