I’ve been using Escrow.com for more than a decade of successful domain transactions – both sales and acquisitions – and it is the ‘de facto’ escrow option at Domain Name Sales.
Despite my lengthy use of Escrow.com, I learned two new things about the escrow service during my latest domain sale, that surprised me a bit, albeit, in a neutral or positive way.
First off, I’ve been spoiled expecting all transactions to complete the very day that inspection period ends. In the past, depending on the exact time of completing the one day inspection period, the funds were released within 24 hours; sometimes, even the same day.
This time around, it took three days, perhaps because the wire was sent from a domain buyer in China.
Secondly, one can inquire about a buyer’s profile at Escrow.com, regarding that person’s prior history and ability to complete transactions. While no details are released, Escrow.com can share some basic information, indicating whether an ongoing transaction is looking good, based on the other party’s prior history.
Overall, Escrow.com is my domain escrow of preference, but I’m open to trying out both Agreed.com and EscrowHill.com as long as the other party is willing as well.
What Escrow service would you recommend for buyers seeking financing?
Daniel – As I have not used financing in an exchange, I am not familiar with the options available. You can research all three escrow services listed above.
Escrow.com’s goal is to release funds to the seller within 24 hours of the buyer accepting on our site, weekends and holidays excluded. A few factors can delay the release of funds. Most often the delay is because the buyer paid by credit card or Paypal. Funds received by credit card and Paypal, while guaranteed processed and secured by Escrow.com, do take three business days to actually post to our trust account. By California law, Escrow.com is prevented from releasing funds prior to the funds actually reaching our account, so those transaction are held until funds have fully cleared.
Other delays can include if Escrow.com starts the buyer’s inspection period and then it expires without the buyer logging in to accept the transfer, or if there is website content included or some other. In those cases Escrow.com offers the buyer 24 hours to confirm the transfer.
Hi Sandra – Thank you for the detailed explanation. Just an observation, in this case payment was made by the buyer via bank wire and it took 3 days after the transaction completed for the release of the funds. Not complaining, just observing. 😉
Ah – well that is something else then, likely human error. All payments are processed individually, by hand. It is unlike us, but it has happened that we miss a closing on occasion. We are in the process of becoming fully automated, which will eliminate the human error factor (but hopefully won’t eliminate the need for my position!). We sincerely appreciate your feedback as we are always looking to improve our site and service, so thanks again and have a really nice day. 🙂
Thank you, Sandra. As I said, it’s not a complaint, just an observation of a ‘deviation’ from the norm, and an opportunity to expand on my very positive use of Escrow.com for the past dozen years. 🙂
That’s how long I’ve been here, 12 years – so I just love hearing that, thank you!
Oh I hope escrow.com keeps the human touch ! That’s one thing that makes it infinitely better than Paypal.