NameSilo

Offer via Sedo

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Got a sweet offer via sedo. Accepted offer
How long would this process take?
Whats buyer time to respond? Can buyer just change their
mind? Just new to process wondering how it all works.

Have a happy friday eh
 
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The views expressed on this page by users and staff are their own, not those of NamePros.
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I believe they have 7 days to pay, although I've personally waited 2 months one time D-:
 
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As soon as the buyer pays, it's pretty quick.

I would say my average wait has been about 5 days.

Regards

Ralph.
 
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Most people pay pretty quickly, especially if they have an immediate need for the name. However, I've had a couple of buyers take their sweet time on Sedo - one took just over a month to pay, and I just had a guy pay a whopping 9 weeks after the offer was accepted. That, to me, was ridiculous.

If that does happen, the Sedo-appointed transfer specialist acts as a middle man and will repeatedly remind the buyer of their agreement to pay. The system itself is very streamlined, and ultimately I haven't had any problems.
 
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Thanks for your input everyone.
 
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with a late-paying buyer, how long does the seller have to wait till he can cancel the deal?
 
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I've sold roughly 100 via Sedo, and I'd guess 5 never paid. All they lose is the ability to buy again with that account.

What you lose is the domain being in limbo at Sedo for weeks. I'm sure you could reasonably be allowed to sell it elsewhere, but I haven't tried. After many weeks they accept the buyer isn't paying, and they give you their contact details.

Time wise, the process is much longer than doing it privately, with the exception being Sedo don't work weekends.

Buy It Now has definite appeal.
 
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they should do what ebay does (sellers choice) require immediate payment or the name gets put back on market.

In addition the seller should be told that he has 24 hours to confirm hes starting the transfer process or the money is refunded to buyer

this industry needs some serious changes, the buying and selling for the most part is complete trash when dealing with sedo or gd. I mean with gd you sell a name it takes 3 weeks to get your money even if the guy paid right away
 
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24 hours seems like too high of an expectation to me. I agree that both buyers and sellers should be held to time constraints, and should make every effort to carry out the process quickly, but dealing with people in different time zones, etc., expecting everything to be handled in a day every single time seems unrealistic.

I can think of times when I've been swamped with work or traveling, that it was difficult to catch a few minutes to check email or do anything else that needed taking care of.

GoDaddy is notoriously slow at paying sellers. They also have very "hands off" approach to the transfer of the name itself, which I've never liked.

Sedo's system is at least more streamlined, and when people pay and transfer promptly, you CAN get paid pretty much right away.
 
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The bottom line is if you place a bid or make an offer on a domain, you are making an agreement in good faith that you are willing, able, and ready to pay for the domain within a reasonable timeframe (I think 48 hours is reasonable).

People shouldn't place bids or make offers for amounts they can't afford. I see no reason why anyone putting in the effort to research and monitor a domain cannot pay within 2 days.
 
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24 hours seems like too high of an expectation to me. I agree that both buyers and sellers should be held to time constraints, and should make every effort to carry out the process quickly, but dealing with people in different time zones, etc., expecting everything to be handled in a day every single time seems unrealistic.
Absolutely right. On the other hand, Sedo needs to set a limit but they probably will never commit to one.
 
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All my Sedo sales paid pretty fast, except one, a non-payer for a $4500 domain they bought. Sedo typically gives 7 days for each part of the transaction to respond - in other words, they make an offer, you have 7 days to counter, or accept or whatever; then they have 7 days to pay, etc. Sedo also asks/allows 'extensions', so even after the 7 days is up you can still make the next move; this happened to me last year while I was out in the boonies and only coming to town every 7 - 10 days; I missed a couple bids, they timed out, but I was still able to counter or accept them; however if I accept the bids after that 7 day period, the buyer was no longer under any obligation to honor their offer.

In the one instance of a non payer, after 7 days Sedo asked me what I wanted to do. I could have extended that period, they are open to extensions, but I just said to cancel it. They cancelled the transac, blocked the buyer from making any more bids on domains (but didn't delete his account, which I think should be mandatory, as well as blocking his ip), and sent me his contact details.

All other sales have gone smoothly for me at Sedo, and most buyers paid within a day or two, not waiting the full 7 days. Oh, except another one years ago, guy bought a domain for $500 but didn't make the 7 day deadline for payment. I said to cancel the transac, a week later the same buyer hit the buy now button and it went through fine. I didn't ask Sedo at that time why they didn't ban the non-payer after the first unsuccessful transac, but it worked out in the end after his second bid, ha, so whatevah.
 
