13 {{ upvoteCount | shortNum }}
13 {{ upvoteCount | shortNum }}

Escrow Transaction - please help!

by chimpy
11 replies
Hi everyone,

I had bought a website from Flippa, and transferred the funds into Escrow. After doing so, the seller had pushed the domain and transferred the website files to me. However, according to the Flippa listing, there would be a marketing plan and outsourced contacts which will be provided in the sale of this website. The seller refused to send me the marketing materials until I accepted the transaction in Escrow.

I refused to accept the transaction as he went uncontactable subsequently for almost a week. After sending him multiple emails and chasing him for updates, I decided to reject the transaction as it was not complete and he wasn't responding.

Miraculously, after I had rejected the transaction in Escrow, he reappeared and apologized for being unresponsive. He then explained that he was going through a rough time in his personal life and now that I've rejected the transaction in Escrow, he would like to have the domain back. I agreed and pushed the domain back to him since 10 Jun 15, however, he is not accepting the domain push in Godaddy.

I contacted Flippa Support, which said they will not be involved in the refund and that it was out of their scope.
Enquiring with Godaddy on what I could do if he refuses to accept the domain push did not help either and they said that there was nothing they could do on their end.
I had also enquired with Escrow on how I could get my funds that was stuck there since the transaction was rejected. They replied coldly that the seller will need to show the domain had been accepted back and the WHOIS showed the seller's details before they could release the funds back to me.

How do I get Escrow to disburse the funds back?

Any advise please?
#escrow #flippa or escrow #refunds #transaction
  • Profile picture of the author salegurus
    Looks like you are screwed until the seller accepts the domain and i think he knows that... PS. How much money is involved here?
    Signature
    Think of how stupid the average person is, and realize half of them are stupider than that.

    ― George Carlin
    {{ DiscussionBoard.errors[10143809].message }}
    • Profile picture of the author chimpy
      Originally Posted by salegurus View Post

      Looks like you are screwed until the seller accepts the domain and i think he knows that... PS. How much money is involved here?
      It's a month's worth of rent for me
      {{ DiscussionBoard.errors[10143884].message }}
  • Profile picture of the author derekwong28
    Unfortunately, escrow is not 100% safe and this is one such situation. You could try out a deal with him e.g. agree to disburse 50% of the funds immediately and the rest on receipt of the marketing plan and contacts.
    Signature

    Do not get between a wombat and a chocolate biscuit; you will regret it dearly!

    {{ DiscussionBoard.errors[10143829].message }}
    • Profile picture of the author chimpy
      Originally Posted by derekwong28 View Post

      Unfortunately, escrow is not 100% safe and this is one such situation. You could try out a deal with him e.g. agree to disburse 50% of the funds immediately and the rest on receipt of the marketing plan and contacts.
      I've tried to negotiate with him but he insisted that he can relist on Flippa and hence, he's fine that I rejected the transaction in Escrow..but now he's not replying me again. I've tried to send Escrow the screenshot that I've pushed the domain to him, but they will not accept it unless the seller possesses control of the domain.
      {{ DiscussionBoard.errors[10143889].message }}
      • Profile picture of the author Kay King
        It's a month's worth of rent for me
        Which could be almost any amount as you have no location listed.

        I've tried to negotiate with him but he insisted that he can relist on Flippa and hence, he's fine that I rejected the transaction in Escrow..but now he's not replying me again.
        What is there to negotiate? You bought a site (the marketing materials were a bonus in my opinion) - the seller sent you the site - you refused to pay for it. Had you paid - I expect you would have all of the materials by now.

        You complain the seller "disappeared" - but he fulfilled his part of the contract by sending the site to you. He apologized for being out of contact - he did nothing wrong. He did NOT have your money when he was gone for a week and had no obligation to answer your demands when you had not yet paid for the site.

        I expect you'll get your escrow back - but you may have to be patient for a bit until the seller decides to clear up the problem.
        Signature
        Saving one dog will not change the world - but the world changes forever for that one dog
        {{ DiscussionBoard.errors[10143972].message }}
        • Profile picture of the author chimpy
          Originally Posted by Kay King View Post

          Which could be almost any amount as you have no location listed.



          What is there to negotiate? You bought a site (the marketing materials were a bonus in my opinion) - the seller sent you the site - you refused to pay for it. Had you paid - I expect you would have all of the materials by now.

