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.

 

[WhoaDomain.com]

If Money does test our morals then we don't have morals but policy in life which changes over the time.

Thanks

this is true. Thanks.

should have looked at that email address. lol actually I thought it was some university email address.

 

[TERADOMAIN]

this is true. Thanks.

should have looked at that email address. lol actually I thought it was some university email address.

I know you are good person. No need to worry. Just stay on right path. Its very hard and challenging but stay on it with seat belt.

Thanks

 

[WhoaDomain.com]

You would think.., no?

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

ok Hawkeye. I've been noticing you have an issue with me. May I ask why? Did I ever cheat you or screw on a deal?

As far as greed is concerned? I am not an isolated "incident". Greed is pretty rampant in domainer circles. You only have to check the ridiculous pricing for some domains over at Sedo and Godaddy.

$500,000? $600,000?

to single me out as "Seems to be a (greedy) norm to be pulled by this domainer"

is a bit off isn't it? I have been more than transparent with certain "deals" I've had in the past on here. a bit too transparent actually.

true "bad" people? hide in the shadows and would never give anyone especially on here a "hint" of what kind of person they are if their intentions were to cheat or scam anyone.

How can you cheat someone if they already know who you are? right?

ergo. I'm not here to cheat or screw anyone.

The point of this thread was to pose a question and get answers. which was successful.

am I kicking myself for not checking the email address first? sure.
am I gonna reneg on this deal? As it stands it's done. I was 99% with the idea of just kicking myself and taking the $7,000. Not a bad way to kick yourself really. lol

It's really the 1% that's asking the question.

I like to bring up topics on NP that can get a discussion going if for no other reason than that really.

and from the looks of it. It worked.

My mistakes can be a learning experience for everyone on here.

I have nothing to hide.

Final note. "Let he or she who is without sin cast the first stone."


actually if anyone has ever been in a situation where realized they could have asked for more and thought about asking for more after agreeing to a price.

Please do contribute here. I can't be the only one.

Thanks for the replies. Good luck to everyone.

 

[hawkeye]

ok Hawkeye. I've been noticing you have an issue with me. May I ask why?

I don't have an issue with you, I don't know you, but your ethics..yeah.
The fact that you were even asking your question 'after' you admittedly accepted the offer, shows that you were looking for validation from someone/anyone to do so.

As far as greed is concerned? I am not an isolated "incident". Greed is pretty rampant in domainer circles.

Yes it is, and you've more than once have proven yourself to be in that circle -

THAT happened with another domain. Went from $5,000 down to $2,500 because I was trying to get more than $5,000.

..along with other posts you've noted prior as pointed out by usernamex -

Please recall the number of four figure sales you have denied yourself in the past

Just seems to be a pattern with you, and not a cool one imo.

 

[Keith]

Agreed. It's not like I agreed to $1,000. It is $7,000. not showing off just saying. I could have done worse.

Take the money and don’t even question it.

 

[jideofor]

When you base the worth of your domain name on the worth of a company's size, then your domain name is not worth much in the first place.

So let me guess, you would have taken the money and not considered declining it if it were a mom and pop shop that offered you money?

What is the worth of your domain name then?

 

[LucidDomains]

Don't confuse a new buyer by trying sell a second domain. Always close one deal then move on to the second after money is in your bank.

Just my opinion.

 

[stewmath]

Id accept the money, withdraw it from the bank in cash and make money angels in my living room

 

[bonin]

$7k are more than a good price for this domain.... and keep your word.

 

[Dorkvader]

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.

Here is the thing, you pull out of the deal and demand more money. They might just walk away. Not only will they walk away, they likely will avoid doing business with you again in the future. I know a realtor who ruined his real estate business by doing this type of thing. It was not that he was trying to maximize the homes value, nothing wrong with that. But he did a lot of very unethical things in attempts to get more money out of wealthy clients.

I can tell you as soon as someone breaks their word with me at my businesses. When I have verbal agreements or other contracts. When they try and start screwing with me to get more money out of me.. I walk away entirely and add them to a list/book I keep and I never do business with them again.

 

[wwwweb]

It's funny sometimes you think you have a sure thing, and you take a second to question it, and buyers are a very finicky sometimes, here one minute, gone the next.

