I cancelled Sedo sale after waiting for more than one month to get paid

[Makis.TV]

Hello!!!

I had a sedo auction sale last month(6 of June) and at the end there was a winner.
I was contacted by Sedo account manager and was told that i had wait for the procedure to end.
I had already in my mind that some buyers back off so i warned account manager that if i didnt get any money after 10 business days i d drop the sale. I sent this email in 12 of June. He replied back that he sent a reminder to the buyer and he was waiting a respond.

The next day(13 June) i got another email from account manager saying that he got a respond from buyer that he will send money the following week.
Of course this never happened, so in 24 of June i sent him the following email:

Hello Steve,
I never get any funds so consider this sale as failed.
I m not willing to give the domain even though i get paid
in the following days.

I got a reply some days ago(2nd of July) saying they just received money and they will be waiting from him to sent his account details at enom so that
i can begin transfer.
Until today 11 of July i didnt get any new email so i sent him another email reminding that domain is not available.

He replied with the following:

Hello Makis,

Thank you for the e-mail.

Please be more explicit about what you about the domain not being available

Kind regards,

Steve...

So i did saing that

Hi Steve,
not available means that i ve been waiting more than one
month for this transaction to end and for the last 10 days
i decided i wont wait anymore.
I m sure this happens often as often as many buyers back off
and sedo does nothing for this.
Not willing to give in my domain, 30+ days are way more
than a reasonable sale would last.

I m not willing to give the domain because SEDO has gone too far with this, i m also not willing to do any sedo auction and continue with their parking services.
Our domains are products that their price change day by day and have a price that change day by day, a deal or a sale must finish in days and NOT IN MONTHS or not at all. The buyer MUST have some rules or else he must get banned. I even think the time i lost for replying all these emails and i get dizzy...

They should look into that one way or another, untill then i m kissing them good bye!

 

[Brad|E]

Unfortunately, Sedo's policies are vague on the length of time required to complete a sale. Directly relevant to your scenario is the following clause from their "Seller Policy":

Non-selling seller

If your offer to transfer the Domain is accepted, you must complete the transaction with a ready, willing, and able buyer. Accepting an offer constitutes a legally binding agreement and should be given serious consideration. Once an offer has been accepted the buyer has a legal right they can seek to have enforced in a court of law. Sellers who refuse to complete an accepted transaction risk having their Sedo accounts cancelled.

As to the buyer, the following (ostensibly) applies:

Refusing to follow-through with a successful bid

Buyers automatically enter into a legally binding contract to purchase a domain from the seller if their bid is accepted by the seller or if they accept a seller's offer to sell. Give careful consideration when making or accepting offers. Sedo's user agreement requires buyers to pay for the domains that they have committed to purchase. Buyers who refuse to follow through with domain offers that have been accepted by the seller are potentially liable to the Seller for breach of the sales contract to which both are parties.

I certainly sympathize with your plight (as will many others, as a search will show), but would suggest that this is not entirely unusual and not exclusive to Sedo. For your own benefit I would suggest completing the transaction and moving on.

 

[IAmAllanShore]

Is the price no longer a good deal to you? I am not sure what is to be gained by not going through with the sale - if it was a good deal for you 1 month ago, has the market changed so much that it is no longer a good deal?
I understand the frustration, but am curious if you are just punishing yourself by not going through with the sale?

-Allan :gl:

 

[danielr]

years ago, I had an escrow at SEDO that lasted almost 4 months. Yes that is right .... 4 months.

It took a month for them to pay and after many attemps for them to transfer the name ... it never transfered. This was back in the day that domains were transfered instead of pushed.

Finally I pushed the domain to SEDO and they paid me. The name expired as I thought it would and I bought it again

 

[Makis.TV]

Price is not the matter since i will sell this domain anyway on the months to come.
The problem is sedo policy and attitude.

It leaves sellers to the mercy of buyers.

I have better offers for this domain now as i had before the auction, so its not the price that makes me think this way.

There is no way i will wait one month and more to get my money.

I m not going to give domain and we ll see what happens.
I pay them to do their job and they are not doing it efficiently.

 

[BinderGang]

You know what, I never thought of that.

What if after a reasonable wait, a domains value grows so much and it's the middleman's fault it took so long?

 

[Makis.TV]

I m not used to wait so long in order to get paid.
In my opinion buyer can do what ever he like, the fault is at sedo's attitude and policy.
This must change.

 

[homebuyer]

Ready?

It seems like your buyer failed the "ready" element of SEDO's "ready, willing and able buyer" test. My advice to you is, sell if you need the money. Otherwise, move on. Lesson learned.

 

[labrocca]

I agree that Sedo needs to place time frames on buyer and sellers. 30 days should be more than enough to get payment out. Certainly domainers have better things to do than wait around for a "possible" payment. What if you get a contact from another interested party yet you are in a Sedo sale that's 7 weeks old? Legally speaking the Sedo buyer has rights to still purchase under the current agreement and that's just plain wrong. Sales should have time limits.

