Advice needed! Domain that just sold for low $xxx - Just received email offer for $5,000

[Maxwell]

I just recently sold a domain at GoDaddy auctions for low $xxx. It was accidentally listed with no reserve.

Then today I just received an offer from someone for $5,000. I did a reverse whois on the email and their portfolio is worth well over $200k. Many NNN.com's and NNNN.com's.

So of course I'm going to try to cancel this transaction at all cost, but how do I do this? GoDaddy is not just going to let me do it.

The transaction is not entirely completed yet, the domain has been removed from my account, but I have not received the funds yet.

Please give me your thoughts on how I should handle this situation...

UPDATE: Transaction is completed. The 5k offer is legitimate; but new owner isn't responding to emails. I'm moving on.

 

[hawkeye]

It's your mistake.
Complete the transaction. Live and learn.
You have no one to blame but you.

The money can't buy your reputation.

Yup. +100!!

A deal is a deal! And a reneger, is a reneger and someone that everyone should be 'aware of' for future dealings.

Live, learn, and move on. ..or suffer with the reputation you create.

 

[DnEbook]

So if we do a deal with the OP ……..Ummmm

 

[AEProgram]

I am almost certain the buyer is having buyers remorse and hes playing you real good. Let me explain why I think that.

You had this very name within the past week or so on GD auctions.

It ended at low xxx, this speaks volumes as to what the demand was for the name

For a serious domainer to offer 5k right now, for a name that the gd crowd felt is at max worth low xxx, is highly unlikely.

 

[Maxwell]

For a serious domainer to offer 5k right now, for a name that the gd crowd felt is at max worth low xxx, is highly unlikely.

He is definitely a serious domainer, his portfolio is worth well over $200k.

 

[Chetan]

Dear Maxx,
Lets move on with what happened. Practically you don't have anything in hand except to claim the domain name back from the new owner.
You cannot cancel the transaction as Godaddy will not allow this at any cost.
Its what life is about, Every mistake is new experience and I don't think you made any fault. lets move on with what happened.
My personal pinion is that this is some kind of trick, but still if you feel that this is a genuine offer then you can contact the new seller and try to get it back at the price that you feel is worthy for the name of yours.
Just make sure that you are satisfied with deal and will not regret in case the person offering you $5k says that he is no longer interested in the domain.
I have done similar but much Bigger mistake in past and that cost me over $2500+ and i was unable to sleep whole night.
Its not about money dude, its about satisfaction with the deal.
Good luck with whatever path you choose. please keep us updated about the proceedings

 

[Paul]

As far as I can tell, you didn't lose any money. There's always more money to be made somehow, but it's not worth squeezing every last penny out of daily situations. At the end of the day, you still made a profit.

 

[AEProgram]

He is definitely a serious domainer, his portfolio is worth well over $200k.

exactly, and the only reason he'd offer 5k is because he or his close buddy doesn't need the name he won on gd from you lol

 

[Name Trader]

Sell it to the buyer you first agreed to sell the domain to, and walk away. Your reputation is much more valuable than a few grand. Believe me. IceDude may well be correct about the scam element of all these shenanigans.

 

[buyselldoms]

Sell it to the buyer you first agreed to sell the domain to, and walk away. Your reputation is much more valuable than a few grand. Believe me. IceDude may well be correct about the scam element of all these shenanigans.

I completely agree.

Someone with such a big portfolio with worth will know:
a) what the auction ended for
b) that you no longer own/have control to the domain
c) more about you, due diligence by reverse whois tools etc

So generally speaking:
a) you wouldn't offer several fold more than what it was deemed to be worth at auction. rich guy or not. bill gates has a volunteer to check his email. no one will have a big valuable portfolio of domains if they overpaid for all of them. really big deals normally have loads of publicity behind them
b) you would never contact the previous owner to make a deal for something they no longer have
c) you will know whether the seller is a big player or not by utilizing subscription based tools
d) you win some, you lose some - except you didn't lose anything - you can't for example, go on who wants to be a millionnaire or deal or no deal and believe you start off with the highest amount before you have even began
e) you have friends and business contacts - basic principle and consequence of networking, you do favours for each other. all successful people have done deals with potential competitors etc, its not you vs the world
f) if you get a bad reputation, will be worse than $4500, you couldn't buy your reputation back for that!

 

[bonavee]

It's your mistake.Complete the transaction. Live and learn. You have no one to blame but you. The money can't buy your reputation.

(bolded) Seconded. Your reputation online is very 'critical' in this industry, IMHO. You haven't actually LOST money... have you? Just let it be & simply move on. We all have such 'misfortune' once in a while... or don't we buddies? I wish you well.

 

[taktikz]

This happened to me a few years ago. Sold a domain name for about $600 then received a $5000 offer on Sedo. It was my fault not removing it and ended up getting my account suspended.

If that domain was not paid for, then it may have been different. Take care of your reputation and most importantly, your principles.

 

[D. Wells]

The world would be such a better place if domainers ran it. Because, I swear you are all some of the most godliness people I have ever seen.

