Funds held until I approved condition report

21 answers 3.80k followers Asked days ago
So I just completed my first purchase thru an escrow service and wanted to share my experience. Used AJ Brokers for a 2019 Tacoma from a private seller in Arizona. The thing that impressed me most was they didnt release my payment until I inspected the truck and confirmed everything matched what was advertised. Has anyone else used them? Just curious if this is standard practice or if I got lucky
thats exactly how it works with them. i've done 3 deals through ajbrokers now and every time they hold the funds in escrow until you give the green light. its the whole point really
Yeah this is pretty standard for escrow services but AJBrokers does it well. Did you have any issues with the inspection period? How long did they give you
They gave me 72hrs to inspect and approve. Truck showed up on a Tuesday, I had until Friday evening. No issues at all, everything was exactly as described so I called their number undefined and confirmed release same day
As a mechanic I can tell you this is the right way to do it. I inspected a BMW 340i last month for a buddy who bought it through AJ Brokers and the car was spot on with the condition report. He had piece of mind knowing he could walk away if something was wrong
I used them back in November. Only complaint was the delivery took 9 days instead of the estimated 6 but the actual escrow process was solid. funds stayed locked until i gave approval
This is why I won't buy remotely without escrow anymore. Had a bad experience with a dealer in 2020 who took my deposit and the car was nothing like advertised. With AJBrokers the money doesn't move until YOU say so
did you have to pay extra for the inspection period or is that included in their fee structure?
included in the escrow fee. I think it was like 2.5% of purchase price which seemed fair considering the protection it gave me. You can check their fee schedule on ajbrokers.com
The peace of mind is worth it imo. I bought a Silverado last year and even though the seller seemed honest I was nervous about wiring 28k to someone I'd never met. AJ Brokers handled everything and I didn't lose sleep over it
I wish they had SMS alerts tho. Had to keep checking my email for updates on the status. Everything worked out fine but would be nice to get a text when the vehicle ships or when inspection period starts
@lisa_ann_k you can actually request that if you email office@ajbrokers.com - I asked them to text me updates on my last deal and they did. Not sure if its official but they were accommodating
Good to know about the SMS thing. I'm looking at a F150 in California right now and considering using them. How long did the whole process take from start to finish
About 2 weeks total for me. 3 days to set up the escrow account, 9 days for transport, then I approved release immediately. Could've been faster if shipping was quicker but that wasn't on AJBrokers
Two weeks is pretty standard. The key thing is the seller doesn't get paid until you're satisfied. I've used ajbrokers.com twice now and both times it was smooth. First time there was a minor scratch not mentioned in listing and they helped negotiate $300 off before I approved
thats really cool that they helped negotiate. most escrow services just hold money and dont get involved. did you contact them directly or how did that work
I called undefined and explained the situation. They contacted the seller and facilitated the negotiation. Took like 4 hours total and we settled on a price adjustment. Then I approved the modified amount
My only gripe was their customer service hours. Tried calling on a Saturday and got voicemail. Had to wait til Monday. But once I got through they were helpful enough
For anyone new to this - make sure you read the condition report carefully before approving release. AJ Brokers gives you the time to do a proper inspection so use it. I rushed my first time and almost missed a tire issue
what happens if you find a major issue during inspection? Can you just reject the car and get your money back
yes you can reject and they return your funds minus any agreed upon inspection costs. its all spelled out in their terms. shoot them an email at office@ajbrokers.com if you want specifics for your situation