Hi, How is payments in buy/selling domain names? First seller must be paid? or transfer domain to buyer? I'v already heared about Escrow service but I don't know exact abt that.. What is this service? who do this service?.... Thanks
Escrow: Buyer and Seller agree to deal. Buyer sends money to Escrow Escrow confirms and secures funds. Seller transfers name to Buyer OR escrow (depending on escrow service) Buyer confirms receipt (or escrow service confirms) Escrow service gives funds to seller (or gives domain and funds to each respective party)
Escrow is a pain in the ass, and most Professional Resellers, will gladly give you a break on the price, not to have to go through it. (Depending on the price) Anything under $500 most people will do with Pay Pal, although I wll take upwards of $1500 that way. Everything else is done with wire, or corp checks, and funds must be verified, before the domain is transfered. Some people use attorneys if they already have one on retainer, for transactions in the thousands, some look for a referral from past clients, and some just know the biz, and are used to transactions of domains and money. A seller with a large portfolio, most likely will not screw you over, because it is just one of thousands of domains, and it's not worth the bad rep of the rest of your portfolio for a few thousand dollars. It 's the one or two domain sellers that you should be extra careful with, because I have seen some sell the same domain 3 or 4 times. I work with a portfolio of 15,000. And rarely do I pull one out that is worth over $5k, unless someone is looking for something particular. For me, it's trivial, and not worth the time, money and reputation to not handle business professionally, because for every domain that is sold, there is one or 2 pending. Screw around with one, and ruin the others. That is why I always let people know my name, and I encourage them to call me, so on the off chance that something feels off to them, they know who I am, and where to find me, and contact me immediately with concerns. If a seller is less than forthcoming with his contact and business information, that is a red flag. This ain't the CIA. If you life needs to be that hidden, you probably shouldn't be dealing with the public.
I recommend Escrow for any transaction for your security and theirs unless it is a trusted party. With escrow you can simply use a buyer pays fees clause. On forums if you can verify who they are and have a reputation it can be easier to trust.