I want to give a big thank you to those of you who placed bids on the auction to benefit the American Red Cross and another thank you to those who offered up domain names and services. I also want to thank the people who wrote blog posts about the auction as well as those who have helped spread the word about it. I am excited that this is going to be able to help the American Red Cross, because the people impacted by these storms really need all the help they can get.
Yesterday evening, Rick Schwartz posted an article that was especially appreciated because I know Rick has been hesitant to link to charity related causes due to the “Air Katrina” fiasco several years ago. In light of Rick mentioning that dark time, I want to let you know how the funds from the auction will be collected and then disbursed.
Escrow.com is not just sponsoring the auction in name, but the company has offered its services to complete these transactions at no cost. Once the auctions close on Friday, I will provide the sellers with the email addresses of the winning bidders, and individual transactions between the winning bidders and the sellers will be created, just like a normal transaction with Escrow.com. Keep in mind, this might happen next week because of the Memorial Day holiday weekend, but the start time will depend on when the sellers create a transaction at Escrow.com.
Once payments are made to Escrow.com by the buyers and the domain transfers have been completed, Escrow.com will send the funds to the American Red Cross. Transactions will work like ordinary transactions, where the buyer sends payment to Escrow.com, the seller transfers/pushes the domain name, and Escrow.com will disburse funds to the Red Cross.
Just to reiterate, Escrow.com is not collecting a fee for their services, and to make this far easier to manage and the most transparent, Escrow.com is in the middle of all transactions. I trust Escrow.com with domain sales of all sizes, and I trust that all monies raised will be sent by them to the Red Cross.
I don’t have any tax knowledge, so I can’t offer any thoughts on whether buying or selling the domain names will be tax deductible from any party. This is a good question to ask an accountant if required.
I am very hopeful that all transactions will go through, but in the event a transfer isn’t made, the funds will be given back to the buyer, just like a normal Escrow.com transaction. As I mentioned yesterday, all auction lots are being sold “as is” and I am not involved in any of the transactions.
Thanks again to everyone for supporting this auction, especially to Donna Mahony for organizing it with members of Domain Boardroom and to Brandon Abbey and Andee Hill of Escrow.com who are making sure the American Red Cross receives all proceeds.
Unfortunately, this bid came in a minute too late.