Contact Escrow.com IMMEDIATELY (phone!) and advise them that you want to CANCEL the process immediately for the aformentioned reason.
Escrow.com is not safe at all for domain name transfers.
Edit: Yes, it is entirely possible to lose a domain name after Escrow.com paid the seller. Even if you don't accept the transaction as completed: they will verify the WHOIS information and at most delay the fund disembursement if you claim you didn't get the domain name. In the end you will lose your 11k. So do yourself a favour and call them now...
@ Jackkicker - Sorry to hear about your trouble,hope it all works out for you in the end!.
But I'm a little more concerned about the statement that "escrow" is not safe!.
How is it not safe, I was under the impression that until the domain was not transferred to the new buyer, that escrow will not release the funds to the seller..
Thanks for your advice. I really appreciate it. Post added at 01:49 PM Previous post was at 01:48 PM I think that Escrow.com look at the Whois information to confirm if the domain was transferred or not. And I know that the Whois information can be easily forged.....
Not a problem. You will probably lose the Escrow fee though...
How if the seller changes the whois info to the buyer's and provide fake registrar email screenshots if Escrow.com asking for?.
I have emailed escrow.com regarding how they would handle situation like this, they never reply.
I still use escrow.com though...
Damn, never thought of that! But you're right, it could happen, and to think I've used escrow in buying several $x,xxx domains, lucky it all went through!...
I don't buy that escrow.com isn't safe. I've used them several times and they have never used Whois info as proof of domain transfer. In fact I had to contact them via my email to confirm that I received the domain. A recent transfer took over a week and escrow stayed in contact with me via email to ensure I took control of the domain. They did not release the funds until I gave the go ahead...
So all in all, escrow can get tricky!!.
What is the domain name in question for 11k?..
Buyer puts funds in escrow. Escrow releases them when buyer confirms possession of goods. Confirmation is sent to escrow from the buyers account on hand with escrow. I see nothing to be nervous about...
Keithmt, ever wonder what'd happen if you'd claim you didn't receive the domain and the buyer "proofs" you did ? The answer is: you're screwed. And even if Escrow worked the other way around, you could scam some nice names off of sellers and never pay a dime for it.
For domain transfers, use an escrow service that transfers the domain into their own registrar...
It's not that easy as you're thinking big guy, alot to be nervous about IMHO.. look around and ask people who have been burnt from such instances...
In addition Keith, the seller can indicate he transferred the domain name. Escrow.com will verify the WHOIS change and starts the inspection period. You can say you didn't receive the domain name but then you'd go the arbitration route. You can't disprove you received the domain name so you'll lose unless the scammer is a complete idiot. At most Escrow will re-set the inspection period but if the scammer persists Escrow.com will disemburse your money to the seller...
Satan, you should develop an escrow service.
Or if someone has funding, I've always wanted to do it..
I think it's illegal without a bank-like permit. Never really looked into it. Besides, I'm Satan >:]..
People that get burned either rush into something that's too good to be true or they don't do their homework first.
If I had 11k on the table you better believe I would constantly check the whois for updates and also stay in contact with escrow. I'm not saying it's impossible to be scammed but in most cases it falls on YOU if you fall victim!..
Thanks, I've started another transaction, this time on Moniker.com...
Using Escrow.com always makes me a little nervous. They handle the money part fine but they do nothing to ensure a safe transfer of the domain name. There is ample opportunity for either party to claim the other party [still/already] has the domain name.
On my last transaction as seller they extended the inspection time to give buyer time to transfer the domain to another registrar AFTER we already did ownership change at current registrar. I had zero control of the domain at that point; buyer could have easily transferred it into another name entirely.
Moniker and Sedo escrow services take possession of the domain name as part of the process to ensure this doesn't happen...
RJ, good to see you back.
Why dont you start an escrow service on NP? you have an ample staff & opportunity to take care of something like that and are well established/reputed to get alot of business.. just a suggestion!..
I don't know about Moniker, but many times on SEDO sales recently they did not take possession of the name. They had me approve outgoing transfers directly to the buyer.
But at least those services do work with you on the process. It would be nice if Escrow.com took more control over the actual transfer process itself.
Luckily, I had no problem using escrow.com, but, "Satanclaus" is correct..
For domain transaction, escrow.com is NOT safest.
Use escrow service that hold both money and domain..
Jackkicker, call Escrow.com. 888.511.8600.
Escrow.com will not automatically release funds based on whois information. Contact with the buyer is always made before releasing funds to the seller...
Thanks everyone. I just contacted Escrow.com. They have a great customer support and will follow the transaction closely.
Will keep you posted.....
Good luck. I still strongly advice you don't proceed in any transfer through Escrow.com and persist cancelling the current agreement and go through Moniker...
