Escrow Question

[theinvestor]

Buyer accepted agreement. But has not confirmed how he is going to pay and it has been 10 days. When will escrow cancel it? Also, since it is buyer pays fee...how can they charge him for the fee at this point?

Thanks in advance for the help

 

[Sonny Banks]

I think if the transaction is canceled you have to pay the fees.
I'm wrong?

 

[theinvestor]

I listed it as buyer pays fees.

He accepted agreement but has not yet done anything else.
I got notified today that it has been 10 days by escrow and that it will be cancelled soon.

So, i don't think i would pay the fees. It should be him...but i'm not sure how this would happen since he has not wired funds yet nor has he selected payment option.

 

[jdk]

There was another thread recently that discussed this.

 

[theinvestor]

I looked before i asked...couldn't find it.

Also, i emailed escrow but no response.

 

[jdk]

I looked to but couldnt find it. I just remember this was discussed. I couldnt remember what thread it was.

 

[Mediamarket]

If the transaction is canceled before payment is sent then no one pays fees.

If the payment is sent but then canceled, the money is returned to the buyer less the escrow fees (regardless of who was paying the escrow fee if the transaction had completed)

Escrow will extend the transaction typically if you request them to but typically is canceled after 7 days if they don't here from anybody, or sooner if one of the parties request (On this last point I'm not 100% but that is how it has been handled with some I've done)

 

[Johnn]

There was another thread recently that discussed this.

It was different story - The buyer paid and and the seller canceled.

Why don't you call Escrow and find out. I think the previous post was right. No one would pay the fees if the cancellation took place before the payment sent.

 

[theinvestor]

MediaMarket, thanks for the reply.

I finally got contacted by escrow. If they do not fund the account, no one pays a fee.

They did not answer my second question though. So i am unsure when that transaction gets cancelled.

Either way, if this transaction gets cancelled by escrow. Am i still forced to follow through with this transaction?

 

[Rockefeller]

Transactions at Escrow.com are automatically canceled after 30 days.

 

[theinvestor]

Thanks Justin.

So i guess i have to wait another 20 days before this transaction is cancelled. That's pretty ridiculous.

 

[Rockefeller]

Email them and ask them to cancel it, they'll do it for you.