Buyer Backed out of my TDNAM sale!

[primavera]

Just venting.......,

After recieving an email from TDNAM, informing me that one of my domains had sold and that there was nothing for me to do but wait for them to secure payment, I just sat back and waited for a follow up email stating the funds were secure and for me to iniate a change of accounts for the domain. I waited, and waited, and waited. Two weeks went by and nothing. I called customer service. They told me it could take up to a month for the deal to go down. This seemed like an unusually long time for an escrow service to process a deal. (Whatever, as long as I get the $$$) Anyway, I called them back after a months time. The service rep was clueless. He told me that my offer/counter offer had expired??? I explained to him that the buyer used the BIN option thus, ending the sale and any negotiation. Not to mention that I had recieved an email from TDNAM telling me that the domain had sold and to not take any actions until they secure payment. He still didn't get it. He then abruptly put me on hold for 15 minutes with that damn music by the squirrel nut zippers blasting in my ear and then hung up on me. I called back and finally got someone who knew what was going on. He told me the buyer had refused payment and that he was sorry. I asked if any action would be taken against the bogus buyer. He said he/she would get a warning but probably not suspended. On a lighter note...The domain was crappy and overpriced. :hehe: Anyone had an experience like this with TDNAM?

-P-

 

[MadAboutDomains]

Ive only ever bought on the Expired domain section, im still waiting till the "yours on date" which is the 16th... why it takes so long to give me the domain name, I dont know!

They shouldnt do the auction until on the last day of the auction the owner loses all power.

Oh well, i suppose its worth the wait, its a 3 number .info :hehe:

 

[fonzie_007]

Sorry to hear about. That is crazy. Seems like they should revoke the buyer's account if they are going to play games like that. There is no excuse considering it was BIN.

I don't have much experience with TDNAM. I just listed a dozen domains with them for the first time about two days ago...

 

[nRnF]

Unfortunately this does not only happen at TDNAM, ;(

Problem is, that all the major listing/broker/trade places do not want to get involved when a buyer fails.
Typical phrases are:
"we draw his attention"
"the buyer was blocked/suspended"
"we will see what we can do"

But my favorite is:
"We can give you all information to start leagal issues"

Bahhhhh.... had that so many times.

Thing here is, that if buyer fails you are left out with a "legal binding contract" and a good luck from your marketplace.

They only differ in their information to you.
E.g. Sedo is pretty fast, and informs you about whats going on.

 

[primavera]

Thanks guys for the comments. I guess these things happen all the time. It's just the first time it's happened to me. I was going to use the $850 I thought I was getting to buy more domains.......Who am I kidding, it's not going to stop me. Infact, I just regged 4 more. :notme:

-P-

 

[iDev]

During the bad experience I had with them they told me quite clearly that they were not an escrow service and that I should not use them for that.

 

[mch]

Sorry to hear this. There should be a buyer/seller protection, something like on eBay. Does any of the domain name marketplace sites offer anything like that?

 

[fonzie_007]

Sorry to hear this. There should be a buyer/seller protection, something like on eBay. Does any of the domain name marketplace sites offer anything like that?

Ebay's "protection" is not very good. If you have ever dealt with a fraudulent sale on ebay, you know you really don't get much money back.

 

[iDev]

And I've been told that eBay only protects tangible goods. So things like domains are not protected.

 

[primavera]

they told me quite clearly that they were not an escrow service and that I should not use them for that.

Are you kidding me??? Haver you read the terms of service? How do you think they handle transactions? If they left it up to individuals it would become the wild west.(No pun intended).

 

[iDev]

When I was told that they left out the fact that they make a distiction on selling price.

According to their FAQ at https://www.tdnam.com/trpFAQ.aspx?ci=2182#GI16

Q) How does the Domain Name Aftermarket escrow service work?


Depending on the selling price of a domain on the Domain Name Aftermarket, the transaction will be handled in one of two ways:
Low Value Listings – Items sold at $499.99 or less
The Domain Name Aftermarket will process the transaction through Transaction Assurance.

High Value Listings – Items sold at $500.00 or more: (not applicable to buyers and sellers residing in Arizona)
All Domain Name Aftermarket transactions are automatically protected by either Escrow.com or Transaction Assurance whose fees are included in the 7% selling fees.
Back To Question
Q) How does the escrow service work?


