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Afternic Purchase Cancelled

Located in Domain Marketplace Reviews, started by Illuminated, Oct 14, 2020 at 10:51 PM

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249

  1. Illuminated

    Illuminated Established Member

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    I purchased a domain on Afternic over 2 weeks ago via BIN and have now received an email stating that the sale has been cancelled as they are not able to verify the owner of the domain. This may not even be the truth - it could be that the seller decided to back out. Also in the 2 weeks I received no communication past them confirming my funds and saying they will prepare the transfer - just an automated message later cancelling the sale.

    On top of this I will likely also lose money with the conversion rate. This just ruins the validity of a BIN at Afternic in my opinion, as the price is then just a random number if you aren't assured your purchase.

    The only inconvenience is to the buyer; who loses their time and money. Is my only option to accept the refund and most likely lose money?
     
    Last edited: Oct 14, 2020 at 10:52 PM
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  2. stub

    stub DNStore.com PRO VIP ★★★★★★★★★★

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    The exchange rate is potluck. You could win/lose on the exchange rate. I understand that doesn't help your situation though.
     
  3. Illuminated

    Illuminated Established Member

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    I emailed someone successful in the industry that has been around a long time and they said that this happens to them regularly as well. Seems there isn't much that can be done.

    It will still make me think twice before making acquisitions on Afternic - perhaps the best route is to reach out to a broker on Afternic and have them confirm ownership before purchasing?

    Just have to hope I don't lose money and move forward.
     
  4. stub

    stub DNStore.com PRO VIP ★★★★★★★★★★

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    Sounds like a positive approach for you/us going forward.
     
  5. Illuminated

    Illuminated Established Member

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    Got the refund quickly, at least. Lost 2% of the purchase amount.

    If this was a 5 figure transaction I would be pissed. They need a better system to avoid this for those paying outside the US. Tying up capital for 3 weeks and then sending it back at a loss (with only a single automated message the entire time) because apparently the listing wasn't even verified in the first place really is not acceptable.

    Like I mentioned earlier, it means that a BIN listing at Afternic is just a random number - maybe you will get it, maybe you won't.
     
    Last edited: Oct 16, 2020 at 1:27 AM

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