You got to move fast, there are so many options, so many open BIN's, a letter tweak here there, an alt extension, and these guys can save themselves $7K

 

[alwaysforGod]

"He who stands for nothing will fall for anything"

 

[wot]

I am just amazed you needed to ask in the first place and continue to promote the thread with responses.

 

[pier0]

I believe some of the best advertising is by word of mouth.

So just think if you accepted the offer for 7k and now you go back and try to squeeze more money just because you think he can afford to pay it how will this affect your business?

I would just accept the 7k,be happy with it,
And not take a chance of this guy telling others not to deal with me because I tried to screw him over.

Accept the 7k,keep your customer happy,and you may gain others from this guy's great experience with you.

I would go ahead with the sale myself, but I don't think word of mouth matters in selling domains to end users.

People and companies buy the domain name they want from whoever owns it, not whatever domain the nice seller happens to have for sale.

 

[PeakDots]

I understad if you absolutely need the name you may have to put up with bad ethics but in this case if the seller came back with a higher price after accepting my 7k offer I would just look for an alternative.
So many names in the IoT niche and probably get a good one for less than 7k.

 

[Elad n]

So did this sale happen or? @Avtar629

Guess .

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

 

[learie]

I believe these are learning experiences for all of us. I will only say, try your best and don't live your life with regrets...

 

[domainwest]

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

edit the company details ..

 

[WhoaDomain.com]

Take out THEIR company name, just because you masked the domain name doesn't mean one of their 2500 employees won't stumble across this post looking for something about themselves

And now if you don't act fast you won't be able to edit, PLUS you have to ask @TERADOMAIN to edit the quoted parts too!

too late. it's ok. if they see it they see. I'm agreeing with their $7,000 and that's that.

 

[WhoaDomain.com]

What ever happend to ethics? what if you cancel then he backs out?

yea exactly. this has happened in the past already so the "Greedy" domainer in the end got screwed.

I'm slowly realize at this point that the way sites like HugeDomains and Namebright and BuyDomains price their domains that they dropcatch really is a smart way to go.

$2,500
$3,500
$4,500

really is the "Sweet spot".

It's these Mike Mann sales news that I think makes as all a bit greedy at times.
Like a gambling addict looking for that "big score".

Slow and steady always wins in the end.

 

[Daniel Owens]

You, should have looked closer at the email and did more research but since you didn't your loss should be his gain as you agreed to a very nice high price. The quality of the domain is excellent but not everyone can afford such a liquid domain. Overall, best advice take the money keep the deal even if it's just verbal through email and not through a platform. Get a rep for being an honest good-hearted domainer!

 

[john888]

IOT = internet of things
mms = mergers and acquisitions

might be gold.

 

[WhoaDomain.com]

From what I've seen, you're a really eccentric guy, but your heart is usually in the right place.

And, I understand why you asked this question. You don't want to leave money on the table. Of course. But, it's generally something you ask/think about before explicitly accepting an offer.

Reputation really is everything. As domainers, we already start behind the line thanks to the whole cybersquatting thing, and the added doubt of dealing with strangers on the internet. So, it's a good idea not to further disadvantage yourself.

I think, if you want to further profit from this deal, close it in an honest and respectable manner. Then, introduce the buyer to some of your other, similar, domains.

The buyer is obviously in the market, and you've already set the price range. So, if you can sell another domain or two for ~$7k, that would definitely make up for any perceived losses. No?

Good luck!

already on it as I also had the forsight to reg MMSIOT.com told him that too is $7,000.

so we shall see.

 

[WhoaDomain.com]

Yeah? In Florida, and other states, even an oral agreement is binding. Try pulling that off with a corporation of this magnitude. Their lawyers will promptly remind you what it means to accept an offer.

I'm guessing the OP is seeking a good angel / bad angel set of responses. But there is only one answer.

This is True. This is why I asked. just needed confirmation. This info helpful to others on here for future reference.

Again. this was the part of the point of creating this thread. information.

I do remember that even a verbal agreement can be considered binding. And that's verbal. but here we're talking about emails.

So definitely binding.

Thanks.

 

[MapleDots]

Tell them 7k and a 3k admin fee