I find myself keen to make a purchase on a new but vintage motorbike. There have been a few that have sparked my interest. Some are still available and some that have sold before I could get my ‘things’ together.
The problem I have is given the current COVID restrictions and the lockdowns it is not possible to go and visit the motorbike.
Instead I have asked the Seller to provide extra photos. I have asked for photos of close ups of the engine and the electrical components. I also have asked the seller for video of the motorbike, mainly the starting up of the motorbike. Doing so allows me to further inspect the running performance of the motorbike.
To commit to the sale also becomes difficult, when you want a secure transaction. This would normally mean a road trip to the location of the sale. Taking along cash to hand over and papers to sign for exchange. All not possible with the lockdowns. So what are other options?
Relying on the extra photos and the videos is the only way to inspect the motorbike. But what about the final transaction? The exchange of funds for the Motorbike?
Well I have had a quick look at Escrow.com and yes they do have the service available here in Australia. To read more about how it works visit this link here https://www.escrow.com/cars
The short understanding is they are able to ‘Hold” your funds while the seller sends the motorbike to you. Escrow watches over the delivery. Escrow will ask you to confirm the delivery of the motorbike and if you are happy with what is delivered. After which Escrow then transfers the funds to the seller.
The benefit to the seller is that they have peace of mind knowing the funds are secure and ready to be transferred over to their account.
Has anyone used Escrow before? I would like to hear about your experiences. Message me;-