In more than 10 years of using Escrow.com to facilitate both domain sales and domain acquisitions, I’ve come across a handful of situations that required cancellation of the escrow process.
Either as the seller or the buyer, there are valid reasons to cancel escrow; a process that requires the justification of the act.
Here are some of these reasons, as experienced personally:
- The buyer decided to change the payment type from e.g. credit card to wire.
- The two parties disagreed on the terms of the sale e.g. different requirements in the inspection period, splitting of the fees, or how the domain would be delivered.
- There was an error in the email used; either party might require a different account to facilitate the transaction.
- Due to non-payment within a reasonable amount of time.
- Misunderstanding about what constitutes domain ownership: a buyer claimed he wasn’t aware of future annual renewal fees.
- The buyer was a proxy buyer; the sales agreement credentials would not match those of whoever would handle the escrow.
Overall, any issues during the escrow process can be addressed by altering the actions selected, or by contacting customer support. I’ve always found the Escrow.com support to be very responsive and efficient in resolving any unexpected issues.
Escrow.com seems to be timing out transactions after 5 days now, instead of the 7, sometimes end users can drag their feet, or I do understand at times it does take time to move money around.
Hello,
Escrow.com has changed our time periods since we had customers complain that we held transactions open for too long. Note that support can always reactive at the seller request and we can ask the seller to okay the reactivation at the buyer request.
We now cancel transactions after five days if not all (broker) or both parties have agreed.
We cancel transactions after ten days if parties have agreed but no payment method has been selected.
We cancel transactions after 15 days if payment has been selected but not received.
We do not auto cancel after payment has been received.
Contact support @ Escrow.com with any questions.
Andee, thanks for the clarification. Never had a single point of complaint when using Escrow.com. If something gets bumpy, you guys resolve it in no time. Keep up the great work and service.