Concern with Tdnam

[markfromslo]

I purchased a domain name for $15 from a seven-day auction on tdnam, with the seller a private party. tdnam took my $15. Then I got a nearly illiterate email from the seller who has the name hosted on ipowerweb.com and she said she was completely confused as to how to get the name to me. I tried transferring to my Godaddy account, but it said it was within the 60-day window and could not do it. Now, I've written her back and told her to ask her registrar how to create a new acct and push the name to it and give me the new acct info.

But, after talking to tdnam (GoDaddy) on the phone about it, I've discovered something. For sales under $500 they do not perform an escrow service, and they send the money to the seller without even asking me first if I have received the name! Am I understanding this right? Doesn't this open the door to fraud by letting people sell a name and then never deliver?

(btw, if anyone knows how I can describe to the seller how to push the name to another acct or otherwise deliver it to me at iPowerWeb.com could you let me know what to tell her. Thanks).

 

[deet]

why not just call and ask them? I see a toll free phone number on the site.

 

[fish]

I've bought a couple names off of private sellers from TDNAM, and I agree it's very unorganized and not a secure environment for buyers. The process didn't seem to be regulated by GoDaddy at all (and now I know it's not). I can't believe GoDaddy would allow sellers the mere opportunity to do this sort of thing. I think I've been lucky to have successful transactions so far, but I think I will stick to the expired name auctions from now on with TDNAM.

 

[deet]

https://www.tdnam.com/trpFAQ.aspx?ci=2182#GI12

Q) How does a Domain Name Aftermarket transaction 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:
Domain Name Aftermarket transactions are automatically protected by either transaction assurance or an escrow service whose fees will be subtracted from the seller’s proceeds.
Transaction Assurance – Domain Sells for <$500:
I. Buyer makes offer.
II. Seller either accepts offer, which closes the listing.

or

III. Seller counters offer.
IV. Buyer either accepts or counters seller’s offer.
V. Once negotiation is completed, seller accepts offer.
VI. Buyer returns to Domain Name Aftermarket site to pay the applicable amount.
VII. Once funds are verified, buyer is e-mailed to request a domain transfer.
VIII. If Domain Name Aftermarket is not contacted by seller or bidder in 30 days after the offer is accepted, the transaction is closed and the net proceeds are sent to the seller. If contested, funds may be with held

Escrow – Domain Sells for >$500
I. Buyer makes offer.
II. Seller either accepts offer, which closes the listing.
or
III. Seller counters offer.
IV. Buyer either accepts or counters seller’s offer.
V. Once negotiation is completed, seller accepts offer.
VI. Buyer returns to Domain Name Aftermarket site to start the purchase process
VII. Funds are sent to the escrow house by the buyer.
VIII. Once funds are verified, buyer is emailed to request a domain transfer.
IX. Once change of ownership of the domain is verified, the escrow house releases the net proceeds to the seller. Or the funds are released 30 days after the sale date in the case of Transaction Assurance.

 

[markfromslo]

Very interesting. The GoDaddy rep (I did in fact call them prior to posting) said GoDaddy does not do anything to verify the name is delivered. But according to what you posted, "Transaction Assurance" does make sure the name is delivered. Considering the rep sounded clueless, I assume the faq you posted is accurate.

If the seller cannot deliver the name to me for whatever reason, I'll contact tdnam within 30 days and they will not pay her.

Thanks for pulling that up.

https://www.tdnam.com/trpFAQ.aspx?ci=2182#GI12

 

[deet]

No problem, sometimes a lil readin goes a long way

 

[markfromslo]

No problem, sometimes a lil readin goes a long way

You're right. But, I did read what I could find on the site prior to calling them. Then the clueless rep told me differently so it was pretty confusing. You'd think the reps would read their own FAQs! LOL!

By the way, the seller is freaking out about her $15 payment and won't transfer the name unless she gets the payment first. Of course, tndam (supposedly) won't release the payment to her (within 30 days) if I tell them the name was not transferred. I'll probably never get the name.