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?

 

[illumy]

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.

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.

 

[illumy]

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.

Couldnt agree more.

 

[.X.]

forget it and let it all go, although the majority of my sales go really smooth at Sedo, There is always a clown sending me a ridiculous offer every once in a while. don't sweat it, no biggie.

 

[illumy]

Yea already passed, like I said it happens, I'm just surprised how often this happened on these supposed-to-be well known marketplaces and how ridiculously they can't do anything about this and continue to let it ruin our user experience throughout all these years, can trace this kind of complains way back to more than 10 years ago and it just keep on happening non-stop. Yet they (Sedo & GoDaddy specifically) still survive and continue to be the leader of this industry, most people must really have good temper to be able to put up with this s*** over and over again from time to time.

Competitors too thin to do better than this?

 

[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.

 

[illumy]

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.

It's an actual sales on Sedo except the buyer left unpaid, there's a Purchase and Sale Agreement generated on Sedo, not sure how binding it would seem in your friend's experience, and whether it's worth the time and $ to do any action. Curious and interesting to see how figures like this turns out to these irresponsible buyers if law is enforceable ha.

 

[hohoho]

A Purchase and Sale Agreement should be enforceable (I don't need to talk to my friend to know that). But did they "sign" it, i.e. digitally?

Usually it's not worth it, but on a €300k sale I don't see why you wouldn't? Best case, you make 300k, worst case you don't (but that's where you're at now) and are out some expenses.

Agreements are generally enforceable in the western world. Thing is, most people don't bother because it's not worth the hassle -- especially internationally. It's a bit of a pain.

 

[illumy]

A Purchase and Sale Agreement should be enforceable (I don't need to talk to my friend to know that). But did they "sign" it, i.e. digitally?

Usually it's not worth it, but on a €300k sale I don't see why you wouldn't? Best case, you make 300k, worst case you don't (but that's where you're at now) and are out some expenses.

Agreements are generally enforceable in the western world. Thing is, most people don't bother because it's not worth the hassle -- especially internationally. It's a bit of a pain.

Yea pretty much, it's not signed digitally, but don't think that matters because you have to tick the "I agree" before you can accept or make an offer.

I will need to find an attorney in US to consult whether it's worth the hassle or not.

 

[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.

 

[illumy]

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.

Well, the sneaky part about Sedo is that the transfer agent said he can not disclose any contact methods of the unpaid buyer other than their given address. He said if I want to know the info can only ask attorney to contact their legal team to request for it. So I think Sedo is pretty useless and should be blame for adding difficulties for any enforcement to be possibly executed, in short, they are not helping by any mean.

 

[Armageddon]

IMO , keep the domain & who knows maybe in 1-2 year's you get some money for this domain

 

[illumy]

IMO , keep the domain & who knows maybe in 1-2 year's you get some money for this domain

Pretty much

 

[xynames]

Unfortunately all of my premium .APP ones won't have ***app.com available.

I suppose that generally speaking all extensions have premium and not premium names but in general the .app extension is turning out to be pretty weak. Not in the toilet like some extensions but it’s unfortunately shaping up to be a contradiction in terms to use the word premium and dot app.

It is turning out to be good...for Google
https://www.thedomains.com/2018/05/...-app-in-just-early-access-fees-through-day-2/

not so much for domainers
https://onlinedomain.com/2018/05/14/domain-name-news/app-domains-are-for-dreamers/

 

[hohoho]

I would try to figure out who the buyer was. If it's a sizeable company, go after them. If not, just keep it.

It's not a given you'll ever find someone again willing to pay €300k.

 

[illumy]

I suppose that generally speaking all extensions have premium and not premium names but in general the .app extension is turning out to be pretty weak. Not in the toilet like some extensions but it’s unfortunately shaping up to be a contradiction in terms to use the word premium and dot app.

It is turning out to be good...for Google
https://www.thedomains.com/2018/05/...-app-in-just-early-access-fees-through-day-2/

not so much for domainers
https://onlinedomain.com/2018/05/14/domain-name-news/app-domains-are-for-dreamers/

I would have broader view and own judgement/info of seeing things than random some "expert" article saying *** domains are for dreamers, true some extensions are pretty weak, but not so much for .APP, since I'm in the pool, I know too many good sales of .APP not publicly listed but were done in our circle of domainers. So yea, like whatever you like, our latest Dapp used .APP for our renew brand as well, not to mention Tron's new site for Dapps at Tron.app. Enough said.

 

[illumy]

I would try to figure out who the buyer was. If it's a sizeable company, go after them. If not, just keep it.

It's not a given you'll ever find someone again willing to pay €300k.

It's an individual, who knows, but apparently it's a very popular domain and acquired by many TOKEN named firms, will keep it until someone deserves it pop up, in fact, some are still negotiating at this moment.

 

[DOMAIN ILLUMINATI]

Forget the moneyyy
You have the domainnn

Means, you now have the possibillity to sell it for moreee

 

[illumy]

Forget the moneyyy
You have the domainnn

Means, you now have the possibillity to sell it for moreee

Right.

 

[UncleBrand]

it is not really the platform
people change their minds all the time

i had a sale in Sedo that took 6 weeks to close, i was pretty sure it won't close at all
in this case, it was a broker facilitating a sale for a small business,
the back and forth was ultra slow, and finally we closed when they asked for an invoice 5 weeks after going off the radar

 

[illumy]

it is not really the platform
people change their minds all the time

i had a sale in Sedo that took 6 weeks to close, i was pretty sure it won't close at all
in this case, it was a broker facilitating a sale for a small business,
the back and forth was ultra slow, and finally we closed when they asked for an invoice 5 weeks after going off the radar

I'm just amazed how people can still put up with these platforms with these "worst" user experiences possibly. Platforms either do something to discourage "unpaid" scene from happening or do "nothing" to encourage these numbers, apparently Sedo is encouraging these by doing nothing or close to nothing.

 

[xynames]

It's not a given you'll ever find someone again willing to pay €300k.

He didn’t find anyone willing to pay €300K in the first place, let alone “again.”

 

[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.

 

[wizard]

did u get anywhere with this as had many sales on sedo with no payers just move on...

 

[hohoho]

He didn’t find anyone willing to pay €300K in the first place, let alone “again.”

He did find a person willing to (digitally) sign an agreement to hand over €300k for a domain name. Regardless of what people are saying, and even if they have changed their mind, these ARE enforceable. The only question is: do you want to enforce it?

Domains aside, for €300k (could be related to anything) I would, but looks like I'm in the minority here. I wouldn't let a person off the hook for free (i.e. seller and buyer could settle for 10% of the purchase price to cancel the purchase). To each their own approach.

Even if it's a nice domain, you currently have zero guarantees that anyone will ever offer that much again. Or even half that amount. I would have a different opinion if we were talking $2 or 20k, but I think this amount warrants enforcement of the agreement.

Since seller said he was dealing with an individual, that could be interesting. They would be personally liable.

 

[illumy]

He didn’t find anyone willing to pay €300K in the first place, let alone “again.”

Well, I have 3 buyers in price negotiation, one or two near offers, so we will see.