Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Escrow.com
Old 10-05-2019, 06:44 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 342
Escrow.com

Anyone have any experiences using escrow.com for a financial transaction? I'm selling a car to an out of state buyer who wants to use escrow.com to handle the funds.
__________________

freedomatlast is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-06-2019, 07:32 AM   #2
Full time employment: Posting here.
 
Join Date: Jul 2013
Posts: 841
No, but I did sell a car recently to a buyer a couple thousand miles away. No escrow - once the purchase agreement is signed and the cashier's check cleared, the car was no longer mine.

Mind explaining why this would be necessary?
__________________

mrfeh is online now   Reply With Quote
Old 10-06-2019, 08:12 AM   #3
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 342
Quote:
Originally Posted by mrfeh View Post
No, but I did sell a car recently to a buyer a couple thousand miles away. No escrow - once the purchase agreement is signed and the cashier's check cleared, the car was no longer mine.

Mind explaining why this would be necessary?
The point is, I don't think it is necessary.

I'm the seller and the buyer suggested this.

In the past, I handled out of state sales this way:

1) Open a separate account at my bank.
2) Instruct the buyer to send the funds by wire to this account
3) Once the funds are received, transfer the funds to my regular account and close the account to which the funds were transferred.
4) Notarize the title, take a picture of it and send the notarized title to the buyer.
5) Cooperate with the buyers shipping company. Take pictures of the vehicle as its being loaded.

BTW, my bank specifically stated not to use cashier's checks because the fraudulent ones are extremely difficult to detect and the amount of time it takes to get them to officially clear, depending on a variety of circumstances.
freedomatlast is online now   Reply With Quote
Old 10-06-2019, 09:00 AM   #4
Full time employment: Posting here.
 
Join Date: Jul 2013
Posts: 841
Quote:
Originally Posted by freedomatlast View Post
The point is, I don't think it is necessary.

I'm the seller and the buyer suggested this.

In the past, I handled out of state sales this way:

1) Open a separate account at my bank.
2) Instruct the buyer to send the funds by wire to this account
3) Once the funds are received, transfer the funds to my regular account and close the account to which the funds were transferred.
4) Notarize the title, take a picture of it and send the notarized title to the buyer.
5) Cooperate with the buyers shipping company. Take pictures of the vehicle as its being loaded.
Seems like a solid procedure to me.

Sounds like you need to decide if you're going to stick with your MO or if you're willing to bend for this sale. I don't have a recommendation.
mrfeh is online now   Reply With Quote
Old 10-06-2019, 09:12 AM   #5
Moderator
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 5,831
I bought a used car from an individual who didn't hold the title. The escrow agent got the funds I paid, paid the lender, and forwarded the remaining to the seller. And of course got me the title. Seems he paid a couple hundred bucks for the service, but I'm not sure how the transaction would have been possible without it.
sengsational is online now   Reply With Quote
Old 10-06-2019, 09:16 AM   #6
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 2,347
How much total money are you getting? Is the buyer coming down in person to drive back? Wire transfer is the safest, but it might be tough for buyer to do if they are at your location and not able to be at their bank. If $20k or less just get cash if buyer is coming down.
You can use the third party escrow, just make sure fees are not going to be excessive.
__________________
The advice we're giving you is invaluable, that's why it's free
Experience is a good teacher, but the tuition can get expensive real fast

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is online now   Reply With Quote
Old 10-06-2019, 09:18 AM   #7
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: No Country for Old Men
Posts: 45,998
Quote:
Originally Posted by freedomatlast View Post
The point is, I don't think it is necessary.

I'm the seller and the buyer suggested this.

In the past, I handled out of state sales this way:

1) Open a separate account at my bank.
2) Instruct the buyer to send the funds by wire to this account
3) Once the funds are received, transfer the funds to my regular account and close the account to which the funds were transferred.
4) Notarize the title, take a picture of it and send the notarized title to the buyer.
5) Cooperate with the buyers shipping company. Take pictures of the vehicle as its being loaded.

BTW, my bank specifically stated not to use cashier's checks because the fraudulent ones are extremely difficult to detect and the amount of time it takes to get them to officially clear, depending on a variety of circumstances.
The buyer would have to be very trusting that the seller would, after getting paid, actually follow through with the title transaction as described in step #4. I'm not that trusting and wouldn't do the purchase without the use of the escrow option.
__________________
Numbers is hard

Charter resident of the lumpen slums of cyberspace

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 10-06-2019, 09:19 AM   #8
Moderator
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 5,831
Quote:
Originally Posted by freedomatlast View Post
The point is, I don't think it is necessary.

I'm the seller and the buyer suggested this.

In the past, I handled out of state sales this way: .....
That's great for you, but zero safeguards for the buyer. You could take the wire money and go mute.


So it's not necessary for you 😉
sengsational is online now   Reply With Quote
Old 10-06-2019, 11:19 AM   #9
Recycles dryer sheets
 
Join Date: May 2011
Location: Austin
Posts: 352
As for escrow.com, I have 100+ translations there. The good thing for the buyer is that he can dispute the transaction. I would the buyer covering the fee.
__________________

HillCountry is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Another Real Estate Problem - Escrow travelover Other topics 54 12-31-2016 06:29 AM
ESO and Escrow Triton46 Young Dreamers 1 02-11-2012 06:17 AM
Banks and the Escrow Float ferco FIRE and Money 24 11-22-2007 03:57 PM

» Quick Links

 
All times are GMT -6. The time now is 08:43 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×