- Impact
- 12,276
D/I/G/I/T/A/L/G/L/O/B/A/L/./C/O/M
Purchase Price: $1260
Sell Price : $13,000
Escrow.com concierge (Buyer paid fees)
Hold Time: 11 Months
I do not post 90% my sales. But this one was really interesting one and unique one. So I thought let me share my thought about it with all of friends here on Namepros. I learned a lot from friends here on namepros. So I consider it as my duty to share with all of you if I learned something new. I strongly believe I let go this name for less than it can fetch considering magnitude of this name. So broad and appealing. But profit is profit end of the day. Hahahaah
- I won name from Godaddy expired auction for $1260. I really liked the name and almost thought about it to keep as my parent company name ( I had 2/3 other names too for parent company name).
- Listed at Sedo, Flippa from the day I received name in my account. I should have listed at other places too like Afternic. But I never thought about selling it so never listed multiple places.
- In December 2017 I decided to move some of my names to Undeveloped until I have my own portfolio site. I like Undeveloped because of no junk ad plus nice and clean offer page.
- Listed this name on Undeveloped on first week of December 2017.
- January 31st 2018 I received offer of €1,000.
- Little negotiation via message board in Undeveloped and we decided to agree the deal for $10,000
- 2/3 days and no payment.
- I messaged Undeveloped to find out what is going on. They said Buyer having hard time sending wire transfer to their bank because his bank is not feeling comfortable to send wire outside USA.
- Little communication back and forth with Undeveloped by me as well as buyer. Team of Undeveloped having hard time with buyer due to his bank not willing to send Wire outside USA. Undeveloped give him multiple choice but none of them worked out and deal got cancelled. Undeveloped team suggest me to deal with this gentleman only and only via reputed Escrow services. I am very thankful to Undeveloped for that extra care towards seller even deal got cancelled.
- Buyer contacted me immediately via text after deal got cancelled in Undeveloped.
- I called buyer to his phone number to find out what went wrong. That is first time I got to know who the interested buyer was.
- Buyer said he is interested to buy the name. I told him the deal got cancelled because of your Bank's inability to send wire transfer. Buyer said His Bank may send wire to locally (USA). I told him Escrow.com is the best and only solution but give me sometime to think about it because deal on Undeveloped got cancelled because of buyer's bank's inability to send wire.
- I thought about few hours. I was literally 50%-50% and not sure if buyer legit or not.
- I did my little research on namebio to see what Digital+Keyword as well as Keyword+Global average historical sales price. I found range around $15K-$20K.
- I thought let me share my true feelings with interested buyer before we initiate new deal via Escrow.com instead of lie to him like I got new offer from someone with higher offer bla bla bla. I thought I did all my deal with honesty to lets stick to that path without any different thought. It is very easy to lie but it require lots of courage to stick to right path. But believe me right path show us correct direction even road is very challenging.
- I called buyer same evening (after 3-4 hours) and shared what I feel about name and what it worth if we compare to historical sales of similar names. I shared true feeling and said to buyer that I think actual worth of name is different so I leave it upto you. Buyer said he will do $13K max and he take care of Escrow.com fees. We agree to new terms and price before we initiate new transaction via Escrow.com.
- Buyer was aware of Escrow.com but never did transaction this high in past via Escrow.com
- I help him understand their escrow.com concierge service and request him to use that option for peace of mind for both because in escrow.com concierge service. Name gets transferred to Escrow.com account and they release fund right away once they receive name in their account. Then name gets transferred from Escrow.com account to buyer's account. This service cost little extra but it is worth it when we do Five figure or higher transaction. Its extra layer of protection.
- We initiated transaction in escrow.com using concierge service.
- Weekend start. So we waited for 3 days.
- Monday I called buyer to find out what is going on and asked him let me know if I can help out anyway. Again Buyer's bank says no to wire transfer. Buyer said give him some time and he may go to different bank to see if any other bank can help him wire money to Escrow.com.
- Buyer got tired after hearing no from all bank for wire transfer.
