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Discussion in 'Basses [BG]' started by benjobass, Aug 19, 2018.
I think I'm probably responsible for that.
Dozens of Rob Allen customers shake their fists!
Is there a financial service available that allows two parties to show good faith? For example, if I want to purchase a bass from you, I send the money to the service and you get notified it's there, but the money isn't released to you until both parties have acknowledged the bass has been delivered as promised? Sorry if I'm being a dingbat and something obvious already exists, but seems like it could help in situations where little trust exists.
Is that essentially an escrow account?
Yes. What you are describing is known as funds held in escrow. You generally draw up a document stipulating the terms of the escrow, and appoint a trustee to administer the the funds. It requires the written agreement of all three parties. In the event of difficulty, you must then enforce your interests in the escrow which may involve arbitration or judicial intervention depending on how the escrow is drawn up. Escrows are often used when the sums of money involved are large, such as a down payment when purchasing a home, for example. An escrow might also be employed in some cases for the sale or purchase by a business of capital equipment. Yes, you theoretically could employ an escrow to purchase a musical instrument or related equipment, but the expense of doing so might be excessive if your not a lawyer or paralegal. Remember, if you have to enforce your interests in the escrow your into a whole other can of worms that might godzilla on you, and devour your interest financially with legal bills. It's kind of a rich man's game. Worth looking into and learning about, for sure. Then, if you think you can apply an escrow to your situation, then yeah, go for it. Good luck.
a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled,
place in custody or trust.
I suppose so! I guess I was thinking of a digital-age version of this that can be applied to online sales for person-to-person or small businesses, like a WeHoldThenTransfer. Free app idea for any developers out there.
Thanks, @Nevada Pete! I suppose this would be way too complicated for the relatively small amount of money transferred in bass sales, so it wouldn't be worth the hassle. I guess we just have to trust until someone shares valid reasons for not trusting.
May I kindly suggest that when money is involved, you may wish to reverse the order of that and withhold trust until valid reasons for trusting become apparent. E-bay is kind of like an escrow that apparently, almost always sides on behalf of the buyer. Online marketplaces like TalkBass and Reverb have a far better reputation for being more even handed. So I think what you seek is already there with the latter two examples. Good luck.
Thanks again. What happens when the sale is direct...no Reverb or TalkBass as an intermediary?
Well, you can go to small claims court and find out that your judgment is not collectable, assuming you win your case. In this town where I live, I'm told you can find somebody to wack your adversary, if you want. I don't recommend that approach. Your "agent" might just decide that you owe them two to ten times more $$$ than you thought, and collect on you! See?
What gives you that impression? Talkbass classifieds literally "buyer beware." While I have more experience here, I can think of more horrifying transactions from TB than Ebay.
I guess I formed my impression from TalkBass! Quite a few people here on the forum have had good things to say about TB and Reverb. Ebay, not so much. Perhaps I was being naive?
Thanks for chiming in. I certainly do not want to mislead anybody. I think Buyer Beware is the best policy, always. Maybe I shouldn't have said anything along those lines. I personally prefer selling to people eye to eye. Cash and no returns.
I think that places like this tend to police themselves, keeping the low lifes that tend to scam folks in check. I personally, have never had a bad deal here on TB. Maybe I'm just lucky. There are scammers everywhere, ya know.
The radio station I work for has a "swap shop" type thing that allows people to get rid of items they no longer want. We have rules, but it pretty much handles itself. We just post and announce the items. But like here, it's "buyer beware" and we offer no guarantees of anything. I've worked here 34 years, and for the first time ever had a person call and ask what kind of assurance we offered on something that a person was selling on the service. I told her none, it's a free service we offer. She was appalled. I told her we weren't about to offer a guarantee on some old table and chairs someone sold for $25 dollars just to get rid of it.