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Interested buyer is taking long while I have another interested party...

Labeled as advice in Domain Selling and Domain Sales started by PreciousNickia, Nov 26, 2019.

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  1. PreciousNickia

    PreciousNickia Established Member

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    I'm in the process of selling a domain to an interested buyer who is also taking too long to close the deal. It's been active since Friday and he's dragging his feet. Apparently, he has a large company and he's confused as to who manages his domains. He's put me in contact with the head of his marketing agency, who then referred me to another employee who's absolutely clueless. Then, he cc'ed his IT company who's also lost.... We finally figured out a way to make it work but now he wants to confirm with his domain that the domain is actually in his account. Bear in mind, him and his team move incredibly slow...

    Anyways, I have another interested buyer who's ready to move forward with the purchase asap and now I'm wondering what I should do... Should I...

    A) Drop this guy and move forward with the other party
    B) Place urgency on him to make him move faster
    C) Have patience with him and tell the other interested party that the domain is no longer available


    What do you guys think?
     
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  2. hawkeye

    hawkeye Top Member PRO VIP ★★★★★★★★★★

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    Hands down - 'C'!!

    A deal is a deal
    , and unless you want a rep as a shady money grubbing seller, you honor the deal!

    'Successful Trustworthy Businessman 101' page 1.
     
  3. stub

    stub Top Member PRO VIP ★★★★★★★★★★

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    What @hawkeye says above. But if you haven't had a yes from them, that's another matter entirely. In which case I'd choose B) and give them a deadline.
     
  4. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    Put a bin on the lander, and let whoever wants to pay, pay. In the end you don't want to lose both deals.
     
  5. BaileyUK

    BaileyUK Top Member VIP

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    Give the original purchaser a time-line to complete. Make it a fair amount of time - say three days (72 hours) Inform them that otherwise you will consider their original purchase proposal to be null-and-void. make sure you give them both your email and phone number to assist them for payment and transfer help.

    I've had a couple of similar situations arise and unsurprisingly both paid me within 24 hours (even before I transferred the domains) when I mentioned I had genuine alternative buyers. Even gave them clues as to who the other interested parties were - that moved them.

    I've always found that - If I use the Words "payment via ****** will secure your domain until you are ready to accept transfer" reassures them - every body knows how to take and make payments, even if they, personally are not sure how to accept a domain transfer-in. Many small businesses are pretty clueless when it comes to knowing who their domain or hosting service is

    One buyer from last month (October) paid me immediately still hasn't accepted the domain transfer - tells me he is in no rush now the domain is secure and will deal with it when he next talks to his website host/builder

    Obviously this scenario is of no-help if your dealing through a reseller who takes the payment
     
    Last edited: Nov 27, 2019
  6. premkumar

    premkumar Established Member VIP

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    Until you receive payment or payment is in escrow account anything can happen, just place a Buy now button and inform both parties.
     
  7. D Haynes

    D Haynes Top Member VIP

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    Some deals take months and sometimes years of back and forth. Don't sweat a deal taking a week or two.
     
  8. Mister Funsky

    Mister Funsky Top Member VIP

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    I would blank out the personal details of the second offer and send him (1st buyer) a copy of it so he can see you have a legitimate second offer. This way you do not seem like a side show barker trying to sell a ticket before 'they run out'.

    Since it it a holiday in the US and other some other areas of the planet, give him till noon (1st buyers local time) Monday Dec 2nd to make the purchase and let him know you are putting a bin on the name at that time.
     
  9. WatchDogue

    WatchDogue Top Member VIP

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    If you have put in writing some guarantee / assurance with the first buyer that you will work with
    him / company till the deal is completed then believe you really should wait out the buying process per written assurance.

    If not, maybe give the first buyer a short time limit to complete deal and let 'em know you will list same name at a BIN.

    Or, if no guarantee / assurance was given and the first buyer is dragging his corporate feet on the deal,
    do a BIN listing and sell to Buyer 2 or Buyer 1, whomever clicks the BIN fastest.
     
  10. frank-germany

    frank-germany domainer since 2001 / musician Gold Account VIP

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  11. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    I get this a lot now days, all hum ho in deal phase, then time to make payment, oh I’m on vacation type nonsense. Well one thing people take on vacations is their credit cards, whip it out, punch a few numbers, and be done.

    Godaddy, and everyone else make you pay on holidays, no grace. It’s not a big deal in the Information Age we live in. Most people are more so on their phones during holidays than work days so be it.

    I would put the price on the lander for 10% more, and see if anyone bites. Lots of deals are lost in delays, people change minds, find alternatives, best to close deals, and move on.

