End-User agrees to buy domain and 48 hours later cancels

[Soofi]

Dude, move on

slow & steady!! just do it

 

[dominator]

the worst thing is when you do not get any response

you promised the domain to the buyer, so you feel the obligation
(and do not want to sell the domain to anybody else)
but he does not react...

 

[mark]

Sometimes it is the sellers who do not respond and act in a timely manner. I have one of the members here who posted names for sale, and then their thread was closed because they did not include the domain name in the thread. Sent a pm indicating interested in purchasing at the BIN price and nothng to date. Another member posted a domain for sale, I posted sold in public forum, and then was advised (after requesting a response to same) via pm that it sold on another forum, and he "forgot" to update the data here. Some people really need to get their act together and start focusing on what they are doing if they are serious about remaining in this business.

 

[Soofi]

just received a response form end user after I agreed to his counter offer on 2 domain names that he still needs to take final approval.. and it wont be untill next week.. so relaxed approach is a must

 

[Gerry]

I am beginning to think that any agreement needs to be a contractual agreement with "back out" clause - a Penalty imposed if the person backs out of the agreement.

 

[Soofi]

I am beginning to think that any agreement needs to be a contractual agreement with "back out" clause - a Penalty imposed if the person backs out of the agreement.

that's lil' tough dont you think?

 

[Gerry]

that's lil' tough dont you think?

Yes, tough to enforce it.

But that is what attorneys are for.

 

[Soofi]

Yes, tough to enforce it.

But that is what attorneys are for.

for $xxx & $xxxx sales I doubt someone would want to run to attorneys and would have to shell some extra cash for help..

 

[Gerry]

for $xxx & $xxxx sales I doubt someone would want to run to attorneys and would have to shell some extra cash for help..

Agreed. But for high sales this is a must.

What made me consider this was all the negotiating involved (which is time), altering DNS for their testing (again, time and lost revenue - have done this twice), and the fact that I have taken names off the market (again, lost revenue). I went through their marketing people, VP of operations, their web-master. I jumped through every hoop they wanted me too.

One particular occasion, I had two other interested buyers (it was an LLL.com) whom I told the name was sold.

Sure, I ended up selling the name a month or two after that (this was many years ago) but I wasted about 2 weeks of time and lost that 2 weeks revenue with these people. They just suddenly disappeared and stopped responding to emails.

 

[dominator]

One particular occasion, I had two other interested buyers (it was an LLL.com) whom I told the name was sold.

Sure, I ended up selling the name a month or two after that (this was many years ago) but I wasted about 2 weeks of time and lost that 2 weeks revenue with these people. They just suddenly disappeared and stopped responding to emails.

tell me about it

 

[DN BROKER]

I have an idea, every email i send out since last month has this in the footer:

The information in this transmittal (including attachments, if any) is privileged and confidential and is intended only for the recipient(s) listed above. Any review, use, disclosure, distribution or copying of this transmittal is prohibited except by or on behalf of the intended recipient. If you have received this transmittal in error, please notify me immediately by reply email and destroy all copies of the transmittal. Thank you.

To protect ourselves from buyers who pull out of a deal like the one I mentioned in this thread. We need to add more words to the footer!

Is anyone here in law? Would you volunteer and write us a disclosure which states, that the email they have received:

If the recipient is interested in purchasing the domain name that is mentioned in the email, then he or she needs to reply back with the words SOLD to claim it. If he or she after replying back with the word SOLD decides on a later hour or day that he or she has decided to not pay. The the seller will have permission to post their identity to the world on the world wide web.

It is up to us to protect our industry from individuals who say one thing and decide to pull out in the last minute.

As I mentioned, the word SOLD needs to be enforced or any loser from their computer could take advantage and get away with it more then one's!

Some of you state that as the seller, we should move on and get to the next end user. I bet most of you who agree with this have to much money in your bank account! I work hard to find end users, it takes days, months, years to find buyers! When you find one that says SOLD and then pulls out with out emailing you, then that individual needs to be exposed!

If someone with law degree or experience, could write us up an agreement, where the buyer is liable for their words. Then we can enforce a system that will protect us in our footer!

 

[actnow]

If you think putting the legal language in your broadcast mailings
are going to help sell your domains, you are very much mistaken.

You walk into a Walmart store and the greeter ask you to agree
to their terms before they let you in, do you think that will help Walmart sales?

The average enduser does not know the market value of a domain.
He/she is concerned about making a mistake.
A hard sell will drastically reduce your success rate.

Incidently, don't you think sending out unsolicited emails to prospective
customers requires an additional obligation to build trust?

You need them. They don't need you.
You are a salesman. Not a bill collector.

 

[Cartoonz]

If you think putting the legal language in your broadcast mailings
are going to help sell your domains, you are very much mistaken.

You walk into a Walmart store and the greeter ask you to agree
to their terms before they let you in, do you think that will help Walmart sales?

The average enduser does not know the market value of a domain.
He/she is concerned about making a mistake.
A hard sell will drastically reduce your success rate.

Incidently, don't you think sending out unsolicited emails to prospective
customers requires an additional obligation to build trust?

You need them. They don't need you.
You are a salesman. Not a bill collector.

Well said.

Deals fall apart all the time. Same in the real world, not just domains.
From the start of this thread, I saw the seller as being overly eager and pushy and, IMO, that definitely helped to create the disconnect between the buyer and the seller.

Wasting so much energy on venting and fuming about it just doesn't make any sense to me. Plans change. Situations change. That is life.
How you deal with those things will define your own success.

Does it suck when a deal goes South? Sure it does.
But thinking you can somehow force the situation anyway is absurd.

 

[Domainator]

WOW, interesting reading all the comments... the one that sticks in my mind is ---it's not a done deal until the money is in your account.

This is a monthly occurance for us, sometimes weekly, and sometimes from even well known brokers, as they lose their clients interest for whatever reason. This is not a business to operate by knee-jerk reaction. Take it easy on your self and remember that its not done till you have the cash.

 

[Soofi]

I have 2 end-user sales pending cuz buyers are taking there crazy ass time, so what am I suppose to do? flip at them? no, just sit there and do my work while they get back is the best option available to me at this time and that's what I should be doing rather then get impatient and run after them.

After all it's us who are trying to sell stuff (domain names) to them!

 

[furca]

I backed out of a sale once, here on DNForum- and the domain seller was very forgiving. From this experience I have learned to be more forgiving on others who choose to go the same route. While it can create quite a hassle, at the end of the day it's just a domain.

 

[Gerry]

If you think putting the legal language in your broadcast mailings
are going to help sell your domains, you are very much mistaken.

Who on earth are talking about broadcast mailings?

Do you think I was talking about every single sale or potential sale?

If someone wants a domain bad enough and want you (me) to make certain conditions or concessions until they complete the deal, I don't think a fee upfront is unreasonable at all (large amounts, here...not you xxx names).

In the real estate business, its called earnest money.

 

[Soofi]

While it can create quite a hassle, at the end of the day it's just a domain.

Andy, I respect and totally agree with your opinion, however at the end of the day "just a domain" is our only source of income (for most of us, atleast) tbh being a full time domainer and a better approach IMO should be taken when someone pulls out or backs out of the committed deal. k:

 

[MAllie]

The average enduser does not know the market value of a domain. He/she is concerned about making a mistake.
A hard sell will drastically reduce your success rate.

This is so true, imo. Some of the posts on the forum give the impression that sellers are trying to trap end users into buying their domains rather than showing them the value of having them and letting them decide for themselves. In the long run I think that this can only harm the business and make it harder for domainers to sell to end users.