Buyer backed out after initiated escrow.com. What to do?

[holdem8]

Hi...

2 weeks ago, I was about to close a high $1X,XXX deal on a small portfolio of 8 domains to a company when another buyer offered to buy. He was so sure and asked me to cancel the negotiations with the other party and offered more than the 1st potential buyer.

We agreed on the deal and he initiated the escrow.com transaction. 2 days later, he again sent an email saying that he was 100% sure that he will buy it. More than 10 days have passed...no words.

I finally called him and he said he still wanted it but knowing that I have pissed off the 1st potential buyer, he said he will buy it at only $10,000...take it of leave it, and he was to pay on that very day. Reluctantly, I reinitiated a new escrow transaction for $10K.

It is 3 days now and he still has not paid and he is not answering my calls. Is this a good case for a lawsuit?

Hope to get some good advice...thanks!

 

[hawkeye]

Unfortunately and whether you like to hear this or not, this is your fault because of your greed! If you had a made deal with someone, and then 'backed out' of it, because someone else offered you more money, shows what type of business person you are (greedy, and one not to be trusted), and it appears 'karma' is now getting it's play! As they say - Payback is a b*tch!!

 

[Michael]

Unfortunately and whether you like to hear this or not, this is your fault because of your greed! If you had a made deal with someone, and then 'backed out' of it, because someone else offered you more money, shows what type of business person you are (greedy, and one not to be trusted), and it appears 'karma' is now getting it's play! As they say - Payback is a b*tch!!

Very well said. +rep on the way

 

[mjbenterprises]

Agree 100%...

Unfortunately and whether you like to hear this or not, this is your fault because of your greed! If you had a made deal with someone, and then 'backed out' of it, because someone else offered you more money, shows what type of business person you are (greedy, and one not to be trusted), and it appears 'karma' is now getting it's play! As they say - Payback is a b*tch!!

 

[holdem8]

Unfortunately and whether you like to hear this or not, this is your fault because of your greed! If you had a made deal with someone, and then 'backed out' of it, because someone else offered you more money, shows what type of business person you are (greedy, and one not to be trusted), and it appears 'karma' is now getting it's play! As they say - Payback is a b*tch!!

ok..thanks for the advice anyway. As a matter of fact, the 1st negotiation has been going on for 1.5 months and they were to give me a yes/no answer in a week. It was not a done deal and if someone came along and offered more to close the deal that very day, I think it was a good calculated move. Sorry if I pissed u off ..

 

[MicroGuy]

I think it was a good calculated move.

So much for the saying hindsight is 20/20. :hehe:

 

[ripley]

You did nothing wrong if you hadn't yet agreed on a deal with the first party. If someone came along during price haggling with someone else and the newcomer offered me a better price, one the first party wasn't willing to match or beat, of course I'd take it. Simple business calculation.

ripley.

 

[hawkeye]

You did nothing wrong if you hadn't yet agreed on a deal with the first party. If someone came along during price haggling with someone else and the newcomer offered me a better price, one the first party wasn't willing to match or beat, of course I'd take it. Simple business calculation.

ripley.

But.., that was his 'clarification' after chastising. But, in what he noted originally... he was wrong.

 

[mjbenterprises]

I don't do business this way, and never will , but it's nice to see this type of thing doesn't bother you guys.......Remind me to never make an offer on any of your domains...

You did nothing wrong if you hadn't yet agreed on a deal with the first party. If someone came along during price haggling with someone else and the newcomer offered me a better price, one the first party wasn't willing to match or beat, of course I'd take it. Simple business calculation.

ripley.

 

[ripley]

But.., that was his 'clarification' after chastising. But, in what he noted originally... he was wrong.

No. What he originally said wasn't wrong; I think you read past what he wrote. Here is his original quote:

"I was about to close a high $1X,XXX deal"

ABOUT to close. Not had closed. You misread what he said, then jumped to conclusions, then took it upon yourself to blast him for something he didn't even do.

It's instructive I think to remember that we're all here to learn from one another and try to be helpful and professional, and while venting your spleen on someone on a (largely) anonymous Internet forum might make you feel good, it's usually not very productive. Particularly when you're mistaken.

ripley.

 

[mjbenterprises]

Some bozo on namepros recently tried this same thing on me with a LLLL.com.. Except the deal had already been finalized, he gave me his paypal info, and the price, but it was late, so I had to go to bed...... I PMed him the next day to confirm, and he says, "no, the deal was not finalized"...LOL.. WTF...

 

[ripley]

Some bozo on namepros recently tried this same thing on me with a LLLL.com.. Except the deal had already been finalized, he gave me his paypal info, and the price, but it was late, so I had to go to bed...... I PMed him the next day to confirm, and he says, "no, the deal was not finalized"...LOL.. WTF...

