question I accepted a $7G offer. Then find out buyer is whale. Can I cancel?

[WhoaDomain.com]

So yea. I got an offer on a 6 letter domain via email. the domain is IOT + MMS .com.

Did not think nothing of it. Comps show similar IOT sales and MMS sales as high as $20,000.

I forgot about the offer over the weekend. They came back with $4,000 and since I didn't check my emails over the weekend. They countered with $7,000.

To be honest I did the rookie move and did not pay attention to their email address which was a Mcdean.com email address.

I was being quirky and accepted the $7,000 offer via email without a thought as I thought (at the time) it was fair.

but now after finding out more about this Mcdean.com website with over 2,500 employees worldwide. I'm having sellers remorse.

So is my acceptance via email a legally binding agreement or can I cancel and ask for more? That's question number 1.

And #2 is of course should I renegotiate at this point?

I know it's a jerk move but after seeing the McDean.com website which looks like an 80's website I got the "bug" and now thinking maybe I shouldn't have jumped at the $7,000? I mean without me even countering his first $4,000 offer. He jumped up to $7,000.

I think I had asked for $10,000 first. he asked if we could meet in the middle at $7,000 he even said he'd add $400 to cover the escrow fees.

Am I missing out here? seems like he could have paid more as he's very "easy going" with this purchase especially jumping from $4,000 after no response up to $7,000? That's a big jump.

or is $7,000 fair market value for IOT + MMS .com?

Of course I understand that I could royally screw this up by reneging and asking for more this point and he might walk away.

I'm more concerned of the legal aspect.

 

[karmaco]

Take the money. Not trying to pick but you have had numerous other threads where you want more money or negotiation is off. Are you in the business of acquiring or actually making money?

Just because someone can afford more doesn’t mean they will pay more. You can’t base your business on that. You chose prices you are comfortable with and stick close to that. Indecisiveness is a detriment in this business as well as like you mentioned being so concerned your going to get duped that you never sell.

 

[WhoaDomain.com]

I don't have an issue with you, I don't know you, but your ethics..yeah.
The fact that you were even asking your question 'after' you admittedly accepted the offer, shows that you were looking for validation from someone/anyone to do so.

Yes it is, and you've more than once have proven yourself to be in that circle -


..along with other posts you've noted prior as pointed out by usernamex -


Just seems to be a pattern with you, and not a cool one imo.

Short answer?

I have YET to reneg on an agreed upon price on a domain. If anyone on here can confirm any instance of me doing so please feel free.

At worst, I did not accept a fair price offer that could have been good deal(still need to perfect the art if pricing a domain) . in which case, lost a deal.

I think it's time to get out of domaining and stick to something I'm accidentally good at which is crypto investing.

So it's time to get whatever I can for my domains and just clear out everything.

You have to have a unique mind set for domaining and be organized and be patient and bunch of other things which I admittedly I am not.

Mike Mann just needs to quit advertising his big sales because it just causes the "itch" to be more itchy like gold fever.

his sales really makes other tiny fish think irrationally.

 

[WhoaDomain.com]

If you accepted the offer then it’s a done deal. Sellers remorse is the worst and there is no way you can be respected if you don’t sell at the agreed price.

Agreed. It's not like I agreed to $1,000. It is $7,000. not showing off just saying. I could have done worse.

 

[WhoaDomain.com]

Take the money. Not trying to pick but you have had numerous other threads where you want more money or negotiation is off. Are you in the business of acquiring or actually making money?

Just because someone can afford more doesn’t mean they will pay more. You can’t base your business on that. You chose prices you are comfortable with and stick close to that. Indecisiveness is a detriment in this business as well as like you mentioned being so concerned your going to get duped that you never sell.

That's just it though. most of my domains don't have buy now prices. They are mostly if not all Make Offer.

I have a connection on Linkedin who told me last year he had sold 700 domains.

of course I asked him what range did he sell his domains.

he said most were under $1000.

if you do that math that's under $700,000. that would be great.

If I sold 700 domains at $7,000 a piece even better!

one can hope.

I think if I sold 700 domains at under $1000. I probably would get out of this biz for good.

but I'm sure this guy sold domains in the $500 or less range or even $100 range too.

really need to get out of this "idea" of hitting it big and just keep scoring $xxx sales. and maybe $x,xxx.

and quit following Mike Mann posts. lol

doesn't anyone else sometimes feel like "shooting for the stars" when they hear of Mike Mann's sales?

am I the only one?

or is that just a pipe dream?

