NameSilo

I bought a $xxx,xxx domain name for $3,000 BIN at Snapnames

Labeled as advice in Domain Buying and Selling Discussion started by MMB, Jan 19, 2020.

Replies:
19
Views:
1,318

  1. MMB

    MMB New Member

    Posts:
    6
    Likes Received:
    5
    A little while ago I received an email from SnapNames saying one of my backordered domain names was for sale at a $3,000 BIN.

    I won’t identify the name (for now), but it’s a generic, short one-word .com domain. Similar domains sell for mid/high $xxx,xxx prices. The domain has been registered since the 90’s and isn’t actively used.

    At first I thought maybe it was a phishing email, but everything checked out. I happened to see the email the moment it arrived so I was seemingly the first person to act on it. I proceeded to purchase it and SnapNames charged my card (the one they already had on file). I see the domain in my SnapNames account as a past order. It also says I won the auction, I received confirmation emails, etc.

    However, the domain still shows as pending payment about quite a few days later. I believe SnapNames has a two-step process where they first get you to make a “deposit” and then “apply” those funds to the order. The $3,000 is in my account ever since they charged my card, but I can’t apply these funds to the order. I have also yet to receive any emails with further instructions (although I did get an order confirmation).

    There’s an option to apply the funds on their website, but it doesn’t work. It says it successfully applied the funds, but then a few moments later it again shows the order is pending payment with again the option to apply the funds.

    I’m not sure what to do or what to think. I realize this sale might not go through in the end, although I also feel like an auction is legally binding.

    Have there been examples in the past where high value domains are sold at low BIN prices? Did they go through? What would be the reason for a sale like that to happen?

    I’m assuming domain name ownership is verified before they are placed into auction?

    I’ll probably reach out to SnapNames after the weekend, but I’m a little bit worried they’ll find an excuse to cancel the order as they are leaving money on the table. Looking at other threads though, when the shoe is on the other food similar marketplaces threaten legal action (or communicate the seller might) when a purchased domain isn’t paid for.

    Curious to hear your thoughts.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. gilescoley

    gilescoley Top Member PRO VIP ★★★★★★★★★★

    Posts:
    12,296
    Likes Received:
    12,960
    If it sounds too good to be true, it usually is.
     
  3. forge

    forge whoop dee koo koo VIP

    Posts:
    4,271
    Likes Received:
    7,964
    That would really suck to tie up your $$$$ like that if it wasn't "legit".
     
  4. MapleDots

    MapleDots Domain Properties 2002 - 2020 VIP

    Posts:
    5,682
    Likes Received:
    11,934
    I would wait it out and do nothing, maybe there is a small chance it will go through.

    It's only 3k and you are not losing the money, you are only tying it up a bit.

    On the positive if the sale goes through you stand to make many times that in profit.

    It's better odds than most investments so I would just bite my time a bit longer and keep my fingers crossed.
     
  5. rh2000

    rh2000 Established Member

    Posts:
    453
    Likes Received:
    684
    I never experienced anything like that before. All you can do is wait until the office opens up and give them a call.
     
  6. martbele

    martbele BrandUnix Gold Account VIP

    Posts:
    2,337
    Likes Received:
    460
    I never experienced such situation with .com names, but I already did with another extension 12 years ago. I already bought a top generic name "one word" which was in total coherence with the extension. A name that was worth $$,$$$ and more and I paid for it $95. Don't need to say that this name was a star on parking. Everyday I was generating revenue from it. Bought it on beginning of october 2007 and registrar took it back at the end of the same month. See below a screenshot of the mail I received :

    screenshot.png
    Maybe your situation won't be the same, but sometimes we think to have a superdeal or we think we won the lottery. Hope for you that it will be the jackpot..!
     
  7. rh2000

    rh2000 Established Member

    Posts:
    453
    Likes Received:
    684
    You kept this email since 2007? You must have really been mad.
     
  8. Rory Ivey

    Rory Ivey Top Contributor VIP

    Posts:
    3,005
    Likes Received:
    3,880
    Be patient...
     
  9. MapleDots

    MapleDots Domain Properties 2002 - 2020 VIP

    Posts:
    5,682
    Likes Received:
    11,934
    GMAIL..... I keep everything I ever got, storage is cheap and your best friend.
     
