Flippa Experts: Setting the Escrow Inspection Period

11 replies
I'm right at the cusp of launching my first auction, and I've pretty much nailed down everything with the actual auction to the T. So now I have to think about the transfer of assets. I'll be going with Escrow.com, as it is now integrated within Flippa. But what should I set the inspection period to? Does there really need to be an inspection period? Why would I hand over a domain and website and not expect to be paid immediately upon transfer? Somebody clue me in, please.
#escrow #experts #flippa #inspection #period #setting
  • Profile picture of the author Hamida Harland
    The inspection period gives the buyer a chance to look over the site and make sure everything is as advertised - particularly the traffic and revenue side of things. I normally try to set the inspection period at 1-2 days, however when I've sold larger sites (in the $5000+ range) the buyers have often requested up to a week. By refusing an inspection period you might look as if you have something to hide.
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    • Profile picture of the author DesktopDayjobs
      Originally Posted by Hamida Harland View Post

      The inspection period gives the buyer a chance to look over the site and make sure everything is as advertised - particularly the traffic and revenue side of things. I normally try to set the inspection period at 1-2 days, however when I've sold larger sites (in the $5000+ range) the buyers have often requested up to a week. By refusing an inspection period you might look as if you have something to hide.
      Hey, thanks for the input, Hamida. One quick question though. What is to stop the buyer from keeping your site and/or domain and then refusing the Escrow transaction within the inspection period, thereby keeping their money?
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  • Profile picture of the author Davioli
    I'd like to know the same question that @desktopdayjobs has asked... I'm extremely close to selling my first auction with Escrow as the payment option.

    How sure can I be that the buyer will keep the website and then tell escrow that it isnt what he thought it would be.
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    • Profile picture of the author Hamida Harland
      Originally Posted by DesktopDayjobs View Post

      Hey, thanks for the input, Hamida. One quick question though. What is to stop the buyer from keeping your site and/or domain and then refusing the Escrow transaction within the inspection period, thereby keeping their money?
      Escrow have the money in their possession before the site files & domain are transferred to the potential buyer, so if the buyer refuses the sale you have to confirm to Escrow that the domain has been transferred back to you before the money is returned to the buyer. They could potentially keep your site files though (you don't know whether they've deleted them or not). Escrow isn't 100% safe, but as far as I know it's the best option we've got when selling sites. I've used Escrow alot and never had any problems - I've been lucky enough to get great buyers though.
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      • Profile picture of the author DesktopDayjobs
        Originally Posted by Hamida Harland View Post

        Escrow have the money in their possession before the site files & domain are transferred to the potential buyer, so if the buyer refuses the sale you have to confirm to Escrow that the domain has been transferred back to you before the money is returned to the buyer. They could potentially keep your site files though (you don't know whether they've deleted them or not). Escrow isn't 100% safe, but as far as I know it's the best option we've got when selling sites. I've used Escrow alot and never had any problems - I've been lucky enough to get great buyers though.
        Thanks. I wasn't 100% sure how Escrow.com works.
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      • Profile picture of the author Trusted Friend
        Originally Posted by Hamida Harland View Post

        Escrow have the money in their possession before the site files & domain are transferred to the potential buyer, so if the buyer refuses the sale you have to confirm to Escrow that the domain has been transferred back to you before the money is returned to the buyer. They could potentially keep your site files though (you don't know whether they've deleted them or not). Escrow isn't 100% safe, but as far as I know it's the best option we've got when selling sites. I've used Escrow alot and never had any problems - I've been lucky enough to get great buyers though.
        You could also use one of the new breed of Escrow services (UK Government registered), such as Transpact.com.
        Unlike Escrow.com and Flippa, these allow you to set and alter the conditions under which your Domain payment money is protected, and so allow for a tailor-made trouble free transfer.

        For domain names under $1,000, probably not worth the trouble (and at a £3 fixed all-in fee, possibly uneconomical). But for domain names over this amount, there are many who use services of this type.
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        • Profile picture of the author DesktopDayjobs
          Originally Posted by Trusted Friend View Post

          You could also use one of the new breed of Escrow services (UK Government registered), such as Transpact.com.
          Unlike Escrow.com and Flippa, these allow you to set and alter the conditions under which your Domain payment money is protected, and so allow for a tailor-made trouble free transfer.

          For domain names under $1,000, probably not worth the trouble (and at a £3 fixed all-in fee, possibly uneconomical). But for domain names over this amount, there are many who use services of this type.
          Thanks for the info.
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  • Profile picture of the author daviddson
    Hey,


    Sir Hamida Harland you gave very good information about escrow inspection. i didn't know much about this but now after reading this post i learned something about this. so, sir thanks for this information.
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    • Profile picture of the author Davioli
      Originally Posted by daviddson View Post

      Hey,


      Sir Hamida Harland you gave very good information about escrow inspection. i didn't know much about this but now after reading this post i learned something about this. so, sir thanks for this information.
      I'm pretty sure Hamida is a female name..
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