    Unless you have a signed contract, or a court order you are just as obligated as they are at this point.
     
    Last edited: Nov 27, 2019
  12. Silentptnr

    Silentptnr Top Member VIP

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    Politely ask for a deposit because understandably you have other interested parties. Non-refundable of course. :)

    Include a fair deadline.
     
  13. Mister Funsky

    Mister Funsky Top Member VIP

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    Yeah, I am not a fan of purchase delays, but I've had more than one case of corporate bureaucracy causing a delay in making a purchase (had year end transaction delayed a few years ago due to winter travel delay over New Years Day). Below the OP indicated some corporate confusion so that is the only reason I suggest giving it a few days (assuming this hasn't gone on for more than a week already).

     
  14. keston57

    keston57 Established Member

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    If you can't makeup your mind when the target is in sight, then the serious hunter makes the kill.
     
  15. MapleDots

    MapleDots Domain Properties 2002 - 2019 VIP

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    I would tell him the truth....

    I would say I have another buyer and the logistics of his situation are not my concern. Tell him he needs to pay within 24 hours or you will open the process up to whoever pays first.

    There is no deal, regardless of what is said, until money changes hands. How many times I have heard big talk, and my it guy, and some sort of excuse to stall the purchase process.

    I always say the same thing... there is no hold in the domaining game, there is only payment. Payment will hold/secure the domain for as long as you need to get your logistics together.

    Sorry to be blunt but when you're burned a few times you learn your lesson.
     
  16. PreciousNickia

    PreciousNickia Established Member

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    So, I ended up going this route by trying to obtain a guarantee from Buyer 1 that we will close the deal and his reply was disrespectful and questioned the integrity of me as seller. So much for a guarantee.

    So I informed Buyer 2 that she is free to purchase the domain.
     
  17. Mister Funsky

    Mister Funsky Top Member VIP

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    Please let us know what ends up happening.

    Yes, I got push-back when I asked for a deposit once...the person eventually bought the domain but they felt insulted...it was as if I said they could not afford the full price by just asking. Now that I have payment options available, when the domain is priced at anything over high xxxx and up, I always include a 12 or 24 month payment option at the same time I give them the bin price.
     
  18. MapleDots

    MapleDots Domain Properties 2002 - 2019 VIP

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    That is why I never promise to hold a domain, I'm straight up and I tell the client that starting a negotiation does not secure the domain. I explain that unless full payment is made anyone can come in at anytime and purchase the domain.

    I tried the whole deposit thing for a while and I was asked for refunds, or I was given excuses like "you have my deposit, whats the rush". Afterwhich I said 1.5 months is not a rush it means the deal must be consummated or there is no deal.

    I found deposits just complicated the issue for me, especially if more than one party was interested.

    Now I state very clearly....

    1. I don't take deposits.
    2. Negotiations do NOT hold a domain.
    3. The only way to hold a domain is to pay in full.

    When buyers know that right up front then there can be no confusion and I'm free to release the domain to the first person that actually pays.
     
  19. MapleDots

    MapleDots Domain Properties 2002 - 2019 VIP

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    PS. You tell them their logistics, iT guy, or whatever it may be can take all the time he needs once the domain is paid for.
     
  20. PreciousNickia

    PreciousNickia Established Member

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    Oh, Buyer 2 bought it and already has it redirecting to her site. She is a very friendly woman and I offered to help her out when she decides to transfer out to a different registrar.

    Last night, someone from Buyer 1's team reached out to me to finally close the deal, but by that time, Buyer 2 had already purchased. I informed them and he actually scolded them for being too slow and told them to move quicker next time. From the start, I always had to chase them to make a move, always following up, reminding them to look into things... Buyer 2 was straight up and ready to close the deal instantly.

    Well, the domain was only $400 but if he had an issue with payment, I'd work with him. His team's lackadaisical attitude and eventual disrespect is what made me move on.
     
  21. Mister Funsky

    Mister Funsky Top Member VIP

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    Congratulations on the sale!
     
  22. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    Crazy fight for this domain, what was it, heck if this many people want it some here might have paid $500...
     
  23. WatchDogue

    WatchDogue Top Member VIP

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    If a company with several departments and a fair number of employees like Buyer 1 apparently has could't make a quick purchase for 400. at the behest of the boss, best you decided to move on and close with Buyer 2.

    Congrats on your sale.
     
  24. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    At $400 you purchase it yourself, and seek reimbursement after, that is a joke, wasting the sellers time.
     
  25. Jazz j

    Jazz j Account Closed (Disallowed)

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    Sigh, I have been following this thread from long time.
    Btw Congrats on your SALE.(y)
     

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