 

[Keith]

Agreed. It's not like I agreed to $1,000. It is $7,000. not showing off just saying. I could have done worse.

Take the money and don’t even question it.

 

[hawkeye]

@Avtar629 Why are you blaming Mike Mann for your greed hunt? He your idle or something? Or is his sales the only ones you ever read about? You should look at dnJournal, NameBio, and even here on the Reported Sales thread. There's some pretty big sales known to be posted in those places too. Your problem, is not 'Mike Mann', it's as you pointed out -

it just causes the "itch" to be more itchy like gold fever. his sales really makes other tiny fish think irrationally.

, or in layman's terms....'your greed'! ....good grief!

 

[hxp]

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

From what I've seen, you're a really eccentric guy, but your heart is usually in the right place.

And, I understand why you asked this question. You don't want to leave money on the table. Of course. But, it's generally something you ask/think about before explicitly accepting an offer.

Reputation really is everything. As domainers, we already start behind the line thanks to the whole cybersquatting thing, and the added doubt of dealing with strangers on the internet. So, it's a good idea not to further disadvantage yourself.

I think, if you want to further profit from this deal, close it in an honest and respectable manner. Then, introduce the buyer to some of your other, similar, domains.

The buyer is obviously in the market, and you've already set the price range. So, if you can sell another domain or two for ~$7k, that would definitely make up for any perceived losses. No?

Good luck!

 

[equity78]

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

Don't make the mistake of always thinking every qualified big company buyer will pay whatever. They won't. IOTMMS is not exactly a great name where a company may feel they have to have it. When it's a LLL,LLLL or generic one word.com I can see having remorse.

I remember about 6 years ago, I was brokering a name, turned out the client made contact with a company and let me know, I actually knew the person who he spoke to, I knew this person would be straight up with me.

I said you guys are a Fortune 1000 company, you can probably afford the asking price of $75,000. He replied that their size meant nothing, the department he was in charge of had a budget and the name wasn't "that" important to them, take the $10,000 or leave it, we are not paying a penny more. The name was a two word .com that was nothing on the great scale, it was good but not great.

I told the seller to take the $10,000 and he did.

 

[DKN]

$7000 is good enough money..... Be happy and honor your word Congrats

 

[john888]

Email is not binding. Many large company buyers agree in principle on price and drop out at the last minute because their partners or shareholders do not agree on the price. Real estate, company buyouts happens all the time. Do what you have to but be prepared to lose the sale since you can look untrustworthy.

 

[john888]

IOT = internet of things
mms = mergers and acquisitions

might be gold.

 

[WhoaDomain.com]

From what I've seen, you're a really eccentric guy, but your heart is usually in the right place.

And, I understand why you asked this question. You don't want to leave money on the table. Of course. But, it's generally something you ask/think about before explicitly accepting an offer.

Reputation really is everything. As domainers, we already start behind the line thanks to the whole cybersquatting thing, and the added doubt of dealing with strangers on the internet. So, it's a good idea not to further disadvantage yourself.

I think, if you want to further profit from this deal, close it in an honest and respectable manner. Then, introduce the buyer to some of your other, similar, domains.

The buyer is obviously in the market, and you've already set the price range. So, if you can sell another domain or two for ~$7k, that would definitely make up for any perceived losses. No?

Good luck!

already on it as I also had the forsight to reg MMSIOT.com told him that too is $7,000.

so we shall see.

 

[WhoaDomain.com]

Don't make the mistake of always thinking every qualified big company buyer will pay whatever. They won't. IOTMMS is not exactly a great name where a company may feel they have to have it. When it's a LLL,LLLL or generic one word.com I can see having remorse.

I remember about 6 years ago, I was brokering a name, turned out the client made contact with a company and let me know, I actually knew the person who he spoke to, I knew this person would be straight up with me.

I said you guys are a Fortune 1000 company, you can probably afford the asking price of $75,000. He replied that their size meant nothing, the department he was in charge of had a budget and the name wasn't "that" important to them, take the $10,000 or leave it, we are not paying a penny more. The name was a two word .com that was nothing on the great scale, it was good but not great.

I told the seller to take the $10,000 and he did.

