A little while ago I received an email from SnapNames saying one of my backordered domain names was for sale at a $3,000 BIN.
I won’t identify the name (for now), but it’s a generic, short one-word .com domain. Similar domains sell for mid/high $xxx,xxx prices. The domain has been registered since the 90’s and isn’t actively used.
At first I thought maybe it was a phishing email, but everything checked out. I happened to see the email the moment it arrived so I was seemingly the first person to act on it. I proceeded to purchase it and SnapNames charged my card (the one they already had on file). I see the domain in my SnapNames account as a past order. It also says I won the auction, I received confirmation emails, etc.
However, the domain still shows as pending payment about quite a few days later. I believe SnapNames has a two-step process where they first get you to make a “deposit” and then “apply” those funds to the order. The $3,000 is in my account ever since they charged my card, but I can’t apply these funds to the order. I have also yet to receive any emails with further instructions (although I did get an order confirmation).
There’s an option to apply the funds on their website, but it doesn’t work. It says it successfully applied the funds, but then a few moments later it again shows the order is pending payment with again the option to apply the funds.
I’m not sure what to do or what to think. I realize this sale might not go through in the end, although I also feel like an auction is legally binding.
Have there been examples in the past where high value domains are sold at low BIN prices? Did they go through? What would be the reason for a sale like that to happen?
I’m assuming domain name ownership is verified before they are placed into auction?
I’ll probably reach out to SnapNames after the weekend, but I’m a little bit worried they’ll find an excuse to cancel the order as they are leaving money on the table. Looking at other threads though, when the shoe is on the other food similar marketplaces threaten legal action (or communicate the seller might) when a purchased domain isn’t paid for.
Curious to hear your thoughts.
I won’t identify the name (for now), but it’s a generic, short one-word .com domain. Similar domains sell for mid/high $xxx,xxx prices. The domain has been registered since the 90’s and isn’t actively used.
At first I thought maybe it was a phishing email, but everything checked out. I happened to see the email the moment it arrived so I was seemingly the first person to act on it. I proceeded to purchase it and SnapNames charged my card (the one they already had on file). I see the domain in my SnapNames account as a past order. It also says I won the auction, I received confirmation emails, etc.
However, the domain still shows as pending payment about quite a few days later. I believe SnapNames has a two-step process where they first get you to make a “deposit” and then “apply” those funds to the order. The $3,000 is in my account ever since they charged my card, but I can’t apply these funds to the order. I have also yet to receive any emails with further instructions (although I did get an order confirmation).
There’s an option to apply the funds on their website, but it doesn’t work. It says it successfully applied the funds, but then a few moments later it again shows the order is pending payment with again the option to apply the funds.
I’m not sure what to do or what to think. I realize this sale might not go through in the end, although I also feel like an auction is legally binding.
Have there been examples in the past where high value domains are sold at low BIN prices? Did they go through? What would be the reason for a sale like that to happen?
I’m assuming domain name ownership is verified before they are placed into auction?
I’ll probably reach out to SnapNames after the weekend, but I’m a little bit worried they’ll find an excuse to cancel the order as they are leaving money on the table. Looking at other threads though, when the shoe is on the other food similar marketplaces threaten legal action (or communicate the seller might) when a purchased domain isn’t paid for.
Curious to hear your thoughts.