Why is this sale at Sedo taking so long to close?

[VisualArtistFrankBonilla]

I sold a domain on 10/16/07 at Sedo. Here is the transaction history:

Transaction History:

10/16/07 Agreement reached
10/16/07 We have invoiced the buyer for the sale of your domain. As soon as the payment reaches our escrow account we will inform you and begin the technical transfer.
10/18/07 We have received full payment for this domain. Please await further instructions from your transfer agent. It is often the case that we have to wait for certain details from the buyer so please be patient during this period.
10/19/07 The domain is now unlocked.
10/19/07 The buyer has started transfer request. Please confirm the next transfer request from , or contact us to verify the request to be confirmed.



If you have any questions, please feel free to contact us.


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If you have any further questions, please contact us.


Can anyone give me a valid reason this domain has not been transferred to the new buyer? I know I could have pushed it to Sedo's account at whiz on 10/18/07, after the buyer made the payment. I have Sedo's account info for Whiz, and have done this before.

I have also emailed the account rep for Sedo twice, this was his second response back to me:
Frank,



"I approved a transfer request on the buyers behalf on the 23. This should be finalizing shortly.



Thanks for your patience.



Best,



XXX XXXXXXX"


Of course, it is Saturday now, so I probably won't hear anything from Sedo, or the rep until Monday, or Tuesday. It will then be two weeks since the buyer made his payment. I am sure the buyer feels the same, and would like his domain he has paid for by now!




Any information appreciated.

Frank

 

[Len]

Looks like the buyer may be transferring to another account and this has not been completed yet. I know Sedo do not release payment until the buyer has full control of the domain.

 

[acronym007]

I know with allot of these Escrow services they give the buyer some leeway and allow up to 10 days for the "inspection period" . I know Escrow.com gives 10 days, so technically nothing behind. Give it until the 29th then email them again, stating that the buyer has had a 10 day grace period since your acceptance of the transfer and ask if there is a problem. Sedo will then email the buyer and check the status. I know I'm always trying to get these deals done faster too. Good luck

 

[Pred]

sedo being shut from friday pm to monday am is one of the biggest holdups and as an online business worth millions with thousands of customers is frankly laughable.

their operating hours are more like a fruit and veg shop, not an online business.

why not have some key workers working in 24 hour shifts. sedo are always very late in implementing any changes. they will do it eventually, a few years too late.

so much i'd change with them. gimme the job bitch, i'd sort them out :sold:

 

[VisualArtistFrankBonilla]

sedo being shut from friday pm to monday am is one of the biggest holdups and as an online business worth millions with thousands of customers is frankly laughable.

their operating hours are more like a fruit and veg shop, not an online business.

why not have some key workers working in 24 hour shifts. sedo are always very late in implementing any changes. they will do it eventually, a few years too late.

so much i'd change with them. gimme the job bitch, i'd sort them out :sold:

You are hired! Please line em' up, and take names! :sold:

Ps, I just heard of another seller, going through the exact waiting process.

Frank

 

[mktgmark]

Unfortunately, this sounds like an almost standard transaction process from Sedo. When I make sales there, I try not to even plan when the deal will be complete... that way I'm not disappointed or frustrated. It'll finish when it finishes, is what I try to tell myself... still frustrating though.

And I'll have to agree with the above statement regarding the hours... in this day and age an internet business of that size needs to be 24/7 to at least a minimal extent.

 

[wot]

I know with allot of these Escrow services they give the buyer some leeway and allow up to 10 days for the "inspection period" . I know Escrow.com gives 10 days, so technically nothing behind. Give it until the 29th then email them again, stating that the buyer has had a 10 day grace period since your acceptance of the transfer and ask if there is a problem. Sedo will then email the buyer and check the status. I know I'm always trying to get these deals done faster too. Good luck

With escrow.com you can state the inspection period you prefer, I have closed deals and buyer/seller has received funds/name within four days using them.

Sedo - another story, a dinosaur when it comes to completing business, 247 is essential in todays electronic age. With the amount of transactions they are doing the loss to cash flow and accrued interest just to themselves by having in effect a 3 day delay every week must be enormous.

And they pee off buyers/sellers by the delays. :td:

 

[marktimmy]

knarfmusik you got the problem exactly of what I'm having right now. Man, seriously Sedo need to improve their customer service by somehow.

 

[Domagon]

EDIT: Opps, misread your post - you've been waiting about 2 weeks already ... but this is Sedo you're talking about ... many sellers wait many weeks!

Escrow.com on the other hand, despite being closed weekends, typically, for me, averages 2 day turn-around.

Ron

 

[VisualArtistFrankBonilla]

EDIT: Opps, misread your post - you've been waiting about 2 weeks already ... but this is Sedo you're talking about ... many sellers wait many weeks!

Escrow.com on the other hand, despite being closed weekends, typically, for me, averages 2 day turn-around.

