NameLiquidate weird behaviour

M0rd0r · Jun 15, 2020

Hi!

I have just lost the auction for the domain Temporal \\ Data (dot) com

I bid $9. As you can see in the picture 19 minutes ago I was winning the auction:

As you can see in the following picture, 26 minutes ago the TemporalData.com domain price was $99.

This behaviour is really weird....because this is a reverse auction where price is dropping hour by hour. $99 is really far from the winning auction at that moment ($9).

I have checked the behaviour in another domains I have bought in NameLiquidate.com and definitely it is not a normal behaviour. The expected price for TemporalData.com 26 minutes ago would be around $20-$25.

¿What I am missing?
Thanks!

Wali Dahot · Jun 15, 2020

M0rd0r said:
Hi!

I have just lost the auction for the domain Temporal \\ Data (dot) com

I bid $9. As you can see in the picture 19 minutes ago I was winning the auction:

Show attachment 158101

As you can see in the following picture, 26 minutes ago the TemporalData.com domain price was $99.

Show attachment 158102

This behaviour is really weird....because this is a reverse auction where price is dropping hour by hour. $99 is really far from the winning auction at that moment ($9).

I have checked the behaviour in another domains I have bought in NameLiquidate.com and definitely it is not a normal behaviour. The expected price for TemporalData.com 26 minutes ago would be around $20-$25.

¿What I am missing?
Thanks!

99$ might be the reserve for that auction so the price wont drop below 99$.

M0rd0r · Jun 15, 2020

Wali Dahot said:
99$ might be the reserve for that auction so the price wont drop below 99$.

As far as I know you can not bid below reserve price.

In this case I could put my bid on $9.

Maybe the seller changed the reserve price after my bid? It is allowed?

Wali Dahot · Jun 15, 2020

M0rd0r said:
As far as I know you can not bid below reserve price.

In this case I could put my bid on $9.

Maybe the seller changed the reserve price after my bid? It is allowed?

In that case, only @DanSanchez can answer that if reserves can be updated mid auction!!

M0rd0r · Jun 15, 2020

Thanks for your help.

I will wait for the response.

DanSanchez · Jun 15, 2020

Checking...

DanSanchez · Jun 15, 2020

Thanks for raising this question. This occurred because the seller changed the reserve amount after your bid was entered. Something I personally had not done or seen done. But upon inspection, everything is working as designed.

Your bid and the seller's reserve match the front-end, the logs indicate the same action. I did reach out to the seller for confirmation though, just to rule out all possibilities of a bug.

If you want, I forward your email to the seller and you guys can negotiate for a better reserve. The domain is still listed in the bargain section for the reserve price. It is worth mentioning, putting your domains on liquidation takes guts. Separation anxiety is REAL and most of us have dealt with it at the closing table, all too often.

Happy to help with anything further, you can reach me directly daniel AT epik .com

Samer · Jun 15, 2020

DanSanchez said:
Thanks for raising this question. This occurred because the seller changed the reserve amount after your bid was entered. Something I personally had not done or seen done. But upon inspection, everything is working as designed.

Your bid and the seller's reserve match the front-end, the logs indicate the same action. I did reach out to the seller for confirmation though, just to rule out all possibilities of a bug.

If you want, I forward your email to the seller and you guys can negotiate for a better reserve. The domain is still listed in the bargain section for the reserve price. It is worth mentioning, putting your domains on liquidation takes guts. Separation anxiety is REAL and most of us have dealt with it at the closing table, all too often.

Happy to help with anything further, you can reach me directly daniel AT epik .com

Wow, reserves are allowed added retroactively after you bid on a no reserve?

Really, Dan?

LUP · Jun 15, 2020

Samer said:
Wow, reserves are allowed added retroactively after you bid on a no reserve?

Really, Dan?

Really weird behaviour. Confirmed

BrandEntrance.com · Jun 15, 2020

Samer said:
Wow, reserves are allowed added retroactively after you bid on a no reserve?

Really, Dan?

This is illegal in the auction world isn't it? In fact auction manipulation is illegal in most countries.

DanSanchez · Jun 15, 2020

This isnt an auction guys, you have a fixed price and the seller has the ability to prevent a sale by removing the name too. The bid is a pre-bid to trigger a purchase when the price drops to your bid.

I think it's a brilliant way of stating your desired price. This isnt a forced expired domains auction from Godaddy, you are dealing with individual (highly proficient) domainers. I invited the seller to share his perspective, I'm sure he will engage if he wants to.

Ultimately your participation with a bid was noted and he countered immediately with an instant fixed cost.

I think once we add the number of views inside the domain listings, buyers will never again underestimate how many of you are truly competing in NL. This particular seller has one of the highest number of closed sales in the short history of NL.

Samer · Jun 15, 2020

jamesall said:
This is illegal in the auction world isn't it? In fact auction manipulation is illegal in most countries.

To be fair, NL allows you to remove anytime

they are one of the most lenient, fair to sellers

Dan you should not allow reserve added if the auction highest bid leading winning the auction

literally turned highest (winning) bid, ineligible.
Technically, if bid pre-reserve, the only option, should be remove listin? Not add reserve Imo..

