Re: [FWDLK] Escrow

[Ray Jones <hurst300@xxxxxxxxxxxx>]

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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