status-resolved Is an asking price the same as Buy It Now?

[Keith]

Hi all,

Just what the title says. If someone says they’re asking $10 for a domain and you agree to pay $10, is it binding per NP rules?

 

[karmaco]

If anyone else here wanted that name, I bet he is getting higher offers by PM and decided its worth more than that. Since he made the mistake instead of just putting five figures or XXXXX, he put an actual figure—-the deal should be honored. I find it interesting someone can slither out of this based on it being technically a make offer thread.

 

[domains21]

Interesting dilemma as I can see it from both sides.

An agreed asking price can be seen as a done deal but at the same time it can also be seen as this is where the seller wants to begin. Think of an auctioneer accepting bids while in-between saying "I am asking X". The next bidder doesn't get it for that price until they are the final bid, to which it is then indeed sold.

So in that regard, 'asking' being the same as a (minimum) 'make offer' does make sense.

 

[Keith]

Interesting dilemma as I can see it from both sides.

An agreed asking price can be seen as a done deal but at the same time it can also be seen as this is where the seller wants to begin. Think of an auctioneer accepting bids while in-between saying "I am asking X". The next bidder doesn't get it for that price until they are the final bid, to which it is then indeed sold.

So in that regard, 'asking' being the same as a (minimum) 'make offer' does make sense.

He didn’t say accepting offers, auction, make offer, blah blah.

He said, here’s what I want.

 

[Internet.Domains]

Interesting dilemma as I can see it from both sides.

An agreed asking price can be seen as a done deal but at the same time it can also be seen as this is where the seller wants to begin. Think of an auctioneer accepting bids while in-between saying "I am asking X". The next bidder doesn't get it for that price until they are the final bid, to which it is then indeed sold.

So in that regard, 'asking' being the same as a (minimum) 'make offer' does make sense.

Yes, "asking" can be seen as the start of negotiations.

 

[Keith]

Yes, "asking" can be seen as the start of negotiations.

Sure, if you say you’re asking for offers that’s great. If you say you’re asking for a specific amount, that’s a buy it now price.

 

[Samer]

Keith linked a thread that showed worst of NP.

The title had “Asking $10k” in “make offer”. mind u, NP always let slide (specific # in offer)
Then someone posted right after Keith’s “Sold at ask price, begin escrow” — “I offer $11k”.

This rule should be enforced
(Honor your terms, “Asking for $10,000” wtf?
If you change it, grandfather Keith in.
Personally, i‘d give an infraction to the *** who posted $11K after Keith met the $10k “ask” pric
I forgot words mean nothing here.

From now on, ban specifc figures ask in “Offer”

 

[hawkeye]

Yes, "asking" can be seen as the start of negotiations.

if it's proceeded or followed by 'offers from' or 'offers starting at'. Just 'asking', is 'asking'.

 

[carob]

Weird because most of the time you think of an asking price as an optimistic opener for negotiations, a sort of ceiling price. Can an asking price be a floor price? Or is it automatically a binding offer to close the sale at that price, effectively a BIN price.

 

[Keith]

Weird because most of the time you think of an asking price as an optimistic opener for negotiations, a sort of ceiling price. Can an asking price be a floor price? Or is it automatically a binding offer to close the sale at that price, effectively a BIN price.

If I’m selling a car, boat, or whatever... the ask is the start. Usually it’s negotiated down but it’s understood that the asking price is what it takes to buy the item right now.

 

[carob]

If I’m selling a car, boat, or whatever... the ask is the start. Usually it’s negotiated down but it’s understood that the asking price is what if takes to buy the item right now.

Yes I would expect anyone to accept if I met their asking price... but without a formal definition somewhere I wonder if there are ever (legit) cases where people understand an asking price to be not binding.

 

[Keith]

Yes I would expect anyone to accept if I met their asking price... but without a formal definition somewhere I wonder if there are ever (legit) cases where people understand an asking price to be not binding.

