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?

 

[wwwweb]

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.

 

[wwwweb]

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.

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?

 

[eurorealtor]

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

Last time I had unpaid case on Sedo, they provided the full info of the Buyer, but it was a Great Domain Auction sale. Anyway, I never chase a ghost so I just moved on.

 

[MapleDots]

For that type of money on an app extension I can understand the buyer getting cold feet.

This is what I see happening

Example: redhot.app

Buyer probably went this route: redhotapp.com (or similar)

Saved themselves 300,000 Euro

That's just me speculating but if someone was going to offer that much they are probably still looking for a similar name so it would not be too hard to track down new registrations.

Then if you have any luck with that contact them privately.

 

[MapleDots]

Which reminds me...... if you have an absolute premium .app it might be wise to protect buy the .com if it is still available.

ie: nameapp.com

I did just that

PhotogrApp.com & Photogr.app

 

[illumy]

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

Yea that's what I thought too, since I got many terminal acquirers making decent offers (as well as many non-terminal buyers with small budget), will see who really deserve it.

 

[Brands.International]

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Yea that's what I thought too, since I got many terminal acquirers making decent offers (as well as many non-terminal buyers with small budget), will see who really deserve it.

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.

 

[wwwweb]

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.

It's a popular term, we know tokens.com sold for $500K, and not sure what token.com sold for, but I think it is rich. The domain has value for sure, $100 renewal given this extension is manageable, you probably paid a lot in EAP to jump the que to own it though.

 

[hohoho]

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?

For €300,000 (and this also depends on the resources you have available, and on the counterparty) you might want to talk to a lawyer to see if you can enforce the sale. I personally would.

If an officer of a company (i.e. the CEO) made this "purchase" then it will likely be legally enforceable. But you will have to sue in the US. Unless you're dealing with an empty shell company, or you think you're likely to find a new buyer at €300k, it could very well be worth it.

Don't let them off the hook.

 

[Silentptnr]

It happens. Sorry it happened on a big one this time.

 

[hohoho]

Not sure if anybody actually been there and done this and wondering how it ended up, would be awesome if the domainer is a specialize attorney on this himself and can work through himself everytime when it happened ha.

I actually know an attorney who also is a domainer -- he's a good friend of mine. An agreement is legally binding in most jurisdictions if it is obvious that two parties have agreed to something.

If it was more than a price inquiry (i.e. an actual "sale" that was left unpaid), then in my view it's worth spending an extra $500 or $1,000 to see if it is enforceable. Not many people here seem to agree, though..

It's a cost of doing (any type of) business though, in my view. Just like you have an accountant, and occasionally need to consult a tax attorney.

 

[Keral_Patel]

Well people need to learn from this.

Its like the story where one guy thinks he won a lottery and divorces his wife and started looking at expensive cars to buy.

 

[Kamaz]

300k for an .APP domain, this seems not realistic at all!

Move on!

 

[xynames]

There have been no verified sales above low five figures. Talking about “inner circle” supposed sales is just that - talk. Checking namebio as of today the highest sale is 15,000
https://namebio.com/?s==YjNwIzMzAjM
In fact some of the five figure claimed .app sales were bogus so maybe even that 15k sale never happened:
https://onlinedomain.com/2018/07/16...-domain-name-sales-on-namebio-never-happened/

Right here on NP we have another failed low four figure “sale” for a dot app
https://www.namepros.com/threads/so...00-but-buyer-doesnt-pay.1116067/#post-7078725

This domain will not sell for €300K. In order for that to happen we’d first need to see current sales of multi million dollar three letter dot coms and even then it still wouldn’t happen.

This offer was more likely someone playing around with no intention to pay from the getgo.

OP’s going around disliking posts from those of us here who are infusing reality into this topic just makes anything the OP posts less credible. Does he want input or not?

This was not an auction so there were not any bids just below the €300K. Rather, it was just some jokester who clicked the BIN, or was it even someone offering a massive amount out of the blue? Maybe it was a deliberate attempt to poke fun at the BIN price (if there was a BIN posted), or to poke fun at the domain itself, who knows.

I think the OP now recognizes the invalidity of the €300K offer and that’s a mature sensible attitude.

 

[gilescoley]

And you don't even know what you are talking about unfortunately makes me laugh, sad but true.

Go and check the WHOIS of those "supposed" sales you keep mentioning, the proof will be obvious then Of those amazing sales, 928.app is the only name with a dodgy looking gaming site on it, the rest are for sale or dont resolve now....you really think those were serious sales.

I follow the Chinese market very carefully actually and have sold many domains to Chinese end-users over the years so its not a new market to me.

You really are just making up stats and you know it, if you know all this stuff and you are in the "circle" as you call it, show us some proof/screenshots? Yeah I thought not

We see this all the time, this is a typical pump up the extension to try and increase the value of your average names that you cannot sell. $300K, c'mon you didnt really think that was a serious offer

I may be sad, but at least I'm not making up crazy stats/sales to try sell my names...good luck at renewal time.

 

[BaileyUK]

Oh Well, another new member goes about destroying their credibility in just 6 weeks, Shame, because it reads that all the original comments gave the poster credibility. Till he decided to destroy it all. At least it becomes a reference point for any future posts.

I like that comment - "It's my thread, So I can say what I like"

No, not once Hype comes to the fore and overtakes the supposed reason for the headline-grabbing post

 

[illumy]

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

Thanks,

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

 

[illumy]

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

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.

 

[illumy]

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.

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.

 

[illumy]

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.

That's exactly what they all need to do, but according to one of the Sedo staff I've spoken to, they can't do this pre-charge without a license to do so so unfortunately they are not allow to do so, either in Germany or in US. So is GoDaddy, which really sucks.

 

[MapleDots]

Wow.... just wow

300k Euro??

It seems a bit rich to me.... the buyer probably got cold feet.

I mean, great if you get that much but we are in prime .com territory money wise here.

 

[tldboss]

I like the name. Take your time, considering you are getting consistent offers for it. Good luck

Move on, don't stress about the fake buyer.

 

[4better]

Well, there are always some buyers/jokers out there who, from time to time, changed their minds, backed out, or probably just want to create a joke and make you happy momentarily or perhaps simply drunk or high on drugs when the BIN was clicked. So many reasons which only the buyer himself knew. At one time, I received a million dollar offer for one of my domains. I just laughed it off and never responded as it's basically just a tiny spice of life.

 

[Rick Ace]

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?

If it's Sedo, you can try contacting customer service to see what they say. Although, I admit there's not much that can be done.