I was asking for $10k originally. after mentioning all the comps.

ehhh I'll just go with it Live and learn. it's the "what if" that will keep me up a night or two. lol

 

[Acroplex]

Email is not binding. Many large company buyers agree in principle on price and drop out at the last minute because their partners or shareholders do not agree on the price. Real estate, company buyouts happens all the time. Do what you have to but be prepared to lose the sale since you can look untrustworthy.

Yeah? In Florida, and other states, even an oral agreement is binding. Try pulling that off with a corporation of this magnitude. Their lawyers will promptly remind you what it means to accept an offer.

I'm guessing the OP is seeking a good angel / bad angel set of responses. But there is only one answer.

 

[WhoaDomain.com]

Yeah? In Florida, and other states, even an oral agreement is binding. Try pulling that off with a corporation of this magnitude. Their lawyers will promptly remind you what it means to accept an offer.

I'm guessing the OP is seeking a good angel / bad angel set of responses. But there is only one answer.

This is True. This is why I asked. just needed confirmation. This info helpful to others on here for future reference.

Again. this was the part of the point of creating this thread. information.

I do remember that even a verbal agreement can be considered binding. And that's verbal. but here we're talking about emails.

So definitely binding.

Thanks.

 

[MapleDots]

Tell them 7k and a 3k admin fee

 

[LarryDomain]

You should be ashamed of yourself to even be thinking of reneging on a deal. Bad karma will follow you.

One time I quoted a guy $500 for a domain and he came back to me several months later and said I'll take it. It was a crypto related domain and since I didn't say you had a certain amount of time to respond. I went ahead and sold it to him for $500. It's worth closer to $5000 after the passing months.

Moral of the story is, honor your deals. AND set a time limit on your prices!

 

[wwwweb]

You should be ashamed of yourself to even be thinking of reneging on a deal. Bad karma will follow you.

One time I quoted a guy $500 for a domain and he came back to me several months later and said I'll take it. It was a crypto related domain and since I didn't say you had a certain amount of time to respond. I went ahead and sold it to him for $500. It's worth closer to $5000 after the passing months.

Moral of the story is, honor your deals. AND set a time limit on your prices!

You were generous, most people would honor that deal for 7 days.

 

[WhoaDomain.com]

@Avtar629 Why are you blaming Mike Mann for your greed hunt? He your idle or something? Or is his sales the only ones you ever read about? You should look at dnJournal, NameBio, and even here on the Reported Sales thread. There's some pretty big sales known to be posted in those places too. Your problem, is not 'Mike Mann', it's as you pointed out -
, or in layman's terms....'your greed'! ....good grief!

I mean he is partially the reason I got into domaining. Read an article or two about him in the beginning.

and no he is not my idol but he is a person to try to emulate as far as trying to get top sales.

Also side note. It seems as though in this industry. The people who makes the news with their high sales get exposure and in turn get even more sales because of this exposure. This is part of the reason I'm always looking for those big sales as I feel such big sales begets other big sales and just gets the ball rolling.

I feel once you get that big sale. It gets easier after that. at least in theory.

and you are right. There are sales here and there too. But because Mike's is such a good self promoter the ones that stick out are his. Just a random thing. can't explain it.

when you think of some of the consistent high sales it's usually his.

Don't get me wrong. I'm happy for the guy and his sales. but his sales "inspire" many of us who can admit it or not to ask for the most money possible for our domains.

If I recall there was recently someone on here who sold CryptoGaming.com for $85K. Many commented that it takes a "certain type" of person to stick to their guns and hold out for $85K when most would have been happy with $20K or lower.

I checked the thread messages and I don't recall anyone calling that person "greedy" for holding out for $85K in fact people congratulated him on the sale same as me.

So the scenario I'm assuming is he got say a $20K offer. Did not accept. Probably asked for more.back and forth. and then he finally got his $85K?

how is that any different when I wanted more than $5,000 for my bit^^^suisse (king) domain?

or asked $8,000 for my GF****Virtual (in king) after I got a firm offer of $5,000 for it.

although it is a different story from mine since I have already agreed to $7K and am trying to back out and ask for more. and yes it takes a certain kind of person to do THAT as well which as of yet I am not YET that person.

but it fits the convo of wanting the most for one's domain mentioning that $85K sale.

so the question needs to be asked.

without being nit picky.

let me ask an all encompassing blanket question.

Is wanting the most money for one's domain automatically greed?

