ESCROW TRANSACTIONS

[HERMAN]

Can anyone suggest a safe way to handle transactions using a escrow company or some other third party to protect both buyer and seller in jewelry transactions? Any help is appreciated

 

[denverappraiser]

Hi Herman,

A common sort of transaction for most independent appraisers goes something like this:
The buyer and seller show up together for an appraisal. The inspection is done in the presence of both and then the appraiser gives the merchandise back to the seller who is kicked out of the room. They discuss the results with the buyer (who is the client) in private and then the buyer goes out and makes a deal or not as they wish. IF they make a sale, they both come back in and the appraiser reinspects it to be sure nothing changed during the private meeting and, assuming all is well, they do the deal on the spot. The buyer pays for the appraisal either way. The details will vary somewhat depending on the environment where the appraiser is working but most have a procedure for facilitating private transactions is a way that protects both parties.

There are variations on this theme and it’s not a true escrow service because the appraiser is never taking possession of either the merchandise or the money. Some appraisers do offer escrow services as well and these vary quite a bit from one to the next. Escrow is a regulated financial industry and different states approach it quite differently. It is consequently a fair amount more expensive, especially if there's a lot of money involved. Government involvement tends to have that affect although it does add some comfort as well.

 

[texaskj]

I don't know if you're looking for someone local, but for online, www.exboyfriendjewelry.com recommends www.safefunds.com...

 

[denverappraiser]

I don't know if you're looking for someone local, but for online, www.exboyfriendjewelry.com recommends www.safefunds.com......

Hi Texas,

That's an interesting site. I've never seen it before. It does seem to be a guarantee that you'll get something, but they don't seem to be making any effort at all to guarantee that you're getting what you're expecting. That comes from the seller, and if you already don't trust the seller, which I presume is why someone would want an escrow service involved, I don't see how this service will help.

 

[kelpie]

I sold a $6000 ring using www.escrow.com with no problems. The fees were cheaper than selling on ebay. You basically both agree to and generate the terms w/ eachother so it is contract and then escrow collects the funds in escrow and distributes when the buyer accepts the item.

 

[texaskj]

Denver, I've kind of thought the same thing. The exboyfriendjewelry site is pure entertainment for me; some of the stories are hysterical. There's also a web site called www.idonowidont.com and if I remember, you send the item to them and their appraiser checks it. You know, it's almost easier to sell a car or your house than jewelry.

 

[Modified Brilliant]

HERMAN...you've been lurking since Dec. 2003.. .it's good to see ya!