What do you do when you sell through Escrow.com?

[Nova]

When you sell a domain by push transfer using Escrow.com, do you like to give 2 days inspection time or 1?

 

[GeorgeK]

I leave it at the default "2 days", but I complete the "inspection" in about the same time it takes to type this post, mere seconds. arty:

 

[MediaHound]

Leave just one day, these aren't dry goods - really nothing to 'inspect'.

 

[Josh]

I'm not sure it matters really. I'm in a situation now where I am selling a name through escrow.com. The name was transferred, and the inspection period is over. But Escrow is refusing to close escrow until they receive explicit approval from the buyer to release funds--even though the domain is in the buyer's name/contact info specified at escrow.com and buyer has full control over the name at the registrar. So far the buyer has ignored multiple requests from myself and Escrow.com. Not sure how long they will drag this out.

It's made me rethink escrow.com: What's the point of an inspection period if they aren't going to enforce the terms of escrow?

 

[Nova]

Thanks, all. I had already changed it to 1 when I made this post, and the buyer agreed before I came back to the thread. Let's hope it goes well. Sorry to hear about that, Josh. Anyone recommend an option that would avoid what Josh is going through, but without too many extra hurdles?

 

[Josh]

I've used Escrow.com many times over the years and I remember when they would close out escrow after the terms had been met, which seems logical--closing out escrow after a set of conditions have been met. But more recently, they've taken a more pro-buyer stance and will just about not release funds at all until explicit approval is given from the buyer, even if all other terms of escrow have been met.

I've sold probably 150k worth of domains over the years through escrow.com. This 25k transaction will probably be my last with them.

 

[DNGeeks]

Josh, just email escrow and tell them the inspection time is up and you haven't received the payment yet. They'll push it through quickly for you. The conditions of the sale have been met by the buyer changing the ownership shown in the whois.

 

[Josh]

Josh, just email escrow and tell them the inspection time is up and you haven't received the payment yet. They'll push it through quickly for you. The conditions of the sale have been met by the buyer changing the ownership shown in the whois.

Did that. They refused. They say we're waiting on explicit approval from the buyer. Stunning, I know. **rolls eyes**. Last time for this.

 

[GT Web]

I have always wondered...what happens if you push the name and the buyer either fails to approve the transaction or says he never got the domain and changes the whois on it?

 

[GeorgeK]

There is an arbitration clause in the Escrow.com agreement. Using registrar logs, it wouldn't be too difficult to determine who is lying.

 

[mike031]

there is always sedo.com escrow service.. k:

 

[Josh]

I have always wondered...what happens if you push the name and the buyer either fails to approve the transaction or says he never got the domain and changes the whois on it?

I too have worried that would happen.

What I do is transfer the domain, and then immediately email Escrow.com to ask they start the inspection period. They always have done that. I also print out a copy of the whois just in case. And as Kirkos said, registrar logs would prove who is lying in arbitration.

 

[Nova]

How does the experience with Afternic compare? I've never bought or sold through them.

 

[dotNetKing]

I started finding that escrow.com delayed in releasing the funds too. (Earlier on they were very prompt.)

I've started using sedo.com when escrow is required by purchaser and they have been working well as an alternative, especially as they don't charge a $40 international wiring fee.

Also, as it is a fairly manual process with a real person always overseeing the transaction, I feel things are less likely to go wrong, and if they do, there is someone there to sort things out.

With escrow.com they ask you to transfer the domain to the purchaser's address registered at escrow.com but there is no guarantee they will transfer to an account with that name and address, and nor is there really any motivation for them to do so, espcially if they are acting for a client.

 

[Domagon]

Did that. They refused. They say we're waiting on explicit approval from the buyer. Stunning, I know. **rolls eyes**. Last time for this.

Wow, I'm surprised too - have others experienced the same problem?

Escrow.com has long been my favorite - secure, easy, fast.

Afternic escrow is very simple, and they work to keep things moving.

If your experience Josh is the new way Escrow.com does business, then I'll likely start shifting some of my smaller escrows (snags tend to happen more frequently with small sales than large ones) to Afternic.

Ron