question I accepted a $7G offer. Then find out buyer is whale. Can I cancel?

[WhoaDomain.com]

So yea. I got an offer on a 6 letter domain via email. the domain is IOT + MMS .com.

Did not think nothing of it. Comps show similar IOT sales and MMS sales as high as $20,000.

I forgot about the offer over the weekend. They came back with $4,000 and since I didn't check my emails over the weekend. They countered with $7,000.

To be honest I did the rookie move and did not pay attention to their email address which was a Mcdean.com email address.

I was being quirky and accepted the $7,000 offer via email without a thought as I thought (at the time) it was fair.

but now after finding out more about this Mcdean.com website with over 2,500 employees worldwide. I'm having sellers remorse.

So is my acceptance via email a legally binding agreement or can I cancel and ask for more? That's question number 1.

And #2 is of course should I renegotiate at this point?

I know it's a jerk move but after seeing the McDean.com website which looks like an 80's website I got the "bug" and now thinking maybe I shouldn't have jumped at the $7,000? I mean without me even countering his first $4,000 offer. He jumped up to $7,000.

I think I had asked for $10,000 first. he asked if we could meet in the middle at $7,000 he even said he'd add $400 to cover the escrow fees.

Am I missing out here? seems like he could have paid more as he's very "easy going" with this purchase especially jumping from $4,000 after no response up to $7,000? That's a big jump.

or is $7,000 fair market value for IOT + MMS .com?

Of course I understand that I could royally screw this up by reneging and asking for more this point and he might walk away.

I'm more concerned of the legal aspect.

 

[MR Harrist]

there is no significant difference between $7k, and $10k! but there is a lot of different between, 7k Vs $0

 

[xynames]

Whatever happened with this?

As with most of Avtar629’s threads - nothing.

 

[DKN]

$7000 is good enough money..... Be happy and honor your word Congrats

 

[Name Trader]

Once a price has been agreed. It's a done deal. No more discussion is required. I personally would never pay above an already agreed price. In principal. There are mostly always alternative options.

 

[BrandZen]

You already agreed to a price. Its only fair to sell it and move on to the next deal.

 

[Mary Muse]

This is like the 8th thread of yours that I've read and thought to myself, "OP sounds like kind of a sketchball."

There are expected to be beginner's f-up's, but you seem to push the moral-boundaries more than anything.

Probably time to revisit your ethics if this thread is any reflection on how seasoned domainers and professionals view you & your antics.

Regarding this quandary: Slow down next time, do your research before submitting an offer/accepting an offer, and stick with it. No takesiebacksies.

Cheers..

 

[xynames]

Let us know if this deal actually closes.

Im interested to know if from all of this long thread we have a 7k sale or not lol

Btw , anything happened with the offers you got in the other threads? I lost track.

@Avtar629 'Everyone' of the domains in your sig show that they closed auction at SEDO on Apr. 6 with 'one' bid and reserve met! Yet...they are still in your name!! So what's up with that? Did you forget to complete the transactions?

Your posts are always interesting.
You always have an answer for everything and yet you seems to ask a lot of question.

Most all of his threads are premature musings about hoped for offers that never close, or seeking advice that he ignores. It's fine though, but not worth all the input and effort from members that I do not believe he listens to anyway.

Right or wrong avtar629? Are you looking for input or just hoping for someone to tell you that you are wearing clothes when you are in fact naked?

 

[PeakDots]

Whatever happened with this? Did the name change hands or what?
Update please

 

[xynames]

As I said before, which he just confirmed yet again, above:

Most all of his threads are premature musings about hoped for offers that never close, or seeking advice that he ignores. It's fine though, but not worth all the input and effort from members that I do not believe he listens to anyway.

Avtar629 (WhoaDomain) has a general policy of trying to get a very high amount for all of his domains. No matter what anyone offers he always decides that he should get more. Almost all of the time this policy results in the deal’s falling through.

Right or wrong avtar629?

 

[hawkeye]

Answer is obvious IMO.

You would think.., no?

I personally wouldn't be inclined to work with you knowing you pull, or have pulled, this kind of sh*t...

Seems to be a (greedy) norm to be pulled by this domainer and a very viable reason to heed your inclination. imo.

 

[john888]

Email is not binding. Many large company buyers agree in principle on price and drop out at the last minute because their partners or shareholders do not agree on the price. Real estate, company buyouts happens all the time. Do what you have to but be prepared to lose the sale since you can look untrustworthy.

 

[shorterwinters]

If I recall there was recently someone on here who sold CryptoGaming.com for $85K. Many commented that it takes a "certain type" of person to stick to their guns and hold out for $85K when most would have been happy with $20K or lower.

I checked the thread messages and I don't recall anyone calling that person "greedy" for holding out for $85K in fact people congratulated him on the sale same as me.

So the scenario I'm assuming is he got say a $20K offer. Did not accept. Probably asked for more.back and forth. and then he finally got his $85K?

how is that any different when I wanted more than $5,000 for my bit^^^suisse (king) domain?

Way different.
Not remembering exact prices but something like a BIN was set at 25k. Offer came in at like 19k at which point the BIN is no longer available and the offer for 19k could be accepted or refused and countered. The offer was refused and the counter offer was made of 85k.
Absolutely love the shrewdness and thought process of this deal. Absolutely brilliant and I can almost see the wheels spinning when that offer came in. "Hmmm. Serious offer. Not really a low ball but someone really wants it." Stuck to their guns. What a rush that must have been when that was going down. I am sure they would have been happy with the 25k sale if they had opened their email and seen it had sold but instead, they got that opportunity. I like to think I learned from that thread and I am sure a matter of how much needing the funds at the moment and other intangibles come into play but just really brilliant all the same.