Ron

This is what I don't understand. In prior sales, they would send me the email "please unlock the domain" etc. But then, I found out Sedo has an account at Whiz.in. In one day, I could push the domain to their account... Sedo now has possession of the domain, so the buyer is sure to get it, and I get my money now! Why can't they always do that?

Frank

 

[TOXX]

sedo being shut from friday pm to monday am is one of the biggest holdups and as an online business worth millions with thousands of customers is frankly laughable.

their operating hours are more like a fruit and veg shop, not an online business.

why not have some key workers working in 24 hour shifts. sedo are always very late in implementing any changes. they will do it eventually, a few years too late.

so much i'd change with them. gimme the job bitch, i'd sort them out :sold:

This is one of the MAIN reasons I lost faith in Sedo and Sedopro!
...
Why can't they take example from online companies like PARKED?
...
The internet is a 24/7 business!

 

[Kate]

...
But then, I found out Sedo has an account at Whiz.in. In one day, I could push the domain to their account... Sedo now has possession of the domain, so the buyer is sure to get it, and I get my money now! Why can't they always do that?

Because it depends on the buyer's preferences. Some will be happy with a push at the same registrar, some will prefer to transfer to their usual registrar. Can't blame them as I have names scattered with different registrars and I prefer to consolidate. Obviously a transfer takes a few days and this delays payment.

 

[VisualArtistFrankBonilla]

Because it depends on the buyer's preferences. Some will be happy with a push at the same registrar, some will prefer to transfer to their usual registrar. Can't blame them as I have names scattered with different registrars and I prefer to consolidate. Obviously a transfer takes a few days and this delays payment.

I agree. But, if a transfer was at least started, wouldn't the domain at least be gone from my registrar? I still show it sitting there like always.

From Sedo



"I approved a transfer request on the buyers behalf on the 23. This should be finalizing shortly.

How many hands, or fingers does this have to go through to get done? Geez!



Frank

 

[fonzie_007]

Who's your account rep for the transaction?

 

[Kate]

A transfer can take 5 days. You need to check the whois from time to time. Also certain registrars like gd or netsol will show you transfers out in your control panel, and you have an option to 'expedite' the transfer (even gd has that option). If you have the option you can then speed up the transfer, if you do nothing, if you can't do anything you have to wait.

 

[gazzip]

It will then be two weeks since the buyer made his payment.

I sent a buyer there just to pay after we reached a deal by email - As far as I remember it still took about a month.

They're making interest on the money, I suspect this is the main reason they can sometimes take month + to do a deal that could often be done in a few days.

Add it all up and its a Sh** load of extra money per year !

JMFO (Just My Frustrated Opinion)

.

 

[Domagon]

I could use some extra money - is Sedo hiring? Seriously.

I've done numerous deals, including many involving registrar transfers and escrow, and even those transactions typically only take around a week tops.

Registrar transfers can be done very quickly - no need to wait 6 or so days ... key is to ask the "losing" registrar to ack (approve) the transfer out ... most will, if one asks nicely, but firmly - they'd rather release it than waste customer support time on something so minor.

But that's a mute issue with the OPs transaction, since it's been way more than 6 days.

Biggest issue with Sedo beyond their lack of involvement during registrar transfers is their glacial delay in releasing money to the seller - there are various theories why they wait so long, but my contention is that it's likely the cultural difference; they will get to it when they get to it - the customer can wait. That's not acceptable in the 21st century 24/7 internet world, especially for a company that specializes in internet domain names.

Ron

 

[VisualArtistFrankBonilla]

Rep

Who's your account rep for the transaction?

A Joe Palumbo. First time I have ever had him.


Frank

I could use some extra money - is Sedo hiring? Seriously.

I've done numerous deals, including many involving registrar transfers and escrow, and even those transactions typically only take around a week tops.

Registrar transfers can be done very quickly - no need to wait 6 or so days ... key is to ask the "losing" registrar to ack (approve) the transfer out ... most will, if one asks nicely, but firmly - they'd rather release it than waste customer support time on something so minor.

But that's a mute issue with the OPs transaction, since it's been way more than 6 days.

Biggest issue with Sedo beyond their lack of involvement during registrar transfers is their glacial delay in releasing money to the seller - there are various theories why they wait so long, but my contention is that it's likely the cultural difference; they will get to it when they get to it - the customer can wait. That's not acceptable in the 21st century 24/7 internet world, especially for a company that specializes in internet domain names.

Ron

The domain has been unlocked many days ago. Again, Tk (theowner of www.Whiz.in) is always very helpful, and does so quickly.
Frank

 

[Kate]

From my experience I would not say Sedo is stalling on payments.
When I push a name to Sedo at the same registrar I always get paid swiftly (within 24 hours). When a registrar transfer is involved then a one week delay is pretty normal.

 

[ferraristi]

A week's delay? I wish. I am still waiting for payment from Sedo for a domain name sale where the agreement was reached on 22nd August!