Samer · Jun 15, 2020

At least if they remove listing,

i take solace they’re prohibited relist 30 days.

Should only allow “adding reserve” to no-bids

DanSanchez · Jun 15, 2020

The bid was added a day after the name is listed, that's why I provided the screenshots. The seller can see the bid and he elected to leave the name with no reserve until $99.

Sellers are not being let off the hook if their names sell. So far I can only think of one seller who has refused to transfer names after they sold.

I fully encourage sellers to list with no reserve. The ones doing that are opening the door to get a high 3 figure liquidation. It happens almost daily!

Stay on your feet, buyers. This is a true liquidation platform. Most sellers are learning from their mistakes.

RJ · Jun 15, 2020

Samer said:
At least if they remove listing,

i take solace they’re prohibited relist 30 days.

Should only allow “adding reserve” to no-bids

I am going to have to disagree with you my friend. The ability to add a reserve can be good for both buyer and seller. Sellers can remove a name at any time before it sells, but if the listing is removed, it eliminates any chance for buyer to purchase the name. Current system enables a process of negotiation and buyers can consider increasing their offer if they really like a name, instead of it just going off the market.

A proxy bid is only turns into an actual sale if the price reaches that level. If the price never lowers to proxy bid, then bid is not valid and there's no deal. This is not like a normal auction.

In fact, I think NameLiquidate should allow bidders to place proxy bids below the current reserves. As a buyer, that would let me communicate to the seller that I am interested in a name if the reserve was lower. Sellers could see the interest and be encouraged lower their prices. Again, this could be a good thing for buyers and sellers. I see a lot of names listed now that I would like to place liquidation bids on, but can't due to reserves.

BrandEntrance.com · Jun 16, 2020

DanSanchez said:
This isnt an auction guys, you have a fixed price and the seller has the ability to prevent a sale by removing the name too. The bid is a pre-bid to trigger a purchase when the price drops to your bid.

I think it's a brilliant way of stating your desired price. This isnt a forced expired domains auction from Godaddy, you are dealing with individual (highly proficient) domainers. I invited the seller to share his perspective, I'm sure he will engage if he wants to.

Ultimately your participation with a bid was noted and he countered immediately with an instant fixed cost.

I think once we add the number of views inside the domain listings, buyers will never again underestimate how many of you are truly competing in NL. This particular seller has one of the highest number of closed sales in the short history of NL.

It doesn't matter what you say or who agrees on the thread. I have worked on auction sites and I have worked on sites that accepts bids. However, as soon as you mention the word auction, then it automatically falls under the laws according to auctions.

"NameLiquidate.com is a fast paced marketplace for liquidity by placing your domains in a reverse auction for 168 hours. Your domain may sell to someone willing to pay between $998 and $9 per domain. By submitting domains to NameLiquidate.com, you understand that your domains will require fast transfer approval upon request. Epik.com charges 9% commission for this service. Don’t let them drop, liquidate!"

DanSanchez · Jun 16, 2020

jamesall said:
True, I have worked on auction sites and I have worked on sites that accepts bids. However, as soon as you mention the word auction, then it automatically falls under the laws according to auctions.

Thanks for the input, but I disagree respectfully. The Dutch reverse auction rules are fairly clear, first to market wins. You have a fixed cost as a buyer, which is a massive advantage over the sellers.

RJ said:
I am going to have to disagree with you my friend. The ability to add a reserve can be good for both buyer and seller. Sellers can remove a name at any time before it sells, but if the listing is removed, it eliminates any chance for buyer to purchase the name. Current system enables a process of negotiation and buyers can consider increasing their offer if they really like a name, instead of it just going off the market.

A proxy bid is only turns into an actual sale if the price reaches that level. If the price never lowers to proxy bid, then bid is not valid and there's no deal. This is not like a normal auction.

In fact, I think NameLiquidate should allow bidders to place proxy bids below the current reserves. As a buyer, that would let me communicate to the seller that I am interested in a name if the reserve was lower. Sellers could see the interest and be encouraged lower their prices. Again, this could be a good thing for buyers and sellers. I see a lot of names listed now that I would like to place liquidation bids on, but can't due to reserves.

I appreciate your input RJ, very nice suggestion to allow some open negotiation. I have been doing this manually so far, I dont know why this wasnt immediately obvious. It's the problem with all good ideas =)

Btw The new design is close to being completed, excited to see what you guys think.

cabotower · Jul 15, 2020

once a bid is placed the buyer's ability to remove the name or make any changes should be blocked. it should be allowed to play out.

Samer · Jul 15, 2020

cabotower said:
once a bid is placed the buyer's ability to remove the name or make any changes should be blocked. it should be allowed to play out.

Yup.

Too loose rules;

They think 30 days prevent re-list is enough of a deterrent (not true) and sometimes you buy domain if prev owner de-listed on NL; remove before bought it; then u yourself prevented list.

Listing should be final; Isnt this a liquidation? Have some respect for; make legit liquidation; Cap reserve Pl find after bid “998 reserve.” bs

NameLiquidate weird behaviour

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