The funds, paid by the bidder for a domain, are held in a non-interest bearing account by Escrow.com until certain conditions are met. In the case of domain names the condition is the transfer of the domain’s ownership from the seller to the buyer. Once the escrow house receives confirmation from the buyer that the condition has been met (i.e. ownership of the domain has been changed to the buyer), the escrow house will release the net proceeds of the sale to the seller. Please note that the escrow house does not accept credit cards. Personal and Certified checks up to $2000 are accepted. They also accept wire transfers for any purchase amount. Escrow.com is not licensed to conduct business in Arizona. If either the buyer or seller resides in Arizona, the transaction, regardless of price will be handled through Transaction Assurance.
Back To Question
Q) How does Transaction Assurance work?


With Transaction Assurance, the Domain Name Aftermarket holds the buyer’s funds for 30 days before releasing them to the seller. The 30–day window typically provides enough time for the Change of Ownership or Transfer to occur. You may call us at anytime at (480) 505-8892 to determine the exact status of your transaction.

Also see http://www.namepros.com/showthread.php?postid=949443#poststop

 

[primavera]

When I was told that they left out the fact that they make a distiction on selling price.

According to their FAQ at https://www.tdnam.com/trpFAQ.aspx?ci=2182#GI16



Also see http://www.namepros.com/showthread.php?postid=949443#poststop

Thanks for the clairification. The TDNAM for me has been a lesson learned. :imho: I'm not going to try the "shotgun approach" for selling domains any more. Nothing crafty to say...Good domains will sell themselves. Now if I could only get a few.......

 

[scrsteven]

TDNAM is horrible. I will never sell or buy a name on there (or so I think). One, I made a $10,000 offer on a 3 letter .com on there, my offer was accepted, but the seller wouldn't respond to any contact. I sent an email asking for proof of ownership before I screwed up my bank accounts and send 10k to escrow.com, and never got a response. I called TDNAM customer service and they were clueless and couldn't check who listed the name, and at first they told me to just pay the 10k to escrow, and that I would get my money back in 30 or 60 days if I didn't get the name. Umm, no way I would ever throw down 10k to escrow without any contact with the seller. I did contact the real owner of the domain through whois- by phone, email, and fax, and never got a response- but there is an active webpage on it.

Then, yesterday, I found one of MY OWN domains listed for sale on tdnam, a 3 letter .net. Definitely not listed by me, the owner.

Both of the names I've ever worked with at TDNAM have been fraudulently posted by not the real owners. I emailed customer service about this, and they say they don't make you prove ownership to post a name for sale..that the fee to post a name for sale should eliminate the people trying to rip you off. LOL. I bet noone would have any qualms with selling a name they don't own for 10k if they had to pay $2 or whatever to list it. Ridiculous.

 

[fonzie_007]

TDNAM is horrible. I will never sell or buy a name on there (or so I think). One, I made a $10,000 offer on a 3 letter .com on there, my offer was accepted, but the seller wouldn't respond to any contact. I sent an email asking for proof of ownership before I screwed up my bank accounts and send 10k to escrow.com, and never got a response. I called TDNAM customer service and they were clueless and couldn't check who listed the name, and at first they told me to just pay the 10k to escrow, and that I would get my money back in 30 or 60 days if I didn't get the name. Umm, no way I would ever throw down 10k to escrow without any contact with the seller. I did contact the real owner of the domain through whois- by phone, email, and fax, and never got a response- but there is an active webpage on it.

Then, yesterday, I found one of MY OWN domains listed for sale on tdnam, a 3 letter .net. Definitely not listed by me, the owner.

Both of the names I've ever worked with at TDNAM have been fraudulently posted by not the real owners. I emailed customer service about this, and they say they don't make you prove ownership to post a name for sale..that the fee to post a name for sale should eliminate the people trying to rip you off. LOL. I bet noone would have any qualms with selling a name they don't own for 10k if they had to pay $2 or whatever to list it. Ridiculous.

I had a guy doing the same thing to me on Afternic last week. He was selling one of my domains! improve.cc I emailed Afternic and did not get a response from them. I checked back on their site today and found his listing had been taken down. It was nice Afternic acted on my email, but it would have been nice for them to let me know the change was made. Additionally, you would think sites like TDNAM and Afternic would verify ownership prior to allowing the domain to be listed.