Warning

[frank-germany]

it looks to me like here are members who may try this trick:

get you into a deal
and then after its locked in
like agreed in escrow
or SOLD here

after getting you down as much as possible

then do not pay
and as the domain is locked for them

simply wait for the development of the ( chinese ) market

and later if market goes up
may eventually pay you then
and if not
they may simply just disapear



same happens at sedo

 

[Ms Domainer]

I thought buyer had 5 days to pay...ugh..how did I get so wrong???

Nope. The sale is in force for 30 days, although one can request a cancellation after 15 days.

My experience: if the buyer doesn't pay within 5 days, he/she isn't going to pay at all.

 

[NameOmnia]

Nope. The sale is in force for 30 days, although one can request a cancellation after 15 days.

My experience: if the buyer doesn't pay within 5 days, he/she isn't going to pay at all.

Agreed. In my case with the non paying buyer I think I was able to cancel the sale before the 15 day period via support.

 

[iAchilles]

15 days, no ifs or buts is what i was told.

 

[TSB]

This is great to aware..

 

[NameOmnia]

15 days, no ifs or buts is what i was told.

pfft..not happy at all. Especially considering the increasing number of non paying people.

 

[Ms Domainer]

#Joe Styler

I like the idea of requiring "earnest money," say 10% or $50.00 (whichever is greater), at the time of the bid. This could also be just a flat fee deposit (given that auction prices can change).

The buyer would then pay the rest (90%) within 10 days, and the "earnest money" would then be applied to the sale. Thus, the buyer would not be paying anything extra, just an up-front fee to show the seriousness of the bid.

The buyer would only lose the earnest money if she/he failed to fulfill the contractual obligation.

Honest buyers shouldn't mind, but it would cut back on the front runners and malicious bidders.

Heck, when we buy expired domains, we pay everything in advance and often have to wait days for a refund when a registrant renews.

 

[DU]

#Joe Styler

I like the idea of requiring "earnest money," say 10% or $50.00 (whichever is greater), at the time of the bid. This could also be just a flat fee deposit (given that auction prices can change).

The buyer would then pay the rest (90%) within 10 days, and the "earnest money" would then be applied to the sale. Thus, the buyer would not be paying anything extra, just an up-front fee to show the seriousness of the bid.

The buyer would only lose the earnest money if she/he failed to fulfill the contractual obligation.

Honest buyers shouldn't mind, but it would cut back on the front runners and malicious bidders.

Heck, when we buy expired domains, we pay everything in advance and often have to wait days for a refund when a registrant renews.

This is something other sites do and it's not a bad practice and I agree.

They should also warn, ban accounts that don't clean up after themselves when they sell/drop a name. A listing on a name by a GoDaddy account should be verified against the GoDaddy account that holds the name. That would allow the removal of a great number of listings that are orphaned.

For some reason many domainers love to hear stories when people BIN a name that is unregistered and the seller grabs it and makes a quick unearned profit. Seems domainers are a fickle bunch when it comes to profiteering.

 

[London555]

it looks to me like here are members who may try this trick:

get you into a deal
and then after its locked in
like agreed in escrow
or SOLD here

after getting you down as much as possible

then do not pay
and as the domain is locked for them

simply wait for the development of the ( chinese ) market

and later if market goes up
may eventually pay you then
and if not
they may simply just disapear



same happens at sedo

That's why-just as we do with our real estate-you get a non refundable deposit or there's no agreement. If they wont put it up-let them walk.

 

[Fancy.domains]

This is the 5th or 6th warning thread I've read in the past 24 hours on NamePros. Why are some domainers being so problematic as of late?

Any business involving money will unfortunately (sooner or later) attract thugs.

The chips (and short .COMs in general) are so easy to monetize, so many of these thugs are trying to make a fast buck here. I see these scams or semi-scams all the time too.

 

[Apprich]

There is definitely need for shorter time for payment in all platforms. Namepros, Sedo, Godaddy, Escrow..
3-4 days should be maximum, as Chinese market moves fast. It's not acceptable to wait for 1 week or longer.

 

[Joe Styler]

Good points , I will look at the time frame to pay in light of the more liquid market we find ourselves in. As far as the earnest deposit, it is a great idea, one we considered over the years but have been unable to implement due to various legal and accounting issues but we do have changes planned for this year that will make things much better and easier.