OT: Opinions on Escrow?
05-04-2004, 12:52 AM
#1
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OT: Opinions on Escrow?
Hey all,
My dad really wants to buy a new HDTV for a b-day present to himself and he found a really great deal on one from this site. But they want the payment using Escrow. I have no experience with Escrow and don't really know much more than you pay Escrow and they hold the payment until you approve of the product? Is that right?
But anyway I did some searches but I want to know what is the up to date opinion on using Escrow. I mean this TV is very expensive so we don't want to get screwed.
Thanks alot!
My dad really wants to buy a new HDTV for a b-day present to himself and he found a really great deal on one from this site. But they want the payment using Escrow. I have no experience with Escrow and don't really know much more than you pay Escrow and they hold the payment until you approve of the product? Is that right?
But anyway I did some searches but I want to know what is the up to date opinion on using Escrow. I mean this TV is very expensive so we don't want to get screwed.
Thanks alot!
05-04-2004, 12:54 AM
#2
Three Wheelin'
It really depends on the escrow service. If it was your family lawyer holding the money in Escrow then no problem. If it is some Eastern European website then its a bad idea.
Big TVs are commonly associated with internet scams. So I would be very careful.
Big TVs are commonly associated with internet scams. So I would be very careful.
05-04-2004, 12:55 AM
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Oh, so we should get a lawyer to hold the money? Still trying to figure this whole system out and I remember reading something about a lawyer..
I'll ask my dad what the exact site is tomorrow so I can check it out. Thanks for the super fast response though!
I'll ask my dad what the exact site is tomorrow so I can check it out. Thanks for the super fast response though!
05-04-2004, 01:52 AM
#4
Three Wheelin'
Escrow is normally used in large financial transactions. The buyer might give his lawyer the funds to hold while the paperwork is drawn up and perhaps until after delivery. The buyers lawyer assures the sellers lawyer that the funds are under his control and will be transferred when appropriate. This is normal when companies are being sold or financed and I believe some mortgages work this way.
There are a few reputable online Escrow companies. I used Escrow.com a few years ago when buying 24 servers from a California supplier and having them shipped to Cambridge England. The cost was too much to put on a credit card but I also did not want to send a wire transfer to the vendor before receiving the computers. So I sent the money to Escrow.com and they assured the vendor that they had the money and would pass it on as soon as I said ok or within 5 days of my receiving the equipment if I did not file a reasonable protest. The process went smoothly and cost a few hundred to use the service.
There are a few reputable online Escrow companies. I used Escrow.com a few years ago when buying 24 servers from a California supplier and having them shipped to Cambridge England. The cost was too much to put on a credit card but I also did not want to send a wire transfer to the vendor before receiving the computers. So I sent the money to Escrow.com and they assured the vendor that they had the money and would pass it on as soon as I said ok or within 5 days of my receiving the equipment if I did not file a reasonable protest. The process went smoothly and cost a few hundred to use the service.
