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There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller. This can create a certain counter party risk from the escrow agent.
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If you don't trust your escrow agent, you shouldn't be using them as an escrow agent.
The idea behind escrow is to use someone you trust as an intermediary in a transaction with someone you don't trust.