Escrow please explain how it works

[DnEbook]

Hello i have had an escrow account for over a year now and haven't used it yet,

i thought it might be handy is someone explained the procedure to the newbies and a couple of us 'oldies'

....thanks

 

[Burano]

escrow is when a third party holds they buyer's money in an account and does not release it to the seller until the seller receives whatever was promised in the transaction.

It makes the transaction safer for both parties, assuming you are using a safe escrow service. They usually charge a percentage of the sale. It is recommened to use it for any amount that is more than you can afford to lose .

 

[DnEbook]

i was hoping for just a bit more detail , i am thinking od submitting a name to bido and i read they said all names are held in escrow

 

[bmugford]

Escrow in general is just a service that acts as a middle man.

1.) Holds Payment from the Buyer
2.) Verifies domain has been transferred
3.) Releases Payment to the Seller

Bido Escrow is basically referring to the name being held in their account, so they can take care of the transaction after the auction is over. Also, since it is in their account the seller can't back out if the auction doesn't go as well as expected.

Brad

 

[DnEbook]

i was wondering if it was 'inhouse or via escrow.com'

thanks ....rep added