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I have had 12 non payers over the last 2 years alone. People who have made offers and the offer was accepted. People who have made offers, the domain was sent to auction for 7 days and then no payment. There have been times where I literally had to fight to cancel the sale as it was taking over 3 weeks and the domain was stuck. If the sale is canceled, sedo demands the non paying buyer pay what would have been sedo's sales commission had the sale completed. Until that is done, the non paying bidders account is blocked from bidding. But if they pay that commission, they are free to bid again.

7 days is really ample time for payment completion. All forms, including a wire transfer.
 
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The bottom line is if you place a bid or make an offer on a domain, you are making an agreement in good faith that you are willing, able, and ready to pay for the domain within a reasonable timeframe (I think 48 hours is reasonable).

People shouldn't place bids or make offers for amounts they can't afford. I see no reason why anyone putting in the effort to research and monitor a domain cannot pay within 2 days.


"People shouldn't...." yeah, they shouldn't do lots of things, but if you do not set rules they seem to do all kinda things.

Without serious rules in place the time wasting and money wasting will continue. Sedo and others should allow sellers to make a simple rule (just like ebay) Pay right away or the name stays available for others.

Let me ask you this, ever have a drop catcher catch a name but your cc for some reason didn't process? They ask you to make payment within 24 hours or else...

Sellers is the same story, transfer within x amount of time (start transfer 24/48 hours SOMETHING) or the buyer gets his money back.

Without strict rules many take their lovely time, as to why? Well thats the job of a psychiatrist to figure out.
 
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Thanks for all the input. Great for newbies to learn a little. Its been 4 days since I recieved offer. Impatiently waiting the whole time. They emailed buyer yesterday,yay! Got this message in my control panel this morning.
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Payment received

Payment has arrived in Sedo's escrow account.

We kindly ask that you do not start the transfer process until we contact you with instructions to do so.
Please note that Sedo does not operate on weekends and national holidays, and that your Transfer Specialist will contact you on the next business day with instructions on preparing the domain name for transfer to the buyer.



Mar/25/14We asked the buyer to create a GoDaddy account

As the domain is currently registered at GoDaddy we asked the buyer if he has an account there or wants to create one, so the domain can be pushed.
If we receive no answer from the buyer within 2 business days, we will inform you about the next steps.

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Definately perked me up this am :)
Sedo has been good, answering all my questions, now I have to wait again, this will be a good wait
Thanks again everyone, hope some newbies learned something, and thanks for pm's, always willing to share advice( makes me feel smart ;)
I will post next when i get more instructions.
 
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The record on both sides are less than hour and few months. The likely case is about two weeks including the balance. Good luck!
 
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New message from sedo
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Please push domain to Sedo account

In order to transfer the domain into our account at Go Daddy Software, Inc., please log into your account and go to "All Products - Domains - Domain Management".

Click on the domain name and then on "Account Change" at the top.

On the next page, please enter our email address and customer number in the corresponding fields, select the option "Use details from specified customer account", and click on "Next"
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Um... ya I can do that.
Done, transfer in progress
What next? Get ready for work, I guess
I am not rich yet #KevinO
 
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New message from sedo
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Please push domain to Sedo account

In order to transfer the domain into our account at Go Daddy Software, Inc., please log into your account and go to "All Products - Domains - Domain Management".

Click on the domain name and then on "Account Change" at the top.

On the next page, please enter our email address and customer number in the corresponding fields, select the option "Use details from specified customer account", and click on "Next"
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Um... ya I can do that.
Done, transfer in progress
What next? Get ready for work, I guess
I am not rich yet #KevinO

Yet you need to wait.
Sedo pays once they get domain. Sometimes immediately sometimes it take a day.
Keep us posted
 
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New message relieved
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Mar/26/14Credit note created
The domain has been transferred successfully and the payment note has been created. Our Accounting department will process the credit note shortly and will release the escrow funds within 1-2 business days.

If you have paid the commission for the transaction, you will find a corresponding invoice in the "Payment Note" document located in the "Transfer Documents" section of the Sedo Transfer Center.
 
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Payment recieved
Yummy
The domain name......
It starts with hemp and is a .net
2500$ for a .net
The extension did not kill the value.
First word hemp. Second word mart
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Todays lesson. Be patient
 
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