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Escrow.com inspection period

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Working on an escrow.com deal for a domain name for low $x,xxx with the buyer paying escrow fees (both parties with godaddy). No traffic/no site - just an aged domain name. The buyer is requesting an 18 day inspection period. Any thoughts on the duration, because it's seems excessive to me. Thanks all and happy new year.
 
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The default is 3 days, but I always change that to 1 day. Once the domain is in their account, it's not yours anymore, but theirs. So there is no need for any extended inspection periods.
 
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I would keep it at three days.
 
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Three days is the default but I also prefer to use only a 1-Day inspection period. What is it that they need an 18-Day extension period for? They know what they are getting before the transfer ever takes place. If there is any back-checking they would wanna do on the domain they can do that before purchasing it. I would have to agree, 18-Days is a little excessive. It's a domain we're talking about here not a small house.
 
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18 days?
For what?
To do what?
I never gave more than one day.
 
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no matter what the buyer wants the inspection period to be if you can get them to confirm they have received and accepted the domain escrow.com the transaction is automatically completed anyways.
 
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Two days are more than enough. Three is a stretch. If they want to keep for 18 days, ask higher price. That way the escrow fees are higher and buyer is responsible for fees if merchandise is returned.
 
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Here's what I am wondering. Godaddy sends an email when pushing a domain to a new account giving you 15 days in case of unauthorized transfers. What if the buyer decides at the 16th day not to honor the agreement and claims not to have received the domain? Would escrow.com return the $x,xxx back to the buyer with them keeping the domain? That's what I am most concerned about. Thanks for the advice - much appreciated!

Go Daddy has determined that the registrant has provided the necessary documentation to initiate a change of account. If for any reason this information is incorrect or you feel this change of registrant request was made in error, please contact us within 15 days at [email protected].
 
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What did the buyer say when you told them you only want a 1 day inspection period (which is normal for domain transactions since once it's in their account it's theirs)?
 
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I would generally ask why they require 18 days inspection period? Normally I change the default 3 days to just 1 day for completing the deal more swiftly.
 
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I cannot think of a legitimate reason for a buyer wanting 18 days. I have sold domains using Escrow.com and have either used 1 or 3 days for inspection, and that includes ccTLD's which can include manual re-registrations, and 3 days has been sufficient.

My advice would be to question the buyer as to why they want so long and explain that with GoDaddy 1 day should be long enough but you are willing to extend this to 3 days if they require that length of time to accept the domain name into their account for some reason.

I must say I do 'smell a rat' with such a prolonged inspection period being asked for.

Good luck with the sale and I hope everything works out for you.
 
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Sorry for the delay in responding. The transaction went off smoothly. The buyer has the domain name, and I received the check from escrow.com. The buyer's position was the he wanted protection from me receiving the funds from escrow and then attempting to undo the transfer through godaddy within the 15 day window.

Escrow.com stated that in order for the inspection period to begin, the buyer must confirm that he/she received the domain name. This eliminated my concern that the buyer would claim to have never received the domain name after 'x' number of days.

I've sold a handful of domain names, but his was my first escrow.com deal. I really didn't know what to expect procedurally. Thanks namepros community for the advice!
 
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I know the OP has his money and all worked out well but I have to ask: What on earth is your big hurry? All of you!

There used to be a motto placed in businesses, back in the back where the employees could see it: "The customer is always right"

This does not mean be a doormat, it means don't argue when the game is won. Escrow has the money, you get paid if you transfer the domain. Let the customer have his comfort level. An 18 day delay with the sale assured is nothing to worry about.

ANY time you ask something of a customer, even when it is your "policy" you run the risk of losing him. That is why the customer is always right.

Same thing with sticking the customer with the entire escrow fee, unless that had been negotiated. I split it, sometimes I pay all of it if I think there might be a misunderstanding.

Focus on the sale, ignore the trivial ego-boosts.
 
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I leave the default 3 day.

I would never try to one day someone.

If its an experience domainer that knows what there doing, maybe
 
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There are a lot of sharks in our business. The shorter the time until you get paid the lesser the risk. I don't agree with accent's way of thinking.
 
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I'm doing my first escrow sale..not by choice but cause gd sale forced it..

so I learned about this whole inspection period just now.. no other escrow dan.com etc really do it..so this isn't easy to digest.. cause u go thru this whole long complex wait and gd sale process.. wait for buyer..verify I'd etc..and then boom he can cancel everything without even giving reason.

unless I'm missing something.. this is awful setup.. why even consider exposing yer sales to this and use escrowcom
 
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Response: ...you've got three days
 
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There are always ways a rogue buyer can try to hold up or screw up a sale. Escrow’s inspection period has really nothing to do with most of them.
 
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I will never use escrow.com again. I believe it is very one sided towards the buyer.

A fair setup would be

Agree to price

If its the buyers first time and they need to verify the transaction does not start until they do that.

Buyer must pay within 48 hours or transaction cancelled. (currently the buyer has 30 days)

Once the name is transferred funds instantly released.

I was just asked by someone to pay via escrow.com, 3200 sale, I told them I do not use them and explained why and they could go via dan or epik. I do not care if I lose the sale, I will never do business with escrow.com again unless they start representing the sellers fairly.
 
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I'm doing my first escrow sale..not by choice but cause gd sale forced it..

so I learned about this whole inspection period just now.. no other escrow dan.com etc really do it..so this isn't easy to digest.. cause u go thru this whole long complex wait and gd sale process.. wait for buyer..verify I'd etc..and then boom he can cancel everything without even giving reason.

unless I'm missing something.. this is awful setup.. why even consider exposing yer sales to this and use escrowcom

Hi @alcy! Escrow.com's inspection period is in place to protect both parties (Buyer and Seller) such that 1) the Buyer has the option to accept or reject the domain (or merchandise/services) if it's not what both parties agreed to, etc. and 2) for the Seller to also be able to respond by confirming acceptance or rejection of the rejected domain (merchandise/services). If the Seller accepts the rejected domain/assets, Buyer's refund will be processed, while if rejected, the transaction goes to Dispute.

Note that the number of days for inspection period (from Seller to Buyer) should be mutually agreed by both parties upon creation of the transaction in the Escrow.com site. For more details about our rejection and dispute process, you may find Sections 5, 7, and 10 in the General Escrow Instructions useful here: https://www.escrow.com/escrow-101/general-escrow-instructions.

For domains without content, we have a concierge service where we have a dedicated team of specialists who can help with the transfer. The added benefits for the Seller is that there's no need to wait for the Buyer to confirm receipt and full control of the domain (removing the inspection period essentially as we will be the ones doing this in your behalf). The Seller only needs to transfer the domain to one of Escrow.com's secured registrar accounts and then we can immediately release the funds as we have secured the domain in our account. The Buyer's benefits is that we're taking care of the inspection period to verify the domain because our concierge specialists will do this for you. Our concierge team will work directly with the Seller to transfer the domain to us so there is no need to stress with the follow-ups to the Seller. As soon as we secure the payment, the Buyer only needs to advise us where they want the domain to be transferred to and we will take care of the rest.

Hope this helps. Feel free to DM us with your transaction ID, if you have one yet, should you have other questions and require assistance.
 
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