Non-Payer at Undeveloped.com

[wot]

Information provided by Undeveloped.com after "buyer" who had agreed to purchase failed to respond to 4 reminders and was subsequently warned of the consequences.

• Name: tong
• Email: [email protected]
• Phone: +658393XXXX

IP Address -Singapore 137.132.253.10

Too many of these non payers around and they need to be exposed accordingly.

 

[Embrand]

I have had Sedo make phone calls on several occasions. I think it may depend on the transfer agent.

Yes, it might depend on the transfer agent. I have a non-payer there now who just got a third payment reminder. Will see if they call this person.

 

[xynames]

Here's another thread where a deadbeat bidder was exposed.

 

[Rob Monster]

The key to securing payment is:

1. Close quickly -- secure funds with minutes, not hours or days.

2. Be credible -- your market-maker should be in constant contact with the buyer.

3. Delivery value -- don't just deliver the domain but make sure the buyer is happy.

If folks do these 3 things well, you will see transactions close. Non-payers usually are not flakes. They changed their minds, knowing that legal enforcement is weak.

 

[loredan]

I actually have someone that looked super serious and we agreed on $1450 for a domain but he didn't pay yet. it's been 1.5 days. what are the chances that he'll pay?

Waiting a day and a half is ok especially that today is Monday.
Unlike most domainers, normal people have a life, you know ... weekend and stuff...

 

[MapleDots]

Now my response to @Rory Ivey on my post he quoted a few above...

Yes I guess signing up for one of the services to purchase a domain is an implied contract but we all know the platforms don't enforce the contract. Short of banning the user the platforms do virtually nil to enforce the sales agreement. Even worse, the user just makes another username and does business again.

So my original comment stated why even bother. Look at the sales you have and not the ones you missed. There is nothing you can do when someone does not follow through with a sale or purchase. As a domainer you eventually get used to this and you learn to count your pennies after they actually hit your account.

 

[Mohammed Azheruddin]

For me matter is opposite, I payed but the seller did not transferred the domain.

Recently i won the bidding of VRcomputing.com at Flippa auction. But the seller closed his account soon after the auction was finished. My money was at Flippa Escrow and got back with $10 to $15 loss.

If anyone dealing with VRcomputing.com guy please be careful. He wasted my time and money.

 

[DAN.COM]

All, please keep discussions polite. I see a lot of anger, opportunism, and rudeness in this thread.

 

[DnEbook]

And there are major financial repercussions for defaulting on things like that.

Mortgages, credit cards, car loans, etc - back out of that and your phone will start ringing from collectors. Back out of student loans and the federal government will be coming after that (in the USA at least). Cant bankrupt a student loan. IRS will take any refunds prior to you seeing it and thats if DOJ hasnt already garnished the salary of those in default.

In the case where people back out of bidding on a house (for example), they forfeit what is called "earnest money" https://en.wikipedia.org/wiki/Earnest_payment So it would behoove those who are interested to be serious players.

That process has to become part of the bidding and purchase of a domain name too or else the industry will remain flush with these tire-kickers. I've had 5 non-payers this year alone.

It would be so easy to implement: In order to bid on a domain name then require a credit card or whatever other means of down payment. Simple. All serious buyers will move forward and most tire-kickers will fall away.

The amount of money wasted in time chasing these people are enormous. For those who say its not worth it for under a certain amount, sure - it probably isnt. But when we lose $5000, $10000, or even more offers to people who are probably out just to waste our time, play games, or simply back out because they decided not to AND because there are no repercussions (even though they are in a binding legal agreement), it would make perfect sense to require a 10% deposit in order to bid. Personally, I'd have mid-4 figures in earnest money in my pocket this year so far AND a lot of time not wasted trying to chase down these people.

I am open for discussion, anyone that can see flaws in this for the domain world then lets all talk about it. Something has to change though. In the meantime, I would love to see a thread where we can post non-paying buyers information to warn other domain investors. Someplace we can look up whether or not these people are legit. I've had CEOs and founders of huge companies back out of 5 figure sales like its nothing. People worth multiple dozens of millions of dollars and in one case a billionaire (several years ago). This is BS and needs to change. Its worth discussing.

People claim bankruptcy every day, bad buyers are buyer ..... it happens in all walks of life

 

[Beezy]

I wonder if they are locking in your price, shopping it around hoping to find someone to pay more, and then hoping to pay you and flip it. Thoughts?

 

[zeff]

As sellers we receive private informations about the non buyer from undeveloped if the deal is not done.
Just hope that undeveloped does not send the seller private informations to the non buyer !

 

[golan]

Apart from the non-payers, you also have "funny" offers like this one I just got:

"You have a new offer of $348,446 on the domain name xxx.xx! The name of the buyer is Bill Gates."

Accept it! Take it and run! You'll never see another chance like this.

 

[Armageddon]

But if BuyNow option notice a potential buyer must pay first with credit card & then get the domain
So best solution to avoid non payers is BuyNow on Undeveloped

 

[ResoluteDomains]

But if BuyNow option notice a potential buyer must pay first with credit card & then get the domain
So best solution to avoid non payers is BuyNow on Undeveloped

Had two BIN on undeveloped never show up with their payment. I guess that means they really werent too serious because whether it be 10% of 100% (BIN), those 2 buyers of mine never pulled out their wallets.

 

[Armageddon]

That must be a while ago since BIN's currently don't go through if the buyer doesn't complete his/her purchase on the spot. So all BIN's you'll have are from 100% legit buyers that have already paid for the domain.

Notice that because i make a experiment with one of my domains & see no way for the potential buyer that need to pay first & then recive the domain ..i guess process will be managed by Undeveloped

 

[soidav]

I have had Sedo make phone calls on several occasions. I think it may depend on the transfer agent.

true

 

[golan]

Singapore

Interesting, i have one domain there hanging for a few days already, and the buyer (or "buyer"?) is also from Singapore.

 

[wwwweb]

Sometimes people think domain is in their local currency, other times they are clueless to what they are doing, or think they are buying a product maybe previously associated with the domain.

As you get more 3rd world users going online, you are going to have more of this happen.

Don't waste your time with legal jargon, if someone isn't going to pay, they aren't going to pay, and legal options are limited on 3-4 figure type sales. It is just something you have to deal with, it sucks as you go from a high to a low, but usually you can weed them out quite quickly based on geo region, and email ie) hotmail etc...

 

[YairDD]

I actually have someone that looked super serious and we agreed on $1450 for a domain but he didn't pay yet. it's been 1.5 days. what are the chances that he'll pay?

 

[ivey]

Show attachment 126118

OMG, buddy @Kate has more experience in her little finger than you have in your entire body.

Attacking a subject is ok but a personal attack on a member is not ok.

I could care less what you say about me but your statement about kate was uncalled for.

Personally, I never looked on the name, whether it's kate or jerry or tom. I'm guessing you're saying because it's a girl it's bad... but you don't mind if its' you. When It comes to disagreements I don't discriminate(That's if kate is a female or just a misleading username) idk. But this isn't a dating forum buddy. Because if you're not ok with it...that should be in general for everyone ... not based on who it is pointed to.

However, I genuinely will take back the use of the word "idiot" in my response... @Kate Though my point doesn't change. I don't have a history of this. And I Have(as we speak) someone making fake inquiries on my domains.. a fellow domainer here on namepros which i will expose soon. This has had me very agitated and probably influenced my aggressive response to this subject and going a little further on a personal level.

That frustration was influenced and justified by something legitimate and personal. But it was mis-directed frustration.

 

[offthehandle]

FYI Kate I believe no longer participates here, at least she has not logged in quite some time- June 6.