Agreed $5000 Sale - Still No Payment

[pendingDelete]

What do you do when an end user has agreed to a sale but is taking forever to pay?

Is there a point at which you start applying more pressure? How do you go about doing that?

Is it breach of contact when no specific timeline for payment is stated in said contract?

It's not like the buyer has disappeared. We were in contact as recently as last Thursday, and the buyer didn't try to renege on the deal.

The buyer has been corresponding with me using his real name. I also have the buyer's address and phone number, though he may not know that.

How would you handle this situation? It's been over 2 weeks since we agreed to the deal. I don't know if that qualifies as a long time, but the transaction is dragging on longer than I'm accustomed to.

 

[alcy]

you mean an email inquiry and agreement?

those are not legally binding. there are no contracts or signatures to go by.

even when you conclude a sale via a reputable auction site like godaddy, you cannot do a thing to the buyer if they do not pay... and neither can godaddy.. and the worse that'll ever happen to buyer is gd auctions ban.

 

[pendingDelete]

you mean an email inquiry and agreement?

those are not legally binding. there are no contracts or signatures to go by.

Yes. Thank you for your post.

 

[alcy]

Yes. Thank you for your post.

your welcome. I hope it clarifies the matter of your concern.
gl

 

[Rich]

Do you have an open transaction with an escrow service or offer to use one? I've waited a couple weeks for payment through escrow, they'll keep sending reminders to buyer. People are busy...i would send a friendly follow up email on Thursday, if there's no reply by the weekend I would move on to the next.

 

[WingMan]

Did you tell him it's taking too long to get the payment?

 

[pendingDelete]

Do you have an open transaction with an escrow service or offer to use one? I've waited a couple weeks for payment through escrow, they'll keep sending reminders to buyer. People are busy...i would send a friendly follow up email on Thursday, if there's no reply by the weekend I would move on to the next.

Yes, there is an open transaction with escrow.com. Thanks for the advice.

 

[pendingDelete]

Did you tell him it's taking too long to get the payment?

No--trying to be amiable. Plus, the buyer did apologize for the delay.

 

[pendingDelete]

What the buyer said last week was that his business partner will be the one issuing the payment, and that he expected said partner to follow through within a couple of days.

 

[WingMan]

Okay. You need to be more forthright. You can always ask if the buyer needs help with the payment process, or if there's anything that's not clear in the transaction. Then offer your assistance if they need help. All the best.

 

[indiegrind]

I had this happen a few months ago on an agreed upon $88,000 sale. We even started the escrow. Buyer was a law firm in China. Lawyer I was corresponding with assured me he would complete the transaction several times then went silent.

I reached out a few times, then just let it go.

It sucks.

 

[DanBingham]

Happened to me recently. Buyer agreed a $700 offer on one of my .co.uk names, sent an email to acknowledge, then opened up an Escrow transaction.

Some time went by with no response, chased it up with a nudge email offering assistance and still nothing. Sent a final reminder through Escrow, and then just cancelled the transaction.

I don't have the time to pussy foot and chase so their loss.

 

[DnEbook]

Possible buyers remorse? Give them a timeline and if they don't pay then consider it time to walk away, it happens, good luck

 

[wwwweb]

Happens all the time, will continue to happen, excuses from the dreaded over opinated frugal partner, to I’m on holidays is just stalling, could be cashflow issues, or they are negotiating on other names who knows.

Won’t be the first, or the last, comes with the territory.

 

[eurorealtor]

I wouldn't put any pressure, it leads nowhere. Give it a time, than try to get in touch again, if no success, let it go and move on. As mentioned few times above, it happens. I also had a buyer here on NP for a domain for over $30k, he apologised and we moved on, year later I sold the domain for $60k, even better for me. Good luck!

 

[BaileyUK]

I wouldn't worry too much about a business domain purchase taking two weeks plus. Lets face it most work on 30 day payment timelines for all their other services and purchases. I acknowledge it's an individual that your negotiating /agreeing with. But, this definitely reads as business purchase. Keep the contact, and then just use the gentle reminder of a 21 day lapse, Which is a common reminder point

 

[ScalableDomains]

I have used the response:

"Have you given up on this deal? " (Book: "Negotiate as your life depended on it")

I have received quick responses to that question.

I have been in the same situation regarding a $500 deal. The person has read the email because I use Streak to verify open emails. After a few emails, I moved on. Remeber, you are a professional and have to keep moving forward. If your client comes back, lock him/her in. If not, move on.

 

[pokainc]

Happens all the time, will continue to happen, excuses from the dreaded over opinated frugal partner, to I’m on holidays is just stalling, could be cashflow issues, or they are negotiating on other names who knows.

Won’t be the first, or the last, comes with the territory.

Had this happen 2-3 weeks ago:
So called buyer: I'm interested (I setup the escrow)
Myself: escrow is set up
So called buyer: I'm going to take care of it next week, I'm on business travel
About a week later
Myself : Are you ready to finalize
So called buyer: I've had pneumonia this and that
Myself: I'm giving you a below market price and we don't go back and forth when we're giving such a discount. Let's be straight up, are you interested or we just move on.
So called buyer: I'm interested, but my partners are not convinced in the re-branding of our business.

Deal ended up not finalizing, but at least didn't waste more time... sometimes you need to press a bit more to know the truth.. they have a million and a half excuses.
Sometimes the pressure worked... I said if I don't have an official update that we are moving forward within 24 hours (since it had been a few days), we're cancelling the deal... all of a sudden payment is sent or they respond ok just give me 1-2 more days to finalize.