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

[illumy]

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?

 

[johnn]

Must be one of NP member tried to make you happy.

 

[illumy]

ok you got over 500 views, let's see the name.

I should've asked for 2000+ views, this seems too easy lol.

Anyway the domain was TOKEN.APP, and there's a number of acquirers still negotiating about the offer, not in a hurry to sale, still have inbound inquiries near daily basis.

 

[Bob Hawkes]

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

 

[Brands.International]

One thing we all should learn in domaining, and that will save lot of frustration:

you can consider anything sold only after money are confirmed to be in escrow ... never before.

The good thing is also that you still keep your domain name if it is not sold.. and who knows, it might sell for even more in future, if the quality of the name is good

 

[Darren C]

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 ?

 

[stewmath]

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.

 

[Oblivious Fella]

You can't say it is sold until you receive funds. Lolz

 

[000]

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.

 

[Haris]

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

 

[n3tcarlos]

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

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.

 

[illumy]

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.

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.

 

[illumy]

You can't say it is sold until you receive funds. Lolz

What do you think it should be titled then? Sedo's fake-sale lol?

 

[wwwweb]

ok you got over 500 views, let's see the name.

 

[NYJimbo]

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.

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.

 

[illumy]

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?

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.

 

[jideofor]

There should be a small fee to show commitment to the deal, like 5-10% of the total sum paid via Paypal or something and then, they follow through...

Just an idea, not sure how feasible in the real world.

 

[illumy]

.

Exactly. It is important to stay with good spirit As I can see, you have some of the best .app domain names, I am sure you will do very well.

Personally, I would not even post here the domain name in question, it is not your duty, no matter that some people are curious.

Move on, and focus on positive, they will bring you much joy and consequently, money.

Thanks for the word and advice, personally I don't mind sharing it, and I already gave word so can't really dismiss my own promise without a good reason haha. It's not any mysterious or magical word so it's ok too.

 

[DomainVP]

Most of these platform inquiries go nowhere, hell most inquiries in general go nowhere.

I ignore all platform inquires until they make a second inquiry or they finally just eMail me directly.

You want to waste a few days w/ GoDaddy going back and forth with a "buyer" only to find that their budget is $200 USD - sod off.

You count the money when it's in your bank, you talk when it's worth speaking. This will save you a lot of time and frustration.

 

[Andrew Knox]

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.

Yeah I just had this for an 18k name

 

[domainer111]

My understanding at Sedo is, that a there is a legally binding contract that you could enforce. Sedo give you access to the other parties contact info in a situation like this.

Now whether that contact info is correct or not is another matter. If they have any actual cash that is also a concern, but they could have.

So you could enforce your rights in this situation but that would entail hiring a lawyer, costs, time wasted etc. If it's $300,000 sale that is a great sale so it could be worth it. If it's a large corporation and you can verify it with them, you are in a strong position. You could possibly verify it yourself with a few eMails to avoid costs.

Escrow.com my understanding is terms are not binding so you would need a separate offer/acceptance via eMail but that could be sufficient.

Sooner or later someone will enforce their rights.

 

[Sumeeth]

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?

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

Thanks,

 

[xynames]

Lot of buyers get excited about a domain then later get cold feet. In this case the buyers probably decided to go with a different extension. You know which one.

Your issue seems to be a recurring problem
https://onlinedomain.com/2018/07/16...-domain-name-sales-on-namebio-never-happened/

 

[Argentum]

.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.

 

[illumy]

Must be one of NP member tried to make you happy.

Possibly haha

 

[illumy]

.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.

Troll spotted, guess you have all the best domains and extensions at hand to call .APP the worst ever extension, rofl.