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.

 

[DnEbook]

To even ask this shows lack of character, made your $7,000 bed now lay in it (not the saddest thing I will hear today)

 

[mems]

Fifth largest recorded iot domain sale to date.
Thats good!

 

[kandyan]

Honor it man.. Goodluck.

 

[tiawalling]

Your posts are always interesting.
You always have an answer for everything and yet you seems to ask a lot of question.
Just Trust your instincts...... And follow through.
7k is a good amount, I would take it without another thought.
Good luck on the sale and hope you post bout it for another interesting read.

 

[DNGear]

 

[golan]

This is an amazing price for the domain that is so difficult to even pronounce. I would thank whatever god you pray and not regret a single moment.

 

[Smiles76]

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.

This is why many people don't like domainers. This is a shady way to do business. The price of a domain should have NOTHING to do with who the buyer is. If a house is worth $100,000. The owner doesn't have a right to raise the price to $1 million just because he finds out Bill Gates is the buyer.

 

[jideofor]

When you base the worth of your domain name on the worth of a company's size, then your domain name is not worth much in the first place.

So let me guess, you would have taken the money and not considered declining it if it were a mom and pop shop that offered you money?

What is the worth of your domain name then?

 

[xynames]

Let us know if this deal actually closes.

 

[LucidDomains]

Don't confuse a new buyer by trying sell a second domain. Always close one deal then move on to the second after money is in your bank.

Just my opinion.

 

[hookbox]

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!

Sorry but in this scenario you could of and should have backed out. If I try to buy a car, boat, house or anything else and I told the buyer they have to honor the price they quoted me 2 months ago, the seller would chuckle and tell me to get the fuck outta here. I would never ever honor a price from 2 months ago unless the potential buyer had been in contact with me through negotiations the entire time.

 

[stewmath]

Id accept the money, withdraw it from the bank in cash and make money angels in my living room

 

[bonin]

$7k are more than a good price for this domain.... and keep your word.

 

[NickB]

not much really counts in life - family, friends, health etc
These things happen - you made a profit and you will learn from a mistake - never mind life will go on!

All the best with your future sales!!

 

[EZPZYO]

You are right, ask for more money! $7G is really a joke, you worked so hard on your .com You changed it's dirty diapers, breast fed in the middle of a night, stayed up endless nights on namepros asking for parenting advice for your little .com and finally decided to give it up for adoption but now you fell in ❤ with your .com. I feel for your separation anxiety

 

[Dave]

To even ask such a question really makes you look bad.

 

[Elad n]

Btw , anything happened with the offers you got in the other threads? I lost track.

 

[hwgriffi]

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 dont even know how you did this.

It's the first thing to do; pretty much the ONLY thing to do.

When I receive an eMail the first thing I do is research the eMail address.

So is my acceptance via email a legally binding agreement

Yes.

I think I had asked for $10,000 first.

You think? Bro. You are not swamped with so many inquiries that you forget your ask prices.

Know your business. It's also not hard to check your eMails to verify.

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.

Bro, they are seasoned negotiators. You never take the first offer. Ever.

So you saying $10k they assumed you were okay with $4k - $7k which you were.

$7k. Most people don't make sales at all and quit this activity. Be happy about it.

Poor thread, thumbs down.

 

[WhoaDomain.com]

I dont even know how you did this.

It's the first thing to do; pretty much the ONLY thing to do.

When I receive an eMail the first thing I do is research the eMail address.



Yes.



You think? Bro. You are not swamped with so many inquiries that you forget your ask prices.

Know your business. It's also not hard to check your eMails to verify.



Bro, they are seasoned negotiators. You never take the first offer. Ever.

So you saying $10k they assumed you were okay with $4k - $7k which you were.

$7k. Most people don't make sales at all and quit this activity. Be happy about it.

Poor thread, thumbs down.

I checked the guy he's MIS director at this company. so I doubt he's one of those "pro" negotiators.

thanks for the response. as stated it was always a "done" deal just wanted to get a gauge as to how people have handle such a situation in the past.

