To all you guys that use escrow.com

[DomBuyer]

I started an interesting thread about my experience with escrow when a large player walked away from an agreed upon escrow last week and sold to another player behind my back.

http://www.dnforum.com/showthread.php?t=94050

Looks like there are refinements in service to come.

Both guys have been added to my never-do-business-again-list.

No, I won't post their names here, but I will put out the word amongst my contacts. Many of you guys know both these guys.

[polish_aristocrat]

hehe just 3 days ago I had a situation where I was wondering whether the seller can walk away from such a deal after we both agreeded to escrow and the money was secured ( there was a little misunderstanding that's been solved though )

but i was thinking that after both parts agree to escrow.com terms, it is impossible to cancel the deal

[DomBuyer]

Yes, Polish, read the linked thread carefully. With escrow, anyone can walk away AT ANY TIME IN THE PROCESS PRIOR TO TRANSFER OF THE NAME WITHOUT PENALTY.

In this case, I had already wired the money to escrow when the seller cancelled the transaction and sold the name to another player out from under me. Again: no penalty whatsoever for the canceller.

If he had transferred the name to the escrow service first, he wouldn't have been able to do that and the name would now be mine.

There are serious gaps in escrow's service and between John Berryhill and Monte from Moniker, it looks like a better service is on the way.

[pradaboy]

if you have any proof that this agreement has been reached you can sue the party that breached their side of the contract. Same as with any other contract.

[DomBuyer]

Originally Posted by pradaboy

if you have any proof that this agreement has been reached you can sue the party that breached their side of the contract. Same as with any other contract.

Suing is costly and time-consuming. The process has to be designed to penalize people upfront to *avoid* lawsuits down the road. The more constraints you load into the system to avoid bad behaviour, the less lawsuits and the smoother the outcomes.

[JFK]

Its not a very business like thing to do ! An agreement should be binding

[MGPspots]

Same thing happened to me, I agreed a sale of a domain for $300k and the prick just cancelled the transaction after 3 weeks.

Couldn't believe there was nothing I could do but I just had to eat shit.

[DomBuyer]

Originally Posted by JFK

Its not a very business like thing to do ! An agreement should be binding

The guy who did it was x-ed the minute he cancelled.

My anger shifted to the guy who bought from under me as I know him and he shouldn't be doing this sort of thing given his stature.

I'm still shocked that someone would effectively threaten their reputation over $10k or $20k when he definitely does not need the bread.

[pornstar2pac]

Dom, got any work in antigua for me?


i can do a lot in online gambling. a little in adult..


or I can house sit.


or I could be your driver into town. they have the best roads built in the world you know

anyways, i can do anything. even wash your yatch if you like

[JFK]

Originally Posted by DomBuyer

The guy who did it was x-ed the minute he cancelled.

My anger shifted to the guy who bought from under me as I know him and he shouldn't be doing this sort of thing given his stature.

I'm still shocked that someone would effectively threaten their reputation over $10k or $20k when he definitely does not need the bread.

Was the guy who bought it aware of the previous deal agreed to , Or is the Slime who canclled at fault, trying to get a few extra bucks ?

[DomBuyer]

Originally Posted by MGPspots

Same thing happened to me, I agreed a sale of a domain for $300k and the prick just cancelled the transaction after 3 weeks.

Couldn't believe there was nothing I could do but I just had to eat shit.

If someone doesn't pay within 3 days, you're pretty certain they're not going to follow through or are busy selling an option on the name.

[DomBuyer]

Originally Posted by JFK

Was the guy who bought it aware of the previous deal agreed to , Or is the Slime who canclled at fault, trying to get a few extra bucks ?

He says he was not aware of the deal.

I didn't believe him (for reasons I can't say without exposing him), but gave him the benefit of the doubt and said:

"Well, now you now, and if the situation was reversed, you wouldn't have to make your case to me: I'd return the name to you at the price you originally agreed to pay."

It's a professional courtesy and helps punish slippery sellers who don't keep their word.

Haven't heard boo from him, and he still owns the name.

[paxton]

What an ugly situation. I don't understand why the seller would risk his reputation over a couple of pesos, when according to you it isn't that substantial.

[pradaboy]

Originally Posted by DomBuyer

Suing is costly and time-consuming. The process has to be designed to penalize people upfront to *avoid* lawsuits down the road. The more constraints you load into the system to avoid bad behaviour, the less lawsuits and the smoother the outcomes.

I know and I agree, I just mentioned this because it might have been a high premium name and you could be interested in pursuing it nonetheless.

[DomBuyer]

Originally Posted by paxton

What an ugly situation. I don't understand why the seller would risk his reputation over a couple of pesos, when according to you it isn't that substantial.

No, it's the buyer that risked his reputation over a few pesos. He's the guy that matters in this equation. I guess I am naive in some respects, because I'm still shocked people will sell their reps for so cheap.

The seller sold his rep even cheaper.

[sextoyking]

DB,

I agree and have been saying that for many years. Why would I or anyone risk there good name and rep for a few bucks.. I don't play that way and wish others wouldn't either.

I have done tons of deals through escrow.com and never had a problem. Of course no one ever cancelled on me either.

Best of Luck

[Manga1]

Are there any known cases of a seller being screwed? Type of scenario I'm talking about is the seller transfers domain, the buyer sends it elsewhere and says he never got it, and the seller loses the money and the domain. Anybody know of any instance of something like this happening at escrow.com?

[DomBuyer]

Originally Posted by sextoyking

DB,

I agree and have been saying that for many years. Why would I or anyone risk there good name and rep for a few bucks.. I don't play that way and wish others wouldn't either.

I have done tons of deals through escrow.com and never had a problem. Of course no one ever cancelled on me either.

Best of Luck

I've had an amazing run with escrow.com. I count myself very, very lucky.

Mind you, it's virtually impossible to screw me because I have more power in the escrow.com equation that most people who do deals with me.

Before Dana Wathen left, she did all my escrows exclusively, and was available on the phone 24 hours a day. I got more service from her than bank ever gave me.

Mind you, it helped my cred when they wired me $25k instead of the seller, and I sent it back. Dana told me I saved her job.

Now, I'm afraid they're in disarray. Dana quit in frustration, and I've had two transactions close late, wrong wire...etc.

[DomBuyer]

Originally Posted by Manga1

Are there any known cases of a seller being screwed? Type of scenario I'm talking about is the seller transfers domain, the buyer sends it elsewhere and says he never got it, and the seller loses the money and the domain. Anybody know of any instance of something like this happening at escrow.com?

It happens, but it's rare.

[webair]

Originally Posted by pradaboy

I know and I agree, I just mentioned this because it might have been a high premium name and you could be interested in pursuing it nonetheless.

Its barely worth the cost and time to go after this for 20k - 30K They need a better system, something similar to afternic as where the company handles the $$ transaction and disbursement of payment after the seller transfers the domain name after payment is received.