Very rarely do I engage in negotiations that take a long time to complete.<\/p>\n
Whenever a third party escrow is involved, I’m depending on the buyer’s speed to complete the necessary steps; all while mine are as fast as my Internet connection.<\/p>\n
Very fast, that is.<\/p>\n
This is a first for me though, having agreed on a sizable sale in a couple of days, only to witness it stall 45 days later at Escrow.com<\/p>\n
Despite the buyer’s promises that payment is in due order, I had to cancel the Escrow.com transaction with a note that the wire never arrived. Escrow shared my frustration over this; despite their very low fees they have a reputation to live up to, after all.<\/p>\n
Throughout this ordeal I kept in touch with the buyer over the phone. Upon my cancellation of the Escrow he too seemed to be disappointed; the funding he was expecting hadn’t yet hatched. He asked to make a security deposit to ‘lock’ the domain – that was already “reserved” for him for the 45 days prior.<\/p>\n
I declined, stating that other offers were on the table. I wasn’t making this up; when I price domains into the five figures I am very confident about their worth.<\/p>\n
The buyer came back the next day; surprisingly, his funding “egg” had hatched miraculously overnight. I have a few theories about what happened during those 24 hours but I can’t share them right now.<\/p>\n
The bottom line is that the new Escrow.com process completed in 4 days. After 45 days of “bullshit” excuses about how a hedge fund manager dragged his feet or how an LLC was about to be formed, the buyer did what he was supposed to do in the first place: honor the agreement in a manner consistent with the rules of engagement.<\/p>\n
As I’m having a “Blue Moon” beer and some Papa Johns pizza, I wonder how many would have given up after the first week or two. Forty-five days is a long time to sit on a live transaction without flinching in some way but the end result proves that it was all worth it.<\/p>\n","protected":false},"excerpt":{"rendered":"
Very rarely do I engage in negotiations that take a long time to complete. Whenever a third party escrow is involved, I’m depending on the buyer’s speed to complete the necessary steps; all while mine are as fast as my Internet connection. Very fast, that is. This is a first for me though, having agreed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1412","post","type-post","status-publish","format-standard","hentry","category-domains","entry"],"yoast_head":"\n