I am trying to purchase a sportbike online and the seller lives in dallas texas. he said he wants to use escrow to complete the transaction. i heard that escrow is not reliable and that i can get ripped off. whats my best option?

im thinking about asking the guy to send the bike to me and ill look at it. if i want it i will send payment (cashiers check) or if i dont want it ill send it back and pay for or split return shipping back to dallas.

does this seem logical?

 

Just do it paypal by Visa. If you don't like the bike and wasn't in the condition described call the CC up and tell them to cancel the charges and then send him the bike back. Sure your out of the shipping money but hey its better than losing all your $.
All I've found out people who dont have paypal and makeup excuses saying they had a bad time with it and cancelled it is a bad sign. Then they ask for cash or something which isn't to smart.
There are those who actually have gotten ripped off and scammed by using paypal. So be careful whatever you do.

 

i have the cash to pay off the bike in full. i want to get the bike first without paying anything and inspecting it. if i want to purchase it i will mail him a cashiers check. if i dont want it would just pay for shipping or split the costs with him to dallas.

would this be asking for too much?

 

I wouldn't do what you're asking. Two complete strangers. We have people here getting ripped off all the time by other S2000 owners. Escrow is a good way to protect both sides and I think the guy is being smart wanting to use it.

 

how does escrow work? my friends have told me not to use it and that theres a good chance i could get ripped off.

 

Check out

https://www.escrow.com

Note that I am not vouching for this company although I believe them to be very trustworthy. I also haven't used an escrow service as I don't tend to buy things off the internet. I speak simply as former moderator of the for sale forums. I have seen a number of problem transactions and recommend that anyone who is selling or buying anything of even moderate value from someone they don't know over the Internet use an escrow service for protection.

 

Use Escrow, the seller is right. Basically escrow honors fiduciary duties to both parties. This is how it goes down. If you the purchaser of the sportbike deliver funds, then seller has to deliver clear and marketable title to the sportbike. If he doesn't you get your dough back.

This is how you want to structure the terms / condition on escrow instructions.