question Ever had a buyer default on payments?

[ultradog]

Did you ever have a buyer so far behind with payments you began the process to take back the domain? Using Escrow, that is.

I’ve wondered how often it happens.

 

[Brandon Abbey]

The escrow company has an obligation to enforce the contract. If the buyer hasn't made good on the terms and you haven't agreed to extend the "cure" period the escrow company should return the name to you. It doesn't happen often, but it does happen.

 

[xynames]

In these situations if in fact the buyer is going to default you must notify the escrow to start the cure period. It doesn’t commence automatically.

Compare it to say...a property you have rented out. If the tenant doesn't pay his rent in California you must give a three day notice, then file and serve the unlawful detainer. i.e. You must take affirmative action to enforce your rights, they don't kick in absent your action.

I’m in a two year payment plan with a buyer who gave a substantial down payment towards a high five figure purchase price. Given the high down payment buyer has no incentive to default. Many times he’s submitted the credit card payment form only to have escrow.com be very slow about processing it. Also, escrow.com accepts max of $5k of credit card payments per six month period beyond that buyer must bank wire.

 

[ultradog]

Thanks for replying. I realize of course nothing happens without my starting it. I am not ready to do that... I just wondered if anyone had been in the situation.

My buyer finally submitted a payment. Prior to this, I was wondering if he was really hurting for funds so as not to be able to complete the sale.