Need some input (Financial)
I'm going to be purchasing a streetbike in the near future, and im posed with a VERY nice option. There is a bike located in california, and the owner has agreed to ship it to me complete with title and everything free, the bike costing 3500.00.
As i am concerned about getting scammed, the seller suggested a escrow company. The idea is i pay the company, and they place the money in his bank account with a freeze hold on it. So he can see the money but not use it.
I have 7 days from the time i recieve the bike to inspect it, test it, etc...at the end of those 7 days, or before, i call the company and say yay or nay. If i say yay the money is released to the seller, and all is well. If i say nay, arrangments are made to ship the bike back and i am refunded minus a small service fee.
the idea sounds cool, this is the escrow company he suggested(which is why i want input):