Can you provide the difference between a firm asking price and a buy it now price? It’s really just use of language, not a difference of intent.

Maybe @jberryhill could shed light?!

 

[johnn]

We have many members who English is not a native language so it could be just a misunderstanding.

To me asking price = Buy It Now

You don't really need a lawyer for this case. Just make sure they passed the English 101 class before joining any forum.

 

[creataweb]

Asking Price = BIN imo

If you're asking $10k then that's the price you'd accept. Makes no sense to say "I'm asking $10k" then when offered that price you now want $15k instead.

When you see items for sale for example on Facebook MP you'll see "Asking $100 or best offer" - not "Asking $100 or maybe $200 I haven't quite decided yet."

 

[Samer]

We have many members who English is not a native language so it could be just a misunderstanding.

To me asking price = Buy It Now

You don't really need a lawyer for this case. Just make sure they passed the English 101 class before joining any forum.

This is the most international forum, johnn..

Nature of business, fix by enforced rules, not TOEFL test.

 

[equity78]

In the context of stock trading on a stock exchange, the ask price is the lowest price a seller of a stock is willing to accept for a share of that given stock. For over-the-counter stocks, the asking price is the best quoted price at which a market maker is willing to sell a stock.

Ask price - Wikipedia


In Lim v. The .TV Corp. Int'l. (Cal. Ct. App. 2002), an e-retailer offered the domain name "Golf.tv" for registration through its Internet website. The customer submitted a bid for the name and authorized the seller to charge his credit card for the amount of his bid. Although the seller sent the customer an email indicating that his bid had been accepted, the seller later argued that the email was sent by a technical error and no contract had been formed. The court found that even if the website announcement for the domain name was not an offer, but rather was an invitation to make an offer, the customer's bid was an offer that was accepted by the email response.

https://www.wilmerhale.com/en/insig...istakes-in-online-advertisements-june-30-2003

This case led many to incorrectly quote the sale price of Golf.tv for many years and then incorrectly quote again on the high side. But this was a famous case in domaining that most did not know the details. Actually Mrs Jello ended up with the name and purchased it as part of a package deal.

 

[equity78]

Can you provide the difference between a firm asking price and a buy it now price? It’s really just use of language, not a difference of intent.

Maybe @jberryhill could shed light?!

I think Keith it will come down to forum rules, I mean in real estate someone does not have to accept an offer at their asking price.
Home sellers aren’t obligated to accept any offer on their home—no matter how much money it’s for.1 There may be other offers on the table or, in some cases, they may want to hold out for more money. In these cases, a seller may reject an offer, even if it’s at or above their asking price.

https://www.thebalance.com/is-a-home-seller-required-to-accept-a-full-price-offer-1798984

But that should not come into play here, forum rules are the price asked confirms the deal someone says sold.

 

[Keith]

I think Keith it will come down to forum rules, I mean in real estate someone does not have to accept an offer at their asking price.
Home sellers aren’t obligated to accept any offer on their home—no matter how much money it’s for.1 There may be other offers on the table or, in some cases, they may want to hold out for more money. In these cases, a seller may reject an offer, even if it’s at or above their asking price.

https://www.thebalance.com/is-a-home-seller-required-to-accept-a-full-price-offer-1798984

But that should not come into play here, forum rules are the price asked confirms the deal someone says sold.

Yes I agree, forum rules. Also, the intent should be considered.

I want $1 and no response. Oops that was a mistake. I want $10 and a buyer says yes, I’ll pay that. The intent here is clear - I’m trying to sell and here’s what I want for the merchandise.

 

[wallet2it]

Sure, if you say you’re asking for offers that’s great. If you say you’re asking for a specific amount, that’s a buy it now price.

Maybe he should have said “asking around $10k”

 

[equity78]

All he had to say was taking offers min $10,000

 

[wallet2it]

All he had to say was taking offers min $10,000

Yeah maybe language