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.

 

[Dominique]

One time I quoted a guy $500 for a domain and he came back to me several months later and said I'll take it. It was a crypto related domain and since I didn't say you had a certain amount of time to respond. I went ahead and sold it to him for $500. It's worth closer to $5000 after the passing months.

Moral of the story is, honor your deals. AND set a time limit on your prices!

It was really fair, maybe to fair.

If no time is fixed, an offer must be accepted within a reasonable time having regard to the circumstances.
What constitutes a "reasonable time" is not defined and it depends on circumstances, but that acceptance several months later is definitely not made within "reasonable time".

 

[WhoaDomain.com]

@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?


woops did not see this post sorry to reply late.

Those domains were all bids from someone in China who was making offers on all those domains but in actuality they just wanted maybe 1 or 3 max.

It kind annoyed me. I thought I had good sales coming to me.

Don't know if the buyer was just not knowledgeable about Sedo or just playing with me. I don't know but he did place those offers. plus he kept leaving notes about this is the best I would get on these.

So since they were all offers. I pushed them all to auction,

he was getting on my nerves.

Of course he stiffed me after the auctions were over.

Did I over react? probably but I hate people knocking on my door when I quote a reasonable price for my domains and then they proceed to tell me I'll never get more than this offer of theirs.

So yea those domains are still with me and it's good since no one else bid so now I know I guess that's the price point for those domains.

oh well live and learn.

I'm assuming Sedo penalized him or something for stiffing me on the bids. who knows?

 

[Elad n]

This is true. So recap. Finishing this deal up. $7,400 for IOTMMS.com best part like I said. really nice guy. he accepted to pay me via Paypal after I showed him my Linkedin page.

something about a guy with 17,000 Linkedin connections mostly CEO's gives you instant trustworthiness to buyers.

I mean why would such a person ruin his reputation by cheating someone.

especially when all a victim would do is just go on Linkedin and create a stink about me and ruin my reputation on Linkedin.

This made plenty of sense to this buyer.

So I guess having a good Linkedin connection base helps convince people to trust you enough to pay you via Paypal.


woops did not see this post sorry to reply late.

Those domains were all bids from someone in China who was making offers on all those domains but in actuality they just wanted maybe 1 or 3 max.

It kind annoyed me. I thought I had good sales coming to me.

Don't know if the buyer was just not knowledgeable about Sedo or just playing with me. I don't know but he did place those offers. plus he kept leaving notes about this is the best I would get on these.

So since they were all offers. I pushed them all to auction,

he was getting on my nerves.

Of course he stiffed me after the auctions were over.

Did I over react? probably but I hate people knocking on my door when I quote a reasonable price for my domains and then they proceed to tell me I'll never get more than this offer of theirs.

So yea those domains are still with me and it's good since no one else bid so now I know I guess that's the price point for those domains.

oh well live and learn.

I'm assuming Sedo penalized him or something for stiffing me on the bids. who knows?

Finally a sale ? congrats !

 

[Elad n]

https://trademarks.justia.com/878/85/iotmms-87885602.html

 

[xynames]

Finally a sale ? congrats !

No, I think he is saying that...as usual...nothing sells!

It kind annoyed me. I thought I had good sales coming to me.
So since they were all offers. I pushed them all to auction,
he was getting on my nerves.
Of course he stiffed me after the auctions were over.

So yea those domains are still with me
I'm assuming Sedo penalized him or something for stiffing me on the bids. who knows?

 

[BMWMotoRider]

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.

Interesting. I often have a singular and a plural of a name. On my last transaction, I mentioned it to the buyer, saying owning both would benefit him. He thought about it for a day and said he wanted both to protect his position. That resulted in an additional $1500. But, I'm starting to rethink that position. I think it could trip up the sale.

 

[golan]

Avtar629 (WhoaDomain)

OMG! And i couldn't figure what or whom this new kid on the block reminds me of.

You nailed it.