(Topic ID: 196363)

Escrow - How many of you have ever used it?


By EmLover1970

1 year ago



Topic Stats

  • 12 posts
  • 9 Pinsiders participating
  • Latest reply 1 year ago by silver_spinner
  • Topic is favorited by 1 Pinsider

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    #1 1 year ago

    I have a potential buyer and he's talking about 'protecting us both' with an escrow service. I've never used one, and have always been paid before letting a game out of my sight. Doesn't this give the buyer the opportunity to quibble about any tiny detail once the game has arrived, holding up funds while also being in possession of the game, or am I being paranoid? How much does this service cost?

    Thanks much, forum.

    #2 1 year ago

    I believe (I could be mistaken) they act as the middle man and they hold the funds during the transaction. If the buyer encounters any issues with the machine, he has to return it to you before they give him his money back. If you want a full explanation of how it works, check out Vid's guide below post # 7

    https://pinside.com/pinball/forum/topic/how-to-not-get-ripped-off-in-pinball-vids-guide

    #3 1 year ago

    OK, I would have to get the game back before he would get his money back. That's assuring as I don't want to have the buyer have all the leverage. Thanks.

    #4 1 year ago

    All of the rules of how it'll work should be written out clearly ahead of time. There should be a written "escrow agreement" that you, the buyer, and the escrow agent all sign. The agreement can say what the three of you agree to for how and when the deal gets finalized and the money sent to you, or canceled and the money gets sent back to the buyer. Also any escrow agent fee should be specified. You're free to negotiate for different rules if the rules that the buyer or escrow agent propose to you make you uncomfortable.

    #5 1 year ago

    I wouldn't go through the trouble.

    Unless you are selling something that no one else wants or is severely overpriced, find someone that will pay you cash for an AS-IS all sales final pinball machine.

    You are just asking for a headache on this deal.

    #6 1 year ago

    I agreed with ^^^^

    #7 1 year ago
    Quoted from JonCrox:

    I agreed with ^^^^

    100% agree with the other guys..definitely wouldn't do it. The buyer needs to assess the machine before purchase and then he's on his own. You're not warranting the machine, so escrow isn't appropriate. Good luck.

    #8 1 year ago

    The escrow is for shipping purposes when the buyer can't come and check it...

    You use the escrow agent to verify item is in condition specified by the seller...
    And the escrow agent gets and verifies all the money is available before it can be shipped to the new owner.

    This protects both buyer and seller and is much better than just sending a check and hoping an items gets delivered (buyer is screwed)... or shipping a pin and waiting for a check that doesn't come or having a check bounce (seller is screwed).

    I'm certain it is a hassle but that is how you get protection.

    ALL THAT SAID... I haven't used it... but I do believe in the value for both parties...
    but the best thing to do is buy local with cash and be done...
    when not possible have a friend who is local do that and get it shipped...
    and then escrow if nothing else is available seems reasonable.

    1 week later
    #9 1 year ago

    Well, I've committed to doing it this way, but I most likely won't do that again. I think he should be ecstatic with this game, so hopefully there will be no delays or issues...

    #10 1 year ago

    I have wondered about this type of service. What happens if buyer declares the machine is not as described and backs out. Returns machine to seller. But machine returned to seller isn't in same condition as when seller shipped it to buyer?????

    #11 1 year ago

    never ever use this method as royf says that is a very valid point.. or what happens when it gets returned to original seller and is damaged in shipping when the buyer did not re pack properly when they shipped it back? also who pays the return shipping? we arent talking about a few dollars shipping costs.

    #12 1 year ago

    wait for the check to clear for sure before you ship or cash the check at the same bank that the check is made from, that is quicker and the check sender is immediately held responsible as they have an account at that bank.

    buyer can also send the check certified so seller has to sign for it so they both know it arrived.

    Quoted from tiesmasc:

    The escrow is for shipping purposes when the buyer can't come and check it...
    You use the escrow agent to verify item is in condition specified by the seller...
    And the escrow agent gets and verifies all the money is available before it can be shipped to the new owner.
    This protects both buyer and seller and is much better than just sending a check and hoping an items gets delivered (buyer is screwed)... or shipping a pin and waiting for a check that doesn't come or having a check bounce (seller is screwed).
    I'm certain it is a hassle but that is how you get protection.
    ALL THAT SAID... I haven't used it... but I do believe in the value for both parties...
    but the best thing to do is buy local with cash and be done...
    when not possible have a friend who is local do that and get it shipped...
    and then escrow if nothing else is available seems reasonable.

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