          You complain the seller "disappeared" - but he fulfilled his part of the contract by sending the site to you. He apologized for being out of contact - he did nothing wrong. He did NOT have your money when he was gone for a week and had no obligation to answer your demands when you had not yet paid for the site.

          I expect you'll get your escrow back - but you may have to be patient for a bit until the seller decides to clear up the problem.
          I had already put the money in Escrow, obviously i was prepared to pay for the website. The marketing plans were not bonuses, but part of the agreed purchase according to the Flippa listing. I sure hope to resolve this soon as well. Thanks.
          {{ DiscussionBoard.errors[10144048].message }}
  • Profile picture of the author derekwong28
    Kay, there are situations when the marketing materials is the most important aspect for the sale. For example, a dropshipping website requires the contact of the supplier. There are also a number of cookie cutter sites that depend on PPC and other marketing methods. So that the domain and website on their own are virtually worthless.

    The fact that the seller is not responding makes me suspicious. It could be that the site and domain means little to him because he can replicate it easily. Without seeing the listing on Flippa, I cannot comment further. I think you should contact escrow again and ask for their help to negotiate a way out of this.
    Signature

    Do not get between a wombat and a chocolate biscuit; you will regret it dearly!

    {{ DiscussionBoard.errors[10144005].message }}
    • Profile picture of the author Kay King
      I understand that, Derek. Is Flippa selling the marketing materials - or the website? Was the escrow to pay for the website or buying materials?

      But this seller came back to explain his absence after only one week - he sent the site to the buyer before he left for one week. He didn't have any of the buyer's money for those few days.

      I think there is an impatience and mistrust in this type of sale that can lead to frustration and a botched agreement.

      We have one side of a story - we don't know the buyer's reputation on Flippa or the Seller's rep there. We don't know how the sales page was presented or whether the marketing materials were part of the offer or a bonus from the seller. We don't know how many times the seller was contacted or how many times he replied before he stopped answering.

      So we're all guessing

      I think the problem will be solved - but a bit of patience may be necessary to allow the situation to cool down.
      Signature
      Saving one dog will not change the world - but the world changes forever for that one dog
      {{ DiscussionBoard.errors[10144039].message }}
    • Profile picture of the author chimpy
      Originally Posted by derekwong28 View Post

      Kay, there are situations when the marketing materials is the most important aspect for the sale. For example, a dropshipping website requires the contact of the supplier. There are also a number of cookie cutter sites that depend on PPC and other marketing methods. So that the domain and website on their own are virtually worthless.

      The fact that the seller is not responding makes me suspicious. It could be that the site and domain means little to him because he can replicate it easily. Without seeing the listing on Flippa, I cannot comment further. I think you should contact escrow again and ask for their help to negotiate a way out of this.
      Thanks Derek, indeed the website that was sold was a 2 page website which is definitely not going to be worth the kind of money that was paid. The fact that he promised to assist with the uploading of the web files to my hosting but became uncontactable after that was also unacceptable to me. I'll try to contact Escrow again on a proper resolution.
      {{ DiscussionBoard.errors[10144069].message }}
  • Profile picture of the author agmccall
    Originally Posted by chimpy View Post

    Hi everyone,

    I had bought a website from Flippa, and transferred the funds into Escrow. After doing so, the seller had pushed the domain and transferred the website files to me. However, according to the Flippa listing, there would be a marketing plan and outsourced contacts which will be provided in the sale of this website. The seller refused to send me the marketing materials until I accepted the transaction in Escrow.
    Here is the way I see it (from sellers perspective) Most research, testing, and money spent is in the marketing materials. If he sent those prior to the transaction is complete you could keep them refuse the sale and just rebuild the site on your own with all the marketing materials that someone else spent a lot of time and money on.

    I agree with the seller. Pay up and you get the marketing materials.

    al
    Signature

    "Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas Edison

    {{ DiscussionBoard.errors[10144032].message }}
  • Profile picture of the author DRP
    This is why you should have used a Broker like me LOL. You would have saved yourself this headache.

    Originally Posted by chimpy View Post

    I had bought a website from Flippa, and transferred the funds into Escrow.

    How do I get Escrow to disburse the funds back?
    https://escrow.com/support/faqs/faq-...crow%20Process
    Signature
    I'd rather tell you an ugly truth than a pretty lie.
    {{ DiscussionBoard.errors[10144045].message }}

Trending Topics