Re: [FWDLK] Escrow
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Re: [FWDLK] Escrow



The big thing to be aware of here is to know the Escrow Company is real.
In a scam, the seller sets up a phony "Escrow Company" and when the funds come in, he splits..... NO car!
So make sure you are dealing with a legitimate, Real outfit, or provide your own on your end.


Regards, Ray


On Jul 16, 2005, at 9:22 AM, Wayne Graefen wrote:


"Escrow" is not a company.? It is a type of an account in which a financial company, typically a bank, makes sure that two parties, typically a buyer and seller, perform as they have agreed to before titles and monies are allowed to pass back and forth.? It is for the safety of both buyer and seller.? Thus in the case of a car sale, especially across great distances where you really have no way to know the character of?your buyer or of your seller, by setting up an escrow account with a bank,?both the title and the payment for the car go to the bank.? Obviously both buyer and seller can trust the bank!? When the car has been shipped?and received and the buyer is happy with the car, he notifies the bank.? The bank releases the money to the seller and releases the title to the buyer.
?
Escrow takes place in almost 100% of home sales because of all the legalities regarding properties and because of the larger amounts of money.?? As collector car values go up and up, and scams become more and more common,?you will see more and more escrow sales of cars.? It is in your best interest whether you are the buyer OR the seller.
?
A side note!??? Beware the buyer who wants to give you a cashier's check for your car and drive away with car and title.? A cashier's check is NOT guaranteed funds.? This is a BIG misconception!?? A cashier's check can have a stop payment placed on it just like a personal check.? NEVER sell a car based on a cashier's check unless you have adequate time for the cashier's check to clear your bank before the car and title leave your hands.
?
Wayne


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