End user wants to finalize in person?

[Deaol]

Always something new,

I have been in negotiation with a end user for the past 4-5months and we have final agreed upon a purchase price. I state the forms of payment and transfer, and he comes back saying he does not trust any online escrow service and would rather pay the travel expense to come and do the deal face to face..

well.. wow. Ok.. sure..

Anyone have experience on this area, should I be hiring a body guard.. possible mod hit? ... I don't know. I have note confirmed a date with the end user as of yet, but just wanted to get some opinions first before proceeding.

 

[verbster]

I think this would be great! Just make sure the money is not only in your hand, but accepted by a bank before the transfer...heck, why not do the swap at a bank?

 

[Deaol]

I think this would be great! Just make sure the money is not only in your hand, but accepted by a bank before the transfer...heck, why not do the swap at a bank?

I am pretty sure thats what it will come down too.. @ the bank, than outside in the back of the Cadillac on a laptop with a gun to my head, I xfer the name.

 

[sashas]

lol
and if he gives you a black briefcase, be sure to check for fake currency (or bombs).
The FBI would be hard to get rid off though...

IMO this actually sounds better than escrow (provided the buyer is legitimate). You actually get to see the money

 

[sashas]

yup thats a good question...how much money is involved?

 

[Deaol]

Mid-High 5 figure

 

[acc]

The amount of the sale is very relevant as others have stated.
$xx,xxx is a nice deal.

If I read your side sig right, maybe the buyer just wants to visit beautiful British Columbia and write off the trip as a business expense. That sounds good to me.

Getting the cash in your hand in person from the buyer (and immediately depositing it) would be a nice rare real world touch to the normally all-electronic domain transaction process. Of course you'll each need your laptop with wireless internet to make the transfer (a push would be better and faster) go through at the time of funds exchange.

Best of luck with completing this interesting deal.

 

[sashas]

Mid-High 5 figure

thats a very nice figure.
I think it would actually be quite nice to sit at Starbucks and transfer the name over a cup of coffee. A good departure from the desktop.

btw, do let us know what the name was once the deal goes through.

 

[Michael]

I would be careful. Not necessarily of the buyer trying to strongarm you into transferring the name for nothing, but of fraud. Doing a deal offline would most likely mean he will be paying by cash, or even a cashiers check. Please be aware that cashiers checks are EXTREMELY easy to fake, and will deposit cleanly into your account until the check makes its way back to the issuing bank and they discover the fraud.

I'm sure most people have heard of the online scam where someone sends you a cashiers check for too much money when purchasing an item and you are supposed to send them back the balance. Then the check turns out to be a fake, and the money is taken back out of your account and you are out the difference.

If he pays by cash, have a bank verify the money is real using those counterfeit pen things. If he pays by cashiers check, wait a few weeks for it to clear the issuing bank before transferring the name, because a fake won't be detected until then.

Sounds kind of sketchy to me, unless the buyer is an oldschool kind of guy that doesn't trust anything on the interwebs.

Good luck!

 

[Deaol]

he is coming from Carmel California, and it would be a sit down fully witnessed at the bank wire the money, fully legal duties paid and all that fun stuff. So it is pretty legit, and yes he specifically said on the phone "I haven't been to mid-west coast of British Columbia in awhile and this would be a good excuse to go" .. I am sure this person doesn't has any issues with anything costing anything.

And the purchase price agreed upon is in the 50k+ range, and the domain is related to natural resources. That is as much as I can reveil at this time.. and I believe, yet hasn't been discussed, there will be a NDA signed.

- Deaol

 

[Spade]

Congrats on the sale. I have yet to have a site down face to face with a buyer. then again, I have yet to breach mid xx,xxx in a sale. However, I would be a bit uneasy as well, and would only meet at a bank with verifiable funds. Once again though, Congrats.

Justin

 

[buckshotdots]

For that amount of money I would ask to meet at your lawyers office and sign the papers there. The older I get, the more cynical I get. I think he would even feel more at ease. Since saving money on escrow fees etc, the lawyers fees sorta would be "free" then?? sorta??

good luck, Gary.

 

[Napkin.com]

I've always wanted to do this too...

as a buyer.

BUT, if the name isn't at a place like godaddy where you can push it quickly,
then won't he be stuck in BC for a few days until the
entire transfer takes place?

What if he wants it transferred to a networksolutions account
and you have the name elsewhere?

I can't see him sitting in BC for 7 days

That's the only reason I haven't bought names in person.

 

[Deaol]

Transferring the name won't be the issue, And who wouldn't want to hang around BC for seven days :D .. fishings picked up alittle over the last week :tu: . And yes, I have actually contacted my lawyer to be present during signing.

 

[DotWeekly]

Interesting stuff. I was thinking you were going to say $x,xxx,xxx for a face to face, but 5 figure deals happen daily so I don't get the face to face thing.

Like you said, there's something new all the time.

 

[sashas]

from what you've said, this buyer seems to be some rich business man who doesn't mind shelling the extra money to come all the way to BC. If he's agreed to sign papers and have them signed at the lawyers office, then you shouldn't have any problems as such...

 

[buckshotdots]

No need to spend 5 days in BC (although I recommend it ) Buyer just has to make a temp godaddy account (I think I read thats the register) and get an immediate push. Then he can transfer to his register at his leisure (point dns right away to where ever).

gary-

 

[Broker]

2 words

Tax Free :wave:

 

[Deaol]

2 words

Tax Free :wave:

Smart one you are.

No need to spend 5 days in BC (although I recommend it ) Buyer just has to make a temp godaddy account (I think I read thats the register) and get an immediate push. Then he can transfer to his register at his leisure (point dns right away to where ever).

Not at GoDaddy but close enough :blink:

 

[Deaol]

Still not sure how he " wires " money at YOUR bank in another country. He is an american but deals with a canadian bank ?

Only other thing is electric wire via sayhis laptop. But why face to face ? He expects it pushed to him obviously before anything clears. So who is to say he wired anything ?

I noted the transaction will be done via a financial institution between me, him and the bank. I have also requested I have my lawyer present as a witness. There will be no sitting on a starbucks patio wiring money from one account to another on a laptop, than me pushing the domain.. WHICH I thought might happen at first, but details have now be clarified.