Well, that's not okay. You made an offer, he clearly accepted, then reneged. I hope you got in touch with a NP admin, they penalize people who do that sort of thing here.

ripley.

 

[mjbenterprises]

Thanks for the info...

Well, that's not okay. You made an offer, he clearly accepted, then reneged. I hope you got in touch with a NP admin, they penalize people who do that sort of thing here.

ripley.

 

[holdem8]

But.., that was his 'clarification' after chastising. But, in what he noted originally... he was wrong.

Hey Hawkeye... I am seeking advice...not looking for trouble. I hope you can understand.

I hate greedy people too and will never do business this way. If I sense that the 1st deal is not going anywhere and there is a 50%-50% chance that it will not materialize, I will definitely grab the 2nd seemingly real deal that comes along. It is just the right thing to do.

Who will ever know that the 2nd deal is worse?

 

[hawkeye]

:sold:

No. What he originally said wasn't wrong; I think you read past what he wrote. Here is his original quote:

"I was about to close a high $1X,XXX deal"

ABOUT to close. Not had closed. You misread what he said, then jumped to conclusions, then took it upon yourself to blast him for something he didn't even do.

It's instructive I think to remember that we're all here to learn from one another and try to be helpful and professional, and while venting your spleen on someone on a (largely) anonymous Internet forum might make you feel good, it's usually not very productive. Particularly when you're mistaken.

ripley.

So it's your assumption/standing that when one has negotiated a deal, which means various back and forthing to come to a close, that it's ok to just completely blow off the deal just prior to finalizing it, with no warning or communication to that a buyer, go elsewhere with the transaction, and then 'cry' because you not only lost the 'new' second buyer, but now your first buyer too! ...ok.

And, thanks for the dress down, and for the enlightenment to what can be expected as 'acceptable' dealings with you.

 

[holdem8]

No. What he originally said wasn't wrong; I think you read past what he wrote. Here is his original quote:

"I was about to close a high $1X,XXX deal"

ABOUT to close. Not had closed. You misread what he said, then jumped to conclusions, then took it upon yourself to blast him for something he didn't even do.

It's instructive I think to remember that we're all here to learn from one another and try to be helpful and professional, and while venting your spleen on someone on a (largely) anonymous Internet forum might make you feel good, it's usually not very productive. Particularly when you're mistaken.

ripley.

Hey Ripley....Thanks a bunch I was quite surprised finding myself at the receiving end and even rechecked my original post if I wrote something wrong :red:

I think hawkeye misread my post. Anyway, all is well and hope to learn something from it...cheerio, mate peace!

 

[hawkeye]

Hey Hawkeye... I am seeking advice...not looking for trouble. I hope you can understand.

I hate greedy people too and will never do business this way. If I sense that the 1st deal is not going anywhere and there is a 50%-50% chance that it will not materialize, I will definitely grab the 2nd seemingly real deal that comes along. It is just the right thing to do.

Who will ever know that the 2nd deal is worse?

I'm not giving you trouble holdem8, I just responded to 'what' and 'how' you had written in your post.

 

[holdem8]

Hi Hawkeye...

Thanks for the clarification.

MOD: Please close this thread, it is not really going anywhere. I will try to seek advice from somewhere else.

Thanks again peeps! Cheers

 

[ripley]

:sold: So it's your assumption/standing that when one has negotiated a deal, which means various back and forthing to come to a close, that it's ok to just completely blow off the deal just prior to finalizing it, with no warning or communication to that a buyer, go elsewhere with the transaction, and then 'cry' because you not only lost the 'new' second buyer, but now your first buyer too! ...ok.

And, thanks for the dress down, and for the enlightenment to what can be expected as 'acceptable' dealings with you.

You're once again making an assumption: "with no warning or communication to that a buyer" -- he never said he didn't offer the first buyer a chance to match or beat the second one. That's not something I would support, but then he didn't say that was what had happened. If you'll reread my original response, you'll see I said this: "If someone came along during price haggling with someone else and the newcomer offered me a better price, one the first party wasn't willing to match or beat, of course I'd take it." Key phrase here being: one the first party wasn't willing to match or beat. That presumes that you'd give the first person a heads-up.

This'll be my last post, but I felt the need to defend myself, since now somehow my professionalism is being attacked too.

ripley.

 

[shane mac]

There is nothing you can do unfortunately.My advise is to always negotiate with the 1st buyer untill all avenue's have been closed.If a buyer comes in late then ask them to wait until you have a solid offer from the first buyer.Tell the first buyer you will make a desision in 24 hours,give the same time to the 2nd to counter 1st bidder, then take the winning offer.Don't blow anyone off and always get them to initiate the escrow first.

If they are serious they will do it, if not they are a joke.

But a golden piece of advise, the first profit is always the best profit.