 

[WhoaDomain.com]

Btw , anything happened with the offers you got in the other threads? I lost track.

yea the ICO domains. still waiting on Sedo to tell me the buyer paid up.

looks like it's going to be another "FoxyTrip" on this one. I had suspected it. seemed fishy from the start all those offers from the same person. I'm hoping he pays up so we can have ICO domains up on the board with better consistent $x,xxx sales on Namebio.

crossing fingers. I lost track too with the others.

Iotonomy in king. Still holding out for above the $1,700 offer from somene who works for Avast but seems buyer is tapped out at $1,700.

I had offers on Yushtaraa.com ($1,200) and IonLithium.com ($1,200) and ExperienceCyber.com ($1,700) most at a little over $1000 each give or take. I had let these offers lapse and did not reply back to these so had Godaddy reach out to them with no luck. (dropped the ball on that one)

Currently working on some crypto domain deals. one with Credit Suisse and the other Ripple.

I might have to bite the bullet on Bit Suisse in king and take the $2,500 offer below their original offer price of $5,000. probably not on the table anymore.

The Credit Suisse deal I have to snag an appointment with the head of their new crypto department. That one I'd like to actually meet face to face and pitch him my crypto domain.

(had to get my first suit in years! lol I don't even want to get into it. did not know my "style" was outdated. lol So cuffs are not in style? slim fit? (with my fatness?) no pleats? plain front pants? nothing like buying a new suit to really make you feel old!)

So yea. If I'm going to ask for big money. I better look the part.

 

[levinsondomains]

In Hebrew we say"אל תעשה לחברך מה ששנוא עלייך" means that you should treat people as you want people will treat you.
I think that you are so angry if someone does it for you..

 

[FolioTeam]

First of all, congrats on the sale. I think 7k is a good price for the domain.

Having said that, I see some people likening this situation to what happened with the crypto gaming domain that sold for 85k. But the 2 scenarios are very different.

On one hand, you have a seller who pushed from 25k to 85k without accepting the 19k offer. While on the other hand, you have a seller who has already accepted a 7k offer, albeit, via email and is thinking of reneging on the deal to ask for more. One is all about maximizing profit, the other is just plain unethical.

Reputation always matters: Yesterday, tomorrow and most especially, today.

 

[Dorkvader]

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.

Here is the thing, you pull out of the deal and demand more money. They might just walk away. Not only will they walk away, they likely will avoid doing business with you again in the future. I know a realtor who ruined his real estate business by doing this type of thing. It was not that he was trying to maximize the homes value, nothing wrong with that. But he did a lot of very unethical things in attempts to get more money out of wealthy clients.

I can tell you as soon as someone breaks their word with me at my businesses. When I have verbal agreements or other contracts. When they try and start screwing with me to get more money out of me.. I walk away entirely and add them to a list/book I keep and I never do business with them again.

 

[gilescoley]

Haven't read the whole thread so I may be repeating some stuff on here already, but this is my take anyway

Just some advice when you get and offer..

Never ever reply to an offer until you have researched the company and you know the following info:

1) Who emailed you (the CEO, Business Development Manager, legal Counsel etc) I have received emails in the past from a free hotmail or gmail address to hide the person's identity.
2) The size of the company, small, national, international? Where the company offices are? Where is the head office? etc
3) Their financial figures, net worth etc...its not hard to find this on Reuters, Bloomberg, Yahoo Finance etc (https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4308051)
4) What other domains they own? Do they own similar names to the name they want from you? And if possible how much they paid for them? Its amazing what you can find with a bit of searching. (they currently own 204 domains)

These are the 4 things that give me a good idea whether I accept the initial offer or/and how much my counter will be?

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

Your reputation is worth more more than that, follow through with the sale if you agreed on a price. Its not worth trying to negotiate from 7K to 10k.


2 things you did wrong here, see below

Did not think nothing of it

Treat every offer you get as "the big one"

I forgot about the offer over the weekend

Never forget about an offer and start doing your research straight away, if you wait the trail could go cold, for all you know they are deciding between 2 or 3 different domains, if they get a response from the other owner, they might go with that name. Make replying to domain offers a priority.

Never put the company name or domain in a post like this, its pretty easy for them to see this and start working out a response for you. You modified the domain but not their company domain name (Mcdean.com)

Just take it as a lesson learnt, they could back out of the deal if you start asking for more money...its a very good price for the name.

Good luck

 

[DOMAIN ILLUMINATI]

7G