- Buyer requested Escrow.com to see if they accept Cashier's check or Money order or Personal check. Escrow.com said they do not accept those. It was very strange because I found out that on their website they says they accept those as alternate payment method. See here it still says. https://www.escrow.com/domains
- Please visit above link and you will find following line under buyer's benefits "Ability to pay by wire transfer and in some cases PayPal, check, money order, or credit card "
- I also talked to Escrow.com to find out how they will help us closing this deal. At that moment they were keep telling me different stuff which literally does not match what their acceptable payment method present on the site which is still present.
- I talked to Escrow.com customer support to help buyer as much as I can to close the deal because I knew buyer never did this kind of transaction in past so he do not know. As a seller it is our duty to help buyer as much as we can.
- We are not getting anywhere. My brain says so many red flags because how on earth bank can say no to wire transfer our money??? But my heart says buyer is legit who do not know so many things about how to do this type of transaction.
- Buyer got tired and offered me to drive half distance and me driving half distance to seal the deal. I said let me think about it.
- Again My brain says so many red flags because how on earth bank can say no to wire transfer our money??? But my heart says buyer is legit who do not know so many things about how to do this type of transaction.
- We were not getting anywhere because we were not getting proper help from anywhere. We almost decided to cancel transaction again. Buyer also contacted Escrow.com to cancel transaction. But Escrow.com said they can't cancel until they get confirmation from seller.
- I found out what is policy of Escrow.com. I learned deal automatically get cancelled if buyer do not submit payment in 2 or 3 weeks.
- I told buyer lets keep trying. I told him I am not going to cancel the deal from my side because I am ready to do everything from my side to close the deal. The ball is in your court and I am ready to help you as much as I can.
- Buyer kept trying with various banks and not getting proper help from banks.
- We also decided to cancel current transaction and create new transaction with Escrow Domain Holding service where you can get choice to submit multiple payments after first payment gets submitted via Wire.
- I tried to learned what is Escrow Domain Holding service and how it works. I also contacted their customer support to find out what if buyer pay initial small payment via Wire and remaining payment via Moneyorder (USPS Moneyorder)??? We never get satisfactory answer from Escrow.com customer support regarding that because they never said yes that is possible. I asked them we are trying to minimize lose to both party and try to understand your system before creating new transaction. But no satisfactory answers.
- I kept trying various options but I was firm to close deal via Escrow.com only and no other option. I learned Escrow.com do not have lots of clarity from their side too. They should have clear cut transparent policy which one can understand very easily.
- I regularly call buyer every evening to see what is current status.
- On one evening I was communicating to buyer and listening to understand why his bank saying no to wire transfer. Buyer said " Bank do not know why they are transferring money??? To whom?? Is this for Drugs or some illegal activity"???
- I told buyer why bank has confusion?? Please let your bank understand what Escrow.com is. Please show your bank our agreement on Escrow.com that we are trading digital asset and you are paying to get digital asset transferred to your account after payment. I told buyer to show all documents to your bank. I told them please let your bank know that Escrow.com is licensed escrow services who completed $3 Billion worth of transaction.
- Buyer showed all those documents to bank. Bank transferred those docs with explanation letter from buyer to higher authority. They approve everything including agree to Wire fund to Escrow.com account.
- Bangggggggggg
- Money received in Escrow. I transferred name to Escrow.com account. They released fund to me as soon as they received money in their account. Then name get transferred to buyer.
My intention to share about this transaction is only and only because we can learn from each other. Sharing is caring.
- Its very challenging to walk on right path. But my tiny little experience says it works.
- Always share your honest feelings and facts to buyer regardless of he knows the market or not.
- Always care about people around us. Honesty is the best way to move forward in life by keeping right intention in center of our action.
- Do not wait for buyer's willingness to do something. We as a seller must take 1st steps or as many steps possible to help buyer as much as we can.
- Please get involve with buyer to decrease his burden by helping him as much as we can.
Special Thanks to @Undeveloped . I truly believe their special customer support is something special. They care for their member. At least I experienced it.
I also love Escrow.com because they worked really well for me. I have no personal complain against them as well.
You are most welcome to share your thought about this transaction so we all can learn something from each other.
Thanks
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