 

[WhoaDomain.com]

You should be ashamed of yourself to even be thinking of reneging on a deal. Bad karma will follow you.

One time I quoted a guy $500 for a domain and he came back to me several months later and said I'll take it. It was a crypto related domain and since I didn't say you had a certain amount of time to respond. I went ahead and sold it to him for $500. It's worth closer to $5000 after the passing months.

Moral of the story is, honor your deals. AND set a time limit on your prices!

I don't think I'd be ashamed of even thinking it. Doing it maybe.

Thee other thing I forgot to mention to is. The guy I'm dealing with. very odd. we kinda got on some weird friendly level. He even told me that he wanted to do this deal because he was having surgery soon. gave me some specific info about himself. and then it got into religion which I rather not talk about.

so I think I developed a repore with him. even gave him advice on relaxing before surgery and not think about work or this deal as it is done.

seems like a nice guy and I think he liked very much that I didn't "put up a fight" when I quickly agreed impulsively on $7,000 without even saying $8,000 or $9,000.

This is also the reason I came to ask this question here because I "believe" if I told him straight up I kinda had second thoughts about selling the domain for $7,000 realizing the company he worked for.

and ask him if he could up the price and regardless of his reply. I'd stick with the $7,000.

He might actually up the price. maybe.........

would that be ok? or am I pushing it?

sorry just remembered that detail.

 

[Name Trader]

Once a price has been agreed. It's a done deal. No more discussion is required. I personally would never pay above an already agreed price. In principal. There are mostly always alternative options.

 

[WhoaDomain.com]

Once a price has been agreed. It's a done deal. No more discussion is required. I personally would never pay above an already agreed price. In principal. There are mostly always alternative options.

This is true. i always forget there are always other alternatives. sometimes we domainers get tunnel vision and assume we did our homework and that our domain is the only option but this is so far from the truth.

unless you own a dictionary word domain. buyers will always have alternatives.

 

[shorterwinters]

If I recall there was recently someone on here who sold CryptoGaming.com for $85K. Many commented that it takes a "certain type" of person to stick to their guns and hold out for $85K when most would have been happy with $20K or lower.

I checked the thread messages and I don't recall anyone calling that person "greedy" for holding out for $85K in fact people congratulated him on the sale same as me.

So the scenario I'm assuming is he got say a $20K offer. Did not accept. Probably asked for more.back and forth. and then he finally got his $85K?

how is that any different when I wanted more than $5,000 for my bit^^^suisse (king) domain?

Way different.
Not remembering exact prices but something like a BIN was set at 25k. Offer came in at like 19k at which point the BIN is no longer available and the offer for 19k could be accepted or refused and countered. The offer was refused and the counter offer was made of 85k.
Absolutely love the shrewdness and thought process of this deal. Absolutely brilliant and I can almost see the wheels spinning when that offer came in. "Hmmm. Serious offer. Not really a low ball but someone really wants it." Stuck to their guns. What a rush that must have been when that was going down. I am sure they would have been happy with the 25k sale if they had opened their email and seen it had sold but instead, they got that opportunity. I like to think I learned from that thread and I am sure a matter of how much needing the funds at the moment and other intangibles come into play but just really brilliant all the same.

Did you have yours listed as BIN? Sounds like it was just sitting around at "make offer".
You didn't respond to the first offer and they made a second offer of which you accepted?
You mentioned 10, they offered 4, jumped to 7?
Who knows and who cares. You said ok to 7. They got the name they wanted, you sold the name you wanted to sell. You have learned from this as well which might be the best part in the end.
Great sale, congratulations.
You are lucky having the opportunity to be able to be able to be dealing directly with the buyer here and not just with a broker it sounds like. Hopefully you make a new friend from this as well.

 

[hawkeye]

@Avtar629 'Everyone' of the domains in your sig show that they closed auction at SEDO on Apr. 6 with 'one' bid and reserve met! Yet...they are still in your name!! So what's up with that? Did you forget to complete the transactions?

 

[EZPZYO]

@Avtar629 'Everyone' of the domains in your sig show that they closed auction at SEDO on Apr. 6 with 'one' bid and reserve met! Yet...they are still in your name!! So what's up with that? Did you forget to complete the transactions?

It looks like Sedo is experiencing technical difficulties, I have a domain thats pending for over a week! The buyer/end user reached out to me after he couldn't proceed with the transaction on Sedos platform. More details later...