  10. Chacha Wixard

    Chacha Wixard Established Member

    Posts:
    156
    Likes Received:
    78
    Google mail (Gmail) is my friend. I keep my all emails on Gmail since 2005. It is like extended memory for me :) People think I have a good memory, but what I do is just pickup my cellphone, and type keyword in Gmail. The answer is instant.
     
  11. xynames

    xynames XYNames.com PRO VIP

    Posts:
    3,877
    Likes Received:
    7,371
    I keep all my emails on my computer via msft outlook. There is a way to transfer it all including imap emails. But I routinely delete everything off the web/servers. “That’s how they get you.”
     
  12. tonyk2000

    tonyk2000 Top Contributor VIP ★★★★★★★★★★

    Posts:
    1,719
    Likes Received:
    2,509
    Keeping emails is a must thing. We never know what may be needed someday... Offline email client, archived mailboxes year by year in my case. As a curiosity, I just found "welcome to snapnames" email of year 2002 :)

    Answering to the original post. Try to check whois for the domain in question. If it shows Registrar: UdomainName.com LLC, with Last Update date after the sale - then the domain transfer from the current registrar to Network Solutions (which is where the buyer of aftermarket domain @ Snapnames is supposed to receive the domain) was successful. So, the domain is likely yours, and just some patience is needed.

    If, however, whois shows some other registrar - then it is either manual transfer (not yet started), or it was incorrect listing. Most likely outdated Afternic listing distributed to external sales partners (Snapnames including). Folks tend to list domains they do not own, or not to delete domains they do not own anymore. So, SnapNames will refund you - no need to chargeback, such a refund should be a routine for Afternic and their partners.

    Or, the last possibility. If the whois shows domain creation date <60 days old - then there would be manual processing involved, as there is no way to deliver the domain instantly. You'll either need to wait for the domain to become transferable (> 60 days old), or possibly accept the domain with the current registrar. All this involves manual intervention of both SnapNames and Afternic.
     
    Last edited: Jan 20, 2020
  13. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

    Posts:
    2,900
    Likes Received:
    3,356
    You said it is xxx,xxx and you bought it for x,xxx , that should have told you it is not possible.
     
  14. MMB

    MMB New Member

    Posts:
    6
    Likes Received:
    5
    Thanks for your input everyone 🙌

    I called SnapNames to ask about the status of the order. Specifically the payment status, because I didn’t want to risk losing the domain because of any delay.

    They looked into my account and I was told it’s common for BIN orders to take a while to process payments. Nothing seemed out of the ordinary.

    I didn’t specifically ask about pricing/value, nor did they bring it up.

    Whether the order will go through still remains to be seen of course, but so far so good.
     
  15. xeroox

    xeroox Established Member

    Posts:
    468
    Likes Received:
    635
    Let us know the outcome!
     
  16. MMB

    MMB New Member

    Posts:
    6
    Likes Received:
    5
    Wow. You bought a domain name and a month later they cancelled the order? Didn’t expect that to be possible.
     
  17. MMB

    MMB New Member

    Posts:
    6
    Likes Received:
    5
    It’s been registered with Network Solutions for forever, which I think means it’s unnecessary to switch registrars. So unfortunately that doesn’t provide us any information.

    Ownership/etc also hasn’t been recently updated. Although they are using one of those privacy services. What I did notice is that the privacy email address changed a few weeks ago. I’m not sure if that’s common or indicates an underlying change. Probably the former.

    Based on the above it doesn’t seem like the domain name is going anywhere. Then again, maybe they wouldn’t start the process until after the sale. It hasn’t been that long yet.

    I guess we’ll find out soon enough.
     
  18. MMB

    MMB New Member

    Posts:
    6
    Likes Received:
    5
    Absolutely. Either way it will be a hell of a story.
     
  19. tonyk2000

    tonyk2000 Top Contributor VIP ★★★★★★★★★★

    Posts:
    1,719
    Likes Received:
    2,509
    It is hard to imagine a genuine seller (domainer, big or small) using NetSol, so this must have been incorrect listing. Somebody probably listed a domain they do not really own.
     
  20. MMB

    MMB New Member

    Posts:
    6
    Likes Received:
    5
    Yeah that makes sense. Although I was under the impression SnapNames verifies ownership when someone puts up a domain for sale.
     

Want to reply or ask your own question?

It only takes a minute to sign up – and it's free!
NameWorth
  1. NamePros uses cookies and similar technologies. By using this site, you are agreeing to our privacy policy, terms, and use of cookies.
    Dismiss Notice
Loading...