Unlocked Silver
2011
How an Escrow Service Can Help You When Buying Silver
Silver doesn't usually come cheap. Indeed, the amounts of money involved in silver purchases can often be mind-boggling to the masses. And in transactions involving such sums of money, people are often advised to exercise a lot of care – to avoid losing their money and having to live the rest of their lives in regrets.
Now one of the bigger challenges that tends to face people when buying silver (and other things of great value) is with regard to the point at which money is supposed to change hands between the buyer and seller. Normally, the seller won't be ready to let go of their commodity before the money is on their palms. Meanwhile, the buyer won't be ready to let go of their money, until the commodity is on their palms. This is a catch-22 situation. But it is a reasonable one, because when all is said and done, the reason for buyers and sellers taking these positions are well known: namely the stories of people who have been scammed of their money or their commodities at this stage. However good the reputation of the buyer or however good the reputation of the seller, people will tend to be cautious when it comes to these matters.
Beyond the money issue, there is also the genuineness question: where, before letting go of his or her money, the buyer not only wants to get the said commodity (in this case silver), but also get to ensure that it is actually the genuine product.
But someone has to unlock the catch-22 situation, if the transaction is to go on. So, where can we find the key to unlocking the situation?
Well, it would seem that the key to unlocking the situation where the seller has refused to let go his commodity until he sees money, and where the buyer has refused to let go of her money until she gets a hold of the product lies in an escrow.
The word ‘escrow' sounds complex, but the concept behind it is actually quite simple. An escrow is a third party to a transaction. The escrow is not a direct party to the transaction though: it doesn't buy or sell. Rather, the role of the escrow is to hold money on behalf of the parties to the transaction, until they are comfortable to change their status quos. This is something that the escrow does in exchange for a small commission out of the transaction.
When you are buying silver, and you find yourself in the catch-22 situation described earlier (where both you and the seller are very keen on protecting your interests in the deal), the escrow can come in handy. Normally, it is you, as the buyer, who will go and pay money to the escrow, for eventual passage to the seller. But this money is still ‘half-yours.' The arrangement is that if the silver you are being sold turns out to be genuine and there are no other problems, the money would go fully to the seller. If something is amiss, however, the money would return to you. The seller, as long as he is a genuine, ‘above board' seller is likely to find security in this arrangement as you also do, whilst buying silver.
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