What happens at Escrow.com when seller cancels the sale?

[Name Trader]

What happens at Escrow.com when seller cancels the sale? This just happened to me after I wire transfered the money. Funds are probably still floating around in the banking system.

 

[circa1850]

Wow, that's a first I have heard.

Did you recieve notice from Escrow.com that the sale was cancelled?

If the seller backs out after accepting the offer and agreement, that is not cool.

Perhaps you need to publish the domain as an AVOID this seller.

I have used escrow.com numerous times in the past. Funds are not released until both parties have expressed satisfaction.

Log into your escrow.com account and check the status of the transaction. Funds should still be in the account and should not have transferred yet.

 

[AdoptableDomains]

What happens at Escrow.com when seller cancels the sale? This just happened to me after I wire transfered the money. Funds are probably still floating around in the banking system.

Unless you've accepted the sale, you should get refunded by escrow.com. Make sure you actively let escrow.com know you paid the seller canceled and you do not accept the transaction.

 

[anunt]

nothing to worry about...just call escrow.com and tell them what happened.

 

[alanchau]

I'm pretty sure that the buyer is responsible for paying Escrow fees if the sale breaks through.

 

[robertjr]

That is correct, straight from my "My Transactions" page on a pending sale.

The buyer is responsible for 100% of the escrow fee in the event
the transaction is cancelled or the merchandise is returned.

 

[ginge133]

Yeh so your stuck with the fees, unlucky, Ive always been worried about this happening after I read that rule.

 

[SpareDomains]

I would call them as the way that is phrased indicates that if you paid them and have received the domain and then said no deal and returned it and canceled the transaction then yes you would still pay escrow fees, if you were notified to pay that means the seller accepted the terms and you have paid but have not received anything to return or cancel as the seller backed out on ya, if the seller backed out on ya before you even receive the domain I would shoot a phone call as I don't think you should have to pay for that since technically no transfer or escrow has occurred yet, never had anyone back out of an escrow transaction so I'm not 100% sure but I would shoot them a phone call and see what they say.

 

[Name Trader]

I got an answer to my support question. They are going to refund the money. I'll only be out the wire transfer fees, which are already considerable.

 

[Name Trader]

OK. The bad news and the good news. Which do you want first?

Bad News? Escrow refunded me. I lost out $275 when Escrow.com refunded my account. Basically consisting of my wire transfer costs, plus $40 each way (payment & refund) for Escrow.com's wire transfer costs, plus the escrow fee (cancellations payable by the buyer).

Good News? I asked the seller to refund my costs. Which he happily did, including the PayPal charges Good man! There must be a god somewhere looking over my shoulder for me to pick an honest domainer to buy from who himself got cheated out of the domain he was attempting to sell me. Hence the cancellation.

I'm off to spend part of it down the pub

 

[fonzie_007]

Glad to hear that things got straightened out. Just curious, why did the seller cancel the sale at the last minute?

 

[cache]

looks like a happy ending for you. How did the seller got cheated on the
same domain? Was he a broker?

OK. The bad news and the good news. Which do you want first?

Bad News? Escrow refunded me. I lost out $275 when Escrow.com refunded my account. Basically consisting of my wire transfer costs, plus $40 each way (payment & refund) for Escrow.com's wire transfer costs, plus the escrow fee (cancellations payable by the buyer).

Good News? I asked the seller to refund my costs. Which he happily did, including the PayPal charges Good man! There must be a god somewhere looking over my shoulder for me to pick an honest domainer to buy from who himself got cheated out of the domain he was attempting to sell me. Hence the cancellation.

I'm off to spend part of it down the pub

 

[Name Trader]

The seller had the domain grabbed back from him under a TDRP Transfer Dispute. 1 more day and it would have been me attempting to get a refund. I'm blessed... and hungover

 

[fonzie_007]

What was the domain name?