Did you have yours listed as BIN? Sounds like it was just sitting around at "make offer".
You didn't respond to the first offer and they made a second offer of which you accepted?
You mentioned 10, they offered 4, jumped to 7?
Who knows and who cares. You said ok to 7. They got the name they wanted, you sold the name you wanted to sell. You have learned from this as well which might be the best part in the end.
Great sale, congratulations.
You are lucky having the opportunity to be able to be able to be dealing directly with the buyer here and not just with a broker it sounds like. Hopefully you make a new friend from this as well.

 

[Smiles76]

So yea. I got an offer on a 6 letter domain via email. the domain is IOT + MMS .com.

Did not think nothing of it. Comps show similar IOT sales and MMS sales as high as $20,000.

I forgot about the offer over the weekend. They came back with $4,000 and since I didn't check my emails over the weekend. They countered with $7,000.

To be honest I did the rookie move and did not pay attention to their email address which was a Mcdean.com email address.

I was being quirky and accepted the $7,000 offer via email without a thought as I thought (at the time) it was fair.

but now after finding out more about this Mcdean.com website with over 2,500 employees worldwide. I'm having sellers remorse.

So is my acceptance via email a legally binding agreement or can I cancel and ask for more? That's question number 1.

And #2 is of course should I renegotiate at this point?

I know it's a jerk move but after seeing the McDean.com website which looks like an 80's website I got the "bug" and now thinking maybe I shouldn't have jumped at the $7,000? I mean without me even countering his first $4,000 offer. He jumped up to $7,000.

I think I had asked for $10,000 first. he asked if we could meet in the middle at $7,000 he even said he'd add $400 to cover the escrow fees.

Am I missing out here? seems like he could have paid more as he's very "easy going" with this purchase especially jumping from $4,000 after no response up to $7,000? That's a big jump.

or is $7,000 fair market value for IOT + MMS .com?

Of course I understand that I could royally screw this up by reneging and asking for more this point and he might walk away.

I'm more concerned of the legal aspect.

This is why many people don't like domainers. This is a shady way to do business. The price of a domain should have NOTHING to do with who the buyer is. If a house is worth $100,000. The owner doesn't have a right to raise the price to $1 million just because he finds out Bill Gates is the buyer.

 

[Dave]

To even ask such a question really makes you look bad.

 

[Elad n]

Btw , anything happened with the offers you got in the other threads? I lost track.

 

[hwgriffi]

To be honest I did the rookie move and did not pay attention to their email address which was a Mcdean.com email address.

I dont even know how you did this.

It's the first thing to do; pretty much the ONLY thing to do.

When I receive an eMail the first thing I do is research the eMail address.

So is my acceptance via email a legally binding agreement

Yes.

I think I had asked for $10,000 first.

You think? Bro. You are not swamped with so many inquiries that you forget your ask prices.

Know your business. It's also not hard to check your eMails to verify.

Am I missing out here? seems like he could have paid more as he's very "easy going" with this purchase especially jumping from $4,000 after no response up to $7,000? That's a big jump.

Bro, they are seasoned negotiators. You never take the first offer. Ever.

So you saying $10k they assumed you were okay with $4k - $7k which you were.

$7k. Most people don't make sales at all and quit this activity. Be happy about it.

Poor thread, thumbs down.

 

[levinsondomains]

In Hebrew we say"אל תעשה לחברך מה ששנוא עלייך" means that you should treat people as you want people will treat you.
I think that you are so angry if someone does it for you..

 

[FolioTeam]

First of all, congrats on the sale. I think 7k is a good price for the domain.

Having said that, I see some people likening this situation to what happened with the crypto gaming domain that sold for 85k. But the 2 scenarios are very different.

On one hand, you have a seller who pushed from 25k to 85k without accepting the 19k offer. While on the other hand, you have a seller who has already accepted a 7k offer, albeit, via email and is thinking of reneging on the deal to ask for more. One is all about maximizing profit, the other is just plain unethical.

Reputation always matters: Yesterday, tomorrow and most especially, today.

 

[.NJ]

This thread is a prime example of the new generation domain industry.

And I thought millennials were bad....

 

[Corey]

Offer & Acceptance has been agreed & is Legally binding

it is important you understand the principals of Contract Law.

Cheers
Corey

 

[4better]

So much depends on reputation. Guard it with your life.

 

[MapleDots]

This is why many people don't like domainers. This is a shady way to do business. The price of a domain should have NOTHING to do with who the buyer is. If a house is worth $100,000. The owner doesn't have a right to raise the price to $1 million just because he finds out Bill Gates is the buyer.

You can bet bottom dollar I would do that.

If my house is a private sale (no contracts with a real estate agent) and Bill Gates comes knocking because he needs my property for something you can count on me asking ten fold.

I don't understand why you would even imply what you are saying..... if Microsoft wants my domain and I find out it's Microsoft bidding the price is going to go up exponentially. Leaving money on the table when you can make more is just bad business.

I'ts not about who likes me and who doesn't..... when opportunity knocks, and you see the opportunity, then its good business to grab it while you can.

We don't need people to like us, we just need them to like our domains. If you don't think that business motto works then just think of me the next time you pay your cell phone bill. You hate paying it but you do, in they end they keep raising and we keep paying. They know they have you and that's why they get away with it.

Count on the fact that if I know I have you hook, line, and sinker then you are going to pay.

That is how I made some of my biggest deals!!!

 

[karmaco]

Guess .

I'm guessing not but @Avtar629 can prove me wrong.

Guess @Avtar629 doesn’t want to talk to us anymore.Kind of rude IMO to open dramatic threads and then ignore the community response.

 

[Haris]

Whale ate him.