 

[Makis.TV]

The sedo buyer is not a buyer if he hasnt pay me for so long.
In my opinion he wasnt sure about this and maybe now that he saw that tv domain has some traffic he wanted to get back.
I can assume whatever i want since i didnt get money.
Sedo now waits for another week for him to create an enom account so that i can push the domain there.

I m so curious about what happens now that i m not willing to give domain.

ps: even if buyer give the account details tommorow i must wait some more days to get money to my account. Sorry but sedo fee doesnt help me at all, i pay them so that transaction goes well and they just sit there and have the same policies they some years ago.
Domain business changed, we changed, sedo must change or bye bye

 

[IAmAllanShore]

Not saying they would, but are you willing to possibly lose your Sedo account in order to make this "stand" on principle?

I too think that 30 days is more than enough time (In fact, I had some idea from somewhere, never-never land perhaps, that there was only 7 days or 10 days that the buyer had before you get "So sorry" email from Sedo.), but am unsure as to whether or not I would just take the money and be happy at this point

-Allan :gl:

 

[Ronald Regging]

Ive had almost this exact scenario happen as well, and to be honest I believe it is Sedo who is stalling. My example. I sold a domain at auction, buyer paid within a few hours of winning. Sedo asked me to send them the AUTH code so the buyer could initiate transfer. I sent it the same day. A month goes by, with repeated emails to Sedo, I still get no transfer request and no replies from Sedo.

Finally after a month someone sent me an offer out of the blue through email for roughly the same amount (give or take $10, was only a $70 auction). So I decide I'm tired of waiting for Sedo, so why not just sell it to this new buyer via Paypal, boom, shackalack... 15 minute deal...

I then email Sedo informing them that the domain is no longer available and that it has been sold to another party and that I felt I had exhausted all means of communication with them. Within what seemed like minutes I get a response from them stating that they just miraculously contacted the buyer and he has initiated transfer for the domain.

So the question I ask is this. Is Sedo really this great at commanding a move to action by buyers at the last possible second (sometimes too late), or are they themselves stalling the whole process on purpose?

 

[DotWeekly]

"Buyers who refuse to follow through with domain offers that have been accepted by the seller are potentially liable to the Seller for breach of the sales contract to which both are parties."

Has anybody pursued this Legally? I have had several buyers back out, got the same BS emails from Sedo etc. If I had a High $$ sale and no payment was made, I would pursure legal action, since it is a breach of contract.

 

[Makis.TV]

Not saying they would, but are you willing to possibly lose your Sedo account in order to make this "stand" on principle?

Yes, of course!
Either way i m going to leave them, i m not satisfied.
I m used to act this way, if i pay and dont get satisfaction, which here is obvious i dont, then i m leaving.

In my opinion Sedo sits on the money they r making and dont care enough for optimizing this procedure.
This is against bot sellers and buyers but as we all know the big problems are for sellers.

I had some offers during the waiting period but i was true to sedo and didnt sell it.

 

[Acroplex]

My dear hot-headed copatriot :D

Sometimes, patience is a virtue: you wait as long as it takes, unless the money that you're waiting on is needed for your survival. If it's not, then take my advice and give it some time. There are people behind those computers and for some reason, humans are unpredictable even in a business environment. It's a global market with cultural differences. Unless the buyer is a crook, your money almost always arrives.

 

[labrocca]

My dear hot-headed copatriot :D

Sometimes, patience is a virtue: you wait as long as it takes, unless the money that you're waiting on is needed for your survival. If it's not, then take my advice and give it some time. There are people behind those computers and for some reason, humans are unpredictable even in a business environment. It's a global market with cultural differences. Unless the buyer is a crook, your money almost always arrives.

I agree but still the contract shouldn't be open ended for time frames.

I don't know of a case yet where legal action was pursued but that doesn't mean it can't happen.

 

[Acroplex]

I am not saying the contract should be open-ended. However, throwing a tantrum once the money does arrive & saying "the domain is no longer available" does not seem like the best way to function in this line of business.

 

[Makis.TV]

Acro i dont want to wait anymore.

Generally i dont wait on deals.
Its in or its out.
One month and still no money means i m out.

They must fix the time frame so that we can make some
programming about our domains and the money that are
inolved.

 

[Acroplex]

I waited 40 days once; the buyer was from Israel. I called Sedo every 2 days and they, in turn, pushed the buyer to submit payment.

If they said money has arrived, why not go forward - why risk having legal implications and severing your relationship with Sedo?

 

[Makis.TV]

Relationship with sedo is not so important as my ethics in business.
I d like to see if and what they ll do in legal actions.

Really, i d like to put a stop to these holes that system has.
Maybe i dont succeed but i will try.

They should get a time frame.