discuss What would you do if you accidentally accepted a deal

[Jonathan MacDermid]

This morning I woke up to a message saying there was a $2,000 offer for one of my .app domains that I was looking for closer to around $5k for.

As I was only just awake and had not dealt with an offer through Undeveloped before, I accidentally accepted the offer instead of negotiating.

I will honor the deal if the prospective buyer goes through with the transaction but I am interested if anyone else has made an error like this before and what others would do in my situation?

 

[Bob Hawkes]

No it has never happened to me, but I would totally honour. I think the respect of domain industry depends on standing behind what we say. At least it's $2k which is a pretty solid price - although .app does have an average price of $4372 on the first 10 sales.

 

[Jonathan MacDermid]

There are not enough .app sales to really see any trend. Even though the average of the 10 sales shown on namebio is $4k, this would still be the 4th biggest .app sale on namebio. It will be interesting to see how the average price alters as more sales go through!

 

[Mister Funsky]

anyone else has made an error like this before and what others would do in my situation?

Yes and I honored the pricing.

It was a tough pill to swallow and now it makes me pay much more attention to my pricing. On names that I do not consider top tier, my pricing is set (makes my sales volume much higher to do so). It is time consuming to price a domain properly and then to recheck it every 90 days or so. I check the 'set pricing' often in the event a name or phrase begins trending upward. Please let us know the outcome.

 

[BaileyUK]

For any Offers, from a fixed price domain listing, I'll always spend at least 24 hours re-examining its place in todays market. As far as I'm concerned an interested party 'Counter offer' withdraws my commitment from any previous 'fixed' price.
Never had to up the price - but I still take a good look, wouldn't dream of replying before fully awake,
however, an agreement is an agreement. I have mentioned a domain I sold that Apple are using in a very profitable business proposition, even their daily advertising budget for the product must exceed by 50X what they paid me for the domain. It wont happen again

 

[carob]

Bought a domain on Sedo at fixed price, paid for it, then they said the price was a "mistake" and refunded my money. But the domain stayed listed on Sedo at 10x the price. They didn't kick the seller off Sedo and I am still using Sedo but I did not like it but I chose not to publish the seller's name, which Sedo supplied to me.

But yes if you accepted it you should honor it and anyway negotiation might not get you more money and could lose a buyer. Not going ahead after accepting makes you look terrible and could kill the sale.

 

[Jonathan MacDermid]

Glad to see that like myself, you would all honour the deal. I am not happy with my mistake but it is my mistake and I have learnt not to look at offers until the kids are at school and I have had my morning caffeine.

 

[BaileyUK]

Agree with 'carob'
I even make a point of not looking for any further value in a domain if it has sold, I don't want to know, once the price is agreed and it's out of my hands.
the domain that went to Apple - I can't help but see because it's on TV advertising most nights

 

[frank-germany]

Bought a domain on Sedo at fixed price, paid for it, then they said the price was a "mistake" and refunded my money. But the domain stayed listed on Sedo at 10x the price. They didn't kick the seller off Sedo and I am still using Sedo but I did not like it but I chose not to publish the seller's name, which Sedo supplied to me.

But yes if you accepted it you should honor it and anyway negotiation might not get you more money and could lose a buyer. Not going ahead after accepting makes you look terrible and could kill the sale.

same happened to me with sedo

 

[.X.]

I would Honor the deal, If i drop the ball. that is on me, not the buyer.

 

[Jonathan MacDermid]

Update - buyer asked via undeveloped to pay by installments. I responded with 6 months as my preference but that I would accept.
Undeveloped responded that the buyer has pulled out.

I was about to post this and then received another message that payment has been received from another buyer on the same terms I agreed with the first. Have sent a message to undeveloped to ascertain if this is attached to the initial offer or whether it is a new buyer and they set the same terms?

Either way, the sale is going through!

 

[.X.]

Update - buyer asked via undeveloped to pay by installments. I responded with 6 months as my preference but that I would accept.
Undeveloped responded that the buyer has pulled out.

I was about to post this and then received another message that payment has been received from another buyer on the same terms I agreed with the first. Have sent a message to undeveloped to ascertain if this is attached to the initial offer or whether it is a new buyer and they set the same terms?

Either way, the sale is going through!

That is a very fair compromise, congrats on the sale!!

 

[forge]

I was about to post this and then received another message that payment has been received from another buyer on the same terms I agreed with the first. Have sent a message to undeveloped to ascertain if this is attached to the initial offer or whether it is a new buyer and they set the same terms?

I'm confused about this. I don't use Undeveloped and don't know their terms, but they accepted another buyer's offer without first having your approval? It it was me, I would be very unhappy! Especially considering you were looking for a much higher offer.

 

[Jonathan MacDermid]

I'm confused about this. I don't use Undeveloped and don't know their terms, but they accepted another buyer's offer without first having your approval? It it was me, I would be very unhappy! Especially considering you were looking for a much higher offer.

At present I am assuming the original buyer just switched account to complete the deal but I will update the thread once undeveloped confirm what happened.

 

[Jonathan MacDermid]

Undeveloped have responded and as thought, it is the same buyer. They had to restart the purchase due to a process issue.
Have to say I a am liking how smooth the process is with undeveloped and how quickly they respond to queries.

 

[forge]

Congrats on your sale!

 

[anantj]

I've done this and completed the transaction in that case. A commitment is a commitment and honor is more important than money!

 

[carob]

Congrats on the sale.

Their ToS are interesting, especially this:

6.4 Sellers can revoke an offer or counter offer within 7 days after placing the bid, offer or counter offer.

and this - Contractor refers to Undeveloped:

3.7 The Contractor has at all time the right to cancel any (Additional) agreement and/or payment of the Price if the Contractor believes this to be necessary, without any right of restitution of installment(s) already paid and/or payment of any damages.

From https://undeveloped.com/legal/terms-of-use

 

[Jonathan MacDermid]

I hate the way legal documents are worded. 3.7 seems to be written so that if the buyer misses payments on an installment option or otherwise causes issues, undeveloped can cancel the deal and the seller does not need to refund any payments already received.
Quite nice to know if a buyer misses payments, i could end up with the domain back and still have made profit from it. Should reduce the likelyhood of not receiving full payment.

 

[maya-zir]

To honor what?
Guys, you are living in another world?
When my internet provider makes mistake, they charge me extra, when my electricity company makes mistake they charge me extra, when my bank made mistake and left me without money for 2 weeks blocking my account and credit card because of not pay in time, when I did pay in time, just bank sent all this money to the next month, then bank charged me fir almost 50 euros and after my insults and threats they gave me back 20 euros but charged me them again sending me all my money back to my account as "credited"... And the same with all big company and services...
And here... you clicked it accidentally, so why the buyer would not honor you and understand you?
Dont confuse "give the word" and accidentally click or wrong put price.
I remember I was selling something on ebay and put a wrong condition of acquire, and one son of his mother "bought" all my RAMs for 20 euros, when each one of moduls cost from $20.
I paid all my money for 100 moduls and payd around 1000, so I had to give him all for 20?
I cancelled the deal of couse. And of couse this son of a b.. was sending me emails insulting me and threating to demand me...
You clicked wrong? Contact the support team and explain it, thats all.
And if the buyer cant understand it, so just ignore him...