Advice needed! Domain that just sold for low $xxx - Just received email offer for $5,000

[Maxwell]

I just recently sold a domain at GoDaddy auctions for low $xxx. It was accidentally listed with no reserve.

Then today I just received an offer from someone for $5,000. I did a reverse whois on the email and their portfolio is worth well over $200k. Many NNN.com's and NNNN.com's.

So of course I'm going to try to cancel this transaction at all cost, but how do I do this? GoDaddy is not just going to let me do it.

The transaction is not entirely completed yet, the domain has been removed from my account, but I have not received the funds yet.

Please give me your thoughts on how I should handle this situation...

UPDATE: Transaction is completed. The 5k offer is legitimate; but new owner isn't responding to emails. I'm moving on.

 

[johnn]

It's the wrong thing to do.

 

[lll]

S.O.L. maxx

Better luck next time


Not really understanding the whole "no idea how it was listed at godaddy auction" claim also...

 

[The New Guy]

Complete the transaction, offer to buy it back for twice the price, then sell it to the person offering $5k.

That's assuming the $5k offer is legit. Could be the buyer trying to get you to do just that.

 

[Maxwell]

@lll I didn't say that, I said it was accidentally listed without a reserve.

But even if I can't cancel the transaction, I'm going to offer the new owner for what it sold for +$50 maybe..

 

[lll]

@lll I didn't say that, I said it was accidentally listed without a reserve.

But even if I can't cancel the transaction, I'm going to offer the new owner for what it sold for +$50 maybe..

Quite unlikely they will sell for only +$50

 

[Maxwell]

I looked into the offerer's email and his portfolio is worth over $100k. He owns two NNN.com's and over 20 NNNN.com's. So I believe he is legit.

 

[Maxwell]

@The New Guy Yes, probably what I will up doing. Thanks for the advice.

 

[iowadawg]

Got to love seller remorse!

 

[D. Wells]

Oldest trick in the book man... Buy a name and offer the old owner a crazy amount of money for it, so they can buy it back. Don't fall for it....

 

[buyselldoms]

Cancelling is immoral.

The buyer obviously knows the value is higher than what he paid... offering to buy it back might not be as easier as you think, especially with a $50 premium. I don't have a $100k+ portfolio and I don't even have a salary of that either... but I wouldn't get out of bed for $50.

I think the buyer would work out the reason as why you want to buy it back so quickly and for little much more than sold for.

You will need to buy it back for like $2000 stating a mistake with forgetting a reserve... then sell it for $5000... the problem is that latter deal might fall through and I assume the whois details have already changed so you cannot sell it through escrow etc. whilst buying it back.

 

[Maxwell]

Oldest trick in the book man... Buy a name and offer the old owner a crazy amount of money for it, so they can buy it back. Don't fall for it....

It's not this trick because the buyer looking to purchase for $5k has a portfolio worth over $200,000. I doubt someone with this kind of portfolio would be doing this.

 

[buyselldoms]

Of course, like others said (I cannot tell which it is with the sketchy details) could simply be the buyer trying to get a refund, especially that its through Godaddy, it happens quite often.

Have you replied to the email offer? How do you know its not spoofed etc?

 

[RevolutionaryDomains]

In the end it's your integrity at stake, not the difference in money. Complete the transaction and laugh all the way to the bank. There's a good chance if you had a reserve from the start the name probably would not have sold.

Also, it's not too uncommon for someone to win a name and change their mind, then they or someone they know will fake an offer to prompt your greed to cancel and get them out of the sale. Either way, good luck.

 

[D. Wells]

It's not this trick because the buyer looking to purchase for $5k has a portfolio worth over $200,000. I doubt someone with this kind of portfolio would be doing this.

Trust none...

 

[buyselldoms]

It's not this trick because the buyer looking to purchase for $5k has a portfolio worth over $200,000. I doubt someone with this kind of portfolio would be doing this.

I have to share my experience in domaining... that is most people with large portfolios are the ones always going to do these tricks - especially when they detect potential newbie domainers. You think its serious business at face value, but I wouldn't be surprised that as soon as you have agreed $5000 that it doesn't come $1000. There is a reason why rich/wealthy people remain that way.

No offer (invitation to treat) is a guaranteed transaction.

 

[gmd]

If GD had removed the name already out to your account then you could not do anything, few days from now you will received the payment. Now risk is in the table, will you buy it back for a lot higher value or not? what assurance do you have that after having it back the seller is still there waiting? unless you still wanted the name at all costs.

 

[buyselldoms]

If GD had removed the name already out to your account then you could not do anything, few days from now you will received the payment. Now risk is in the table, will you buy it back for a lot higher value or not? what assurance do you have that after having it back the seller is still there waiting? unless you still wanted the name at all costs.

Very high risk! You could make a mint buying non-reserve domains, sending a big offer by email and selling the domain back for some profit. haha. Although these things do happen I am quite skeptical on reflection - its a big jump in price.

 

[bonavee]

Complete the transaction, offer to buy it back for twice the price, then sell it to the person offering $5k.

That's assuming the $5k offer is legit. Could be the buyer trying to get you to do just that.

(...bolded) Spot on... Food for thought!

 

[Maxwell]

@bonavee @buyselldoms @IceDude @The New Guy Also, the offer was a reply to an email I sent over a month ago. I was looking for potential buyers and sent out "for sale" emails before the auction even started.

I didn't mention this because I didn't know people where going to be more focused on questioning the situation opposed to giving advice on it.

So the offer is 100% not from the buyer.

 

[The New Guy]

@bonavee @buyselldoms @IceDude @The New Guy Also, the offer was a reply to an email I sent over a month ago. I was looking for potential buyers and sent out "for sale" emails before the auction even started.

I didn't mention this because I didn't know people where going to be more focused on questioning the situation opposed to giving advice on it.

So the offer is 100% not from the buyer.

Go watch zombieland. Was the girl who found the ring the same one who lost the ring? How do you know they're not working together?

 

[tomcarl]

Don't offer to simply buy back the domain, just be honest and contact the buyer that won the domain for 500 and say that you received a very fair offer and you are willing to share some of the profits with them if they work with you. Open an escrow and have the buyer send in payment, once payment is secured, get the domain and transfer $1,500 to the original winner. You may even want to call this person and explain to them the situation over phone, just don't reveal who made the offer, obviously. They'd most likely go for it to make a fast $1,000, otherwise offer them $2500 - Share the profits with them, so you, them, the person who made the offer....Everyone wins.

Honesty is the best policy on this one.

 

[DnEbook]

'I feel the need ……..for greed'
~
Advice ?
~
Accept it
~
CamRoulette ??

 

[johnn]

It's your mistake.
Complete the transaction. Live and learn.
You have no one to blame but you.

The money can't buy your reputation.

 

[wwwulff]

It's your mistake.
Complete the transaction. Live and learn.
You have no one to blame but you.

The money can't buy your reputation.

+1