advice Godaddy marketplace: converting an offer to 7-day auction

Hi Brian,
I am offering some (very basic) advise, as you mentioned "your first offer".

Without knowing the details. If you are talking about a name 5K or less & you have an offer that you said you would be OK with (basically), do you have much more to consider?

You need to think about timing and the cost/likelihood that you will receive a better offer in x months. If you are looking to get a few hundred closer to what you want - negotiate and make a sale.

If you think you are leaving thousands of dollars on the table, make a counter, or stick it in auction or whatever else will help drive the value up - that means other bidders, are you confident there are other bidders? If holding for 2, 5, + years is ok your biz plan that is a big factor to consider, or do you need to free up some cash for other investments now?

Just trying to offer a little perspective - and the tend to overthink a potential sale. You need to have you retail, wholesale, and what i will take in an emergency determined ahead of time - delay, confusion, misinformation to a buyer will end the possibility of a sale all together.

I hope that was a little helpful - again it hard to offer much in terms of detail with no knowledge of the name or $ ammount we are looking at - or the name itself to eval, very general sales thoughts.

Good luck,
Brian

Thank you for the reply. I think I should clarify my question.

In regards to "first offer" -- I have sold several domains; this is just the first offer I have received on the GoDaddy marketplace. I usually do private sale, Namesilo auction, or Sedo/Afternic.

In this scenario - I have already decided I want to sell it at the offer amount.

(I'm not asking if I should reject the offer and try to sell it for more later.)

I'm asking if there is any downside whatsoever to converting the offer to a 7-day-auction. This is a question specifically about Godaddy marketplace mechanics.

I can either accept the offer now, or I can convert to an auction where the offer becomes the initial (binding) bid in an auction.

I appreciate the time taking to respond though. Thank you.

Yes there is a downside. The buyer may purchase another domain and ignore you because they don't want to wait or because the 7 day auction gives them time to change their mind or they see that nobody else has any interest in the domain and they decide it's not worth buying.

PS. That "binding" nonsense is just a bluff. Godaddy won't do anything except try to charge them a small fee for non payment and won't share any or it with you even if they do manage to collect it.

from my experience - i sent a deal to auction, there were no other bids after the 7 days... and the original buyer never completed the sale. it happens

urlurl said:

from my experience - i sent a deal to auction, there were no other bids after the 7 days... and the original buyer never completed the sale. it happens

Click to expand...

How does a buyer "not complete" the sale? I was under the impression it would be a binding bid, but I was suspect about this. Now I have to ask .. if I accept the offer as is (and not convert to auction) is there also a risk of buyer not completing sale?

A little annoyed GoDaddy gave me wrong information on the phone, but appreciate your experience and insight on the matter.

the buyer has to complete the deal and it is binding... but they don't always as there is no real repercussions if they dont

maybe they get banned from their auction site - no big deal for some i guess

im sure most follow through, but there may be the chance they ghost you