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Sold on Sedo for 300,000 EURO But Buyer Didn't Pay

Labeled as discuss in Domain Selling and Domain Sales started by illumy, Jan 24, 2019.

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  1. illumy

    illumy Established Member

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    I had a 300,000 EUR unpaid sale record on Sedo, which was cancelled 2 weeks ago on one of my premium .APP domains to US buyer, online Purchase and Sale Agreement seems like a joke on websites like GoDaddy or Sedo. Heard too many unpaid stories about how they failed to do anything concrete on unpaid buyers. Literally a waste of time and money in many occasion.

    What do you guys think of this? Just move on?
     
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  2. Haris

    Haris Best Domainer Of The End-Times VIP

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    The only thing they can do is close the account of the person who made the offer
     
  3. Sumeeth

    Sumeeth DomExpert VIP

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    Can't do anything! Just move on! would you mind sharing what type of name it is?

    Thanks,
     
  4. illumy

    illumy Established Member

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    Take a wild guess, I will reveal it if this thread reach 500 views, haha.
     
  5. illumy

    illumy Established Member

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    Thought so too, but that's lame, really. Not like new or barely-used account holder cares for anything.
     
  6. stewmath

    stewmath Top Member VIP ★★★★★★★★★★

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    Escrow is the same, i use efty with escrow pay and i've had it happen numerous times where they click buy now and agree to the agreement but then never pay. After 30 days it just gets cancelled.
     
  7. illumy

    illumy Established Member

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    That's lame, 30 days wow what a waste of good time. They shall shorten it to 3 days only don't you think? None of us appreciate good waste of time, if they fail to pay in 3 days it means they probably ain't gonna pay in another 3 months don't you think?
     
  8. xynames

    xynames XYNames.com PRO VIP

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  9. johnn

    johnn EnameMart.com VIP ★★★★★★★★★★

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  10. Darren C

    Darren C Established Member

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    Hah get used to it I had a $250k offer .....I knew it was bs ,forget about it and move on and the fact it’s an .app should of been a red flag anyways imo .....how many .app sales in 6 figures ?
     
  11. n3tcarlos

    n3tcarlos Established Member ★★★★★★★★★★

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    For sedo auctions you need certification. (10k+ USD Premium Certification). so they have some barriers..

    But offers outside of auctions are probably not binding.. and they are open for new accounts.
     
  12. Argentum

    Argentum Established Member

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    .app is worst ever extension, what you call premium? Possible yes, reg fee someone will pay you for it, but nothing more. So i guess you set something like $1-2k for your name and someone made joke on you.
     
  13. illumy

    illumy Established Member

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    Possibly haha
     
  14. illumy

    illumy Established Member

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    I know 2 happened for sure, imo.
     
  15. illumy

    illumy Established Member

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    I heard it happened a lot on auction too, so pretty lame.
     
  16. illumy

    illumy Established Member

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    Troll spotted, guess you have all the best domains and extensions at hand to call .APP the worst ever extension, rofl.
     
    Last edited: Jan 24, 2019
  17. Bob Hawkes

    Bob Hawkes formerly MetBob NameTalent VIP

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    It seems to me that such a major purchase should not be a matter of simply clicking purchase. If you are buying an expensive car or real estate etc. for an amount like that, there are various purchase agreements to be completed etc. The spontaneous purchases lead to issues of non-payment.

    It seems to me there should be a similar thing in place for at least sales over some amount. An agreement to purchase, a short delay period for the purchaser to be sure and do their due diligence, some sort of small deposit in that interim which is lost if there are not good reasons not to purchase.

    I hope you find another customer. That would have been an incredible .app sale.

    Bob
     
  18. illumy

    illumy Established Member

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    Agreed, and thanks for the word, indeed that would have been. Let's hope next buyer do it right, it's a popular one to be acquired.
     
  19. 000

    000 Top Member VIP ★★★★★★★★★★

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    Agree with Bob, more should be done to ensure that these are actual buyers. It happens FAR too often. It is a waste of time, and more importantly it takes the domain off the market for weeks.

    Dealing with this now at GoDaddy/Escrow (13k BIN at GD, deal automatically moved to Escrow). It's been 10 days without any sort of update. ("Buyer has to select a payment method")

    Unfortunately it's to the point I just assume all marketplace "sales" are fake until 100% completed.
     
  20. wwwweb

    wwwweb Top Member VIP

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    I feel for you with all this premium app renewals coming up, you are going to need some good sales to offset those premium renewals.

    It has happend to all of us, we all wish it was simply that easy, but moreso buyer would have made contact in control panel if they had any means to close the sale.

    Move on.
     
  21. illumy

    illumy Established Member

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    Totally agree, I tend to push for cancellation if buyer does not give responsive confirmation within 3 days. Anytime more that tends to be a waste of time and is ridiculously annoying.
     
  22. illumy

    illumy Established Member

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    Yea already moved on, I agree to that so if buyer doesn't repond on transfer panel after a day or so I would ask for immediate cancellation, but the transfer agent at Sedo is unbelievably deficient to request for cancellation, slow on reply and their waiting term is a complete and utter waste of time.
     
    Last edited: Jan 24, 2019
  23. NYJimbo

    NYJimbo Domain Re-Animator

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    It's exhausting. Went through this a few times last month or so and might be seeing it again with a low $xxx domain right now.
     
  24. wwwweb

    wwwweb Top Member VIP

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    It doesn't matter if the deal cancels, it cancels, if the buyer pays thats great, not much you can do, it just has to wind down. For a bidder to make such an offer, they would have to have a higher level of certification, so they must have some details on the buyer.

    How much does it cost per year to renew your .app portfolio, I see you have many $1K renewals in there?
     
    Last edited: Jan 24, 2019
  25. illumy

    illumy Established Member

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    Well, Sedo only gives the address of the buyer, all other details they aren't going to disclose it unless requested by legal/attorney.

    Around 20k altogether, much less than what I initially spent before and after EAP.
     

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