Escrow transaction stalled. Does this happen often?

[eraldo_coil]

I received my first ever inbound offer on a domain name, which came from the landing page I set up for it. The landing page has a "Buy It Now" button, listing the price, and it links directly to Escrow.com to begin a transaction. The buyer "agreed" to the BIN price, initiated the transaction, and sent a message to me along with it stating they would like to buy the domain name.

I accepted the terms of the transaction, and It's now been 5 days and the buyer has yet to submit the funds to escrow. I emailed the buyer two days ago reminding them that they must now submit the money to escrow before I can begin the process of transferring the name. No response. Nothing.

I'm beginning to feel a bit discouraged because the buyer obviously seemed interested enough in the name to start the escrow transaction, but now it's stalled and i'm feeling like the buyer is backing out.

Does this happen often where a buyer will begin an escrow transaction and then bail? Anyone have this happen? Just wanting some reassurance while I wait this thing out and hope the buyer ends up moving forward...

Thanks!

 

[Lysted]

As you know, that Escrow.com is now asking identification documents from buyers/sellers alike. That could possibly be the reason. Also it is helpful to contact escrow.com via chat (one you login - it will pop up) and ask them about this.


Best.

 

[eraldo_coil]

Thanks for your response. I had submitted all of my ID verification documents, didn't realize the buyer had to do the same. That could be what's holding it back. I tried chatting with someone at escrow, but no one has responded and it's been over 30 minutes. Probably because it's Sunday evening?

Anyway, thanks again. Hopefully everything works out.

 

[Lysted]

It would be better if you hear back from Buyer. Also it may be transaction to time-out. So you can tell the buyer that as well.

There are other alternatives, and comparable service is Sedo.com with 3% ($60 mininum). We always give 2 options to the buyers.

 

[eraldo_coil]

Yeah, hopefully I hear back from the buyer.

Wouldn't Escrow let the two parties know if the transaction has timed out? Good idea on giving the buyer more options. The BIN button I set up for the domain directly links to escrow, so that's why no other option was given. If I ever hear from the buyer i'll mention Sedo.

 

[Internet.Domains]

I received my first ever inbound offer on a domain name, which came from the landing page I set up for it. The landing page has a "Buy It Now" button, listing the price, and it links directly to Escrow.com to begin a transaction. The buyer "agreed" to the BIN price, initiated the transaction, and sent a message to me along with it stating they would like to buy the domain name.

I accepted the terms of the transaction, and It's now been 5 days and the buyer has yet to submit the funds to escrow. I emailed the buyer two days ago reminding them that they must now submit the money to escrow before I can begin the process of transferring the name. No response. Nothing.

I'm beginning to feel a bit discouraged because the buyer obviously seemed interested enough in the name to start the escrow transaction, but now it's stalled and i'm feeling like the buyer is backing out.

Does this happen often where a buyer will begin an escrow transaction and then bail? Anyone have this happen? Just wanting some reassurance while I wait this thing out and hope the buyer ends up moving forward...

Thanks!

This is exactly what many people has said will be the problem with asking the buyer for "extreme" documentation. Many times a buyer has no future intentions of using escrow and will become agitated with the documentation requests. Expect some buyers to back out when you request they use this type of service......A better option is to use Godaddy Premium listing service.

 

[E-Promote]

Keep in mind, it could be a simple case of the buyer getting cold feet, it happens for a variety of reasons and the more sales you make the more it can happen. A car salesman once told me "It's not sold until they drive it off the lot".

 

[Kate]

Sometimes people change their mind and take the paperwork requirements as an excuse to walk away from their commitments.
Keep in touch with the buyer without being pushy, but offer assistance as he/she maybe confused with the process. Good luck.

 

[eraldo_coil]

Thanks everyone for your comments.

I ended up emailing the buyer this morning and let them know that if they are not comfortable using Escrow as a third party to secure the domain name that I'd be flexible working with them on their preferred method. I tracked the email and they've opened it 6 times within a few hours.

At this point I think what i'll do is wait another few days if no response, confirm if they would like to move forward and go from there.

 

[TampaDomains]

Escrow did make a couple of my recent buyers submit Id which is bs. Do they do this for all new buyers now?
Crazy if so.

 

[william ericson]

its better you talk to the buyer to know if he transferred it from his end.

 

[jideofor]

Move the transaction to Sedo at 3% and they will handle everything with ease. NO LONG THING MY GUY!

 

[Skyvisum]

My buyer has sent every documents and sent payments and then escrow is talking about maintenance after receiving payment since the 17th.I have sent a pm to Escrow guy here and havent heard back.Might be my last and final time using them.

 

[Domain Monk]

I Lost the deal high XXX , after sending outbound, research, negotiating, agreeing. There comes a nightmare escrow.com throwing my deal away due to some WORST buyer verification system. The reason they not approving the payment because they want the address in paypal and escrow match...first they told me the buyer is already verfied and now they giving me all this.seriously buyer lost interest with the procedure and stop responding and i lose the deal...Good bye escrow.com

 

[jideofor]

I Lost the deal high XXX , after sending outbound, research, negotiating, agreeing. There comes a nightmare escrow.com throwing my deal away due to some WORST buyer verification system. The reason they not approving the payment because they want the address in paypal and escrow match...first they told me the buyer is already verfied and now they giving me all this.seriously buyer lost interest with the procedure and stop responding and i lose the deal...Good bye escrow.com

Call them FREELANCER, a company with a reputation of destroying business built with people in mind.

 

[Domain Monk]

My buyer has sent every documents and sent payments and then escrow is talking about maintenance after receiving payment since the 17th.I have sent a pm to Escrow guy here and havent heard back.Might be my last and final time using them.

My Buyer also has updated the PayPal and escrow address, but still escrow has not approved the payment. What they really want. all they gave me is more stress and lost my mental peace with them...