Andee H as an escrow.com rep I wish you would post on namepros more often. Thanks..
Sedo does not always take ownership of the domain. I'm selling a domain right now at sedo registered with godaddy and they wanted me to enter a transfer code.
Here is a screenshot: http://i37.tinypic.com/15cdiqc.gif.
I could easily push the domain to sedo's godaddy account and they to buyers godaddy account but the buyer decided the doesn't want to use godaddy. Instead we waited two months for the internal transfer lock to be released. Now the buyer is transferring to another registrar.
I think all this is rubbish. Domain transfers are becoming more and more insecure especially with sedo's attitude. Sedo, undermines domain transfer security in favor of buyer's caprice. Godaddy's internal transfer lock doesn't help either. It makes transfers painful.
I agree that escrow.com is NOT secure both for the buyer and seller. Escrow.com should take over the domain and then transfer to the buyer themselves. The buyer can argue he never received the domain even if he did. The seller can argue the domain is already gone even if went to his own account elsewhere...
Some people just dont like the easy way out, I tell you!!..
Quick post to let you know that the domain has been transferred successfully and that Escrow.com customer service manager was overseeing the transaction.
Given this experience I would definitely recommend using them for buying/selling domains.
Thanks for all your advices...
I'm happy things appear to have worked out. Now pray the domain name wasn't stolen ;-)..
Sedo, Moniker, Afternic, Escrow.com ... doesn't matter, if the domain is stolen. Completion of escrow means nothing in instances of domain theft.
There have been numerous instances in which buyers bought domains using escrow and then sometime later on had them taken back, even for large sales well into 5-figures.
And it's happened at all of the above escrow services, even including Moniker - if a domain is stolen, the registrar is obligated to address the ownership issue, even if that involves transferring it back to the previous registrar.
I'd suggest the buyer, especially with the amount spent, do a very detailed search of the past whois of the domain asap to check for any potential ownership issues before doing anything more with it.
I've had a $xxxx domain paid via escrow.com, refunded by the seller because it was stolen. Maybe I was lucky. But I appreciate the refund..
Also consider your not protected against stolen domain names. Your simply protecting yourself in escrow that you receive the property. If the seller had stolen the domain, transfered it to you, and received payment - guess who is going to be out of luck?..
I was just searching google and find your post funny though it teaches me lesson.
This time California scammer can not scam. Congratz...
I look at it this way...article says he stole 10 million. Well then he definitely has 11k to spend...
I won't even bother with arguing whether or not Escrow is safe. I'd rather say that if you are dealing with a scammer, I would NOT under ANY circumstance do business with him. Canceling negotiations is the smartest thing you can do...
Contact escrow.com immediately cancel the transaction, and from next time onwards, go with Moniker Escrow. They are really safe...
This is why I don't like buying premium domains on the resale market. There is little or no protection for the buyer if the domain turns out to be stolen, even with the most secure escrow/transfer process. Even if everything looks legit, what is to stop the seller from later claiming their account/s were hacked etc. and having the domain returned to them?..
Am I missing something? You googled one name and found an alert page containing the googled name? How many people in the world do you suppose have the same name as your alleged scammer's name? Do you have any other specific information that clearly identifies your buyer as the one who was referenced on that googled page?..
Thats enough to get me going to look into it more, not like the guys name is John Smith..
Same name, same company, both from Bay Area..
But turned out that the guy was legit and the transaction was done successfully...
Oh god I really thought escrow was the safest thing in selling domains and stuff...
Escrow doesn't guarantee title. Possession alone isn't ownership.
This is why in real estate, even despite escrow / personally handing over money for the purchase, buyers are strongly urged, or even required when obtaining a mortgage, to purchase title insurance.
In the domain name realm, there is no such thing as domain title insurance, that I'm aware of. But there is a crude form of domain title search in the form of Domain Tools Whois History Reports that one can use to make a more informed domain buying decision.
I think Escrow is safe and I have use them many times for purchased the domain.
Make sure the transfer is completed into your registrar account before claim you received the item. Once you claim you received the domain they will release the money...
Notice what is not said there. Yes, "contact" is made. "Contact" and "consent" are two different things.
The buyer can take the name, put screwy data in the whois and claim it was not transferred to them. Likewise, the seller can put the buyer's whois on the name, and claim the name was delivered. The post above most pointedly does NOT describe what happens when the buyer and seller disagree over whether the domain name was delivered.
Escrow.com does what it advertises it does. But it is important for people to understand that it provides a one-sided escrow service (i.e. it handles the money, not the domain transfer). The Escrow.com agreement is not a sales contract, and it is not a title guarantee.
Also, if you find after the deal that the domain names were stolen, Escrow.com will not even tell you where they sent the money...
Arnt they suppose to furnish all th edetails in order for buyer to pursue legal remedies?..