Come on now, if the 5k offer was actually legit. Who here would take a 4k lost? Of course, everyone is going to say they will... But, let's keep it real...

 

[ivoy]

I don't mean to put a damper on the whole thing, but if I had a dime for every unsubstantiated $5K offer I've received over all the years I've had my domains on the market, I'd quit my day job long time ago. Or maybe not, ... I like my job. Either way, you never know how serious the offer is and I do understand how you feel. What I would do is contact whoever purchased you domain immediately (if that's even possible) and tell them the truth: that you received a $5K offer after you accepted their payment and if they would be interested in reselling the domain to the new bidder in case he does come through.
Don't forget to offer to split the profit 50/50 as to me, that's the only way to make it fair.
On the other hand, you are now at the risk of sounding like a con-artist with questionable tricks up his sleeve to both parties, but maybe they'll trust your good intentions
In any case, I wish you the best of luck and keep us posted.

 

[AEProgram]

The world would be such a better place if domainers ran it. Because, I swear you are all some of the most godliness people I have ever seen.

Come on now, if the 5k offer was actually legit. Who here would take a 4k lost? Of course, everyone is going to say they will... But, let's keep it real...

I thought domainers do run the world

 

[DomainVP]

This is quite possibly the best thread I have read in months.

There are two options...

#1 - Forget it. Realize you sold it and you made an error. Learn your lesson, and move on.

#2 - Start an Escrow transaction with the buyer, and have them fund the transaction. Then re-acquire the name for as much as you can under what the buyer has paid you. This guarantees that you get paid, the buyer gets paid, you make more than anticipated, and everyone is happy.

Personally... I would go with option #1. It's a lot less stress and hassle. Leaving money on the table is going to happen.

Next time be meticulous with your actions and execution.

Cheers!

 

[Rich]

We're all here to make money off of domains. I'm sure many of us have "undersold" names, or have been caught sleeping at the wheel. I remember almost registering outlawapparel.com, when it was available, and it sold for 2k

Please do the right thing, whether it's sharing profits with the new owner, or moving on to the next sale.

 

[freedom30]

The world would be such a better place if domainers ran it. Because, I swear you are all some of the most godliness people I have ever seen.

Come on now, if the 5k offer was actually legit. Who here would take a 4k lost? Of course, everyone is going to say they will... But, let's keep it real...

...keep what real?

The deal for $xxx was made, the domain is transferred. An roi, while lower than five grand, is still better than nothing. It doesn't get more real than that.

Why does money rule your roost? I have sold names low that were resold high. I don't cry about it, I celebrate the roi that I get, and I am doing well without getting the "fever".

As a matter of fact, had I owned the name, I would have told the buyer about the offer if he/she wanted to sell it. You make money a god and it will control you instead of the other way around.

 

[Jasonn]

I looked into the offerer's email and his portfolio is worth over $100k. He owns two NNN.com's and over 20 NNNN.com's. So I believe he is legit.

no domainer is just going to offer 5k out the blue. something is not right there.

 

[D. Wells]

...keep what real?

The deal for $xxx was made, the domain is transferred. An roi, while lower than five grand, is still better than nothing. It doesn't get more real than that.

Why does money rule your roost? I have sold names low that were resold high. I don't cry about it, I celebrate the roi that I get, and I am doing well without getting the "fever".

As a matter of fact, had I owned the name, I would have told the buyer about the offer if he/she wanted to sell it. You make money a god and it will control you instead of the other way around.

Sounds Good......

 

[DubDubDubDot]

Contact the buyer and say something to the effect of "I got to thinking about things and I may have a client to pitch the domain to. Would you be interested in flipping it for a quick profit? Everything would be done through Escrow.com. I might be able to get them to pay low to mid four figures, which we would split. Let me know if this interests you."

 

[Maxwell]

@DubDubDubDot Great idea! I think this may be the best approach.

 

[tomcarl]

Dunno how Dub's suggestion was any different than mine

But yeah, no need for all of the speculation whether the deal is real or not, just get in contact with your buyer and present this offer to him, you've got nothing to lose and he's going to go for it if this is all legit.

 

[NameOmnia]

I smell scam...I smell trick....and I would pay a lot of attention.
Plus as many have said already your reputation is priceless; if you care about having one, obviously.

 

[buyselldoms]

#2 - Start an Escrow transaction with the buyer, and have them fund the transaction. Then re-acquire the name for as much as you can under what the buyer has paid you. This guarantees that you get paid, the buyer gets paid, you make more than anticipated, and everyone is happy.

No, not at all. If it falls through (highly likely) the person with the higher offer would be liable for the fees despite not getting anything. I think it works like that - a very dirty approach that would destroy your reputation. You wouldn't get any money until days after the domain is in their hands. It limits you from the other offer being a scam... but don't you think the buyer will write an email or phone Escrow when they realise you don't own the domain?

So its still possible for you to transfer the domain you bought back from the initial sale, for the new buyer to stick it into a third party name and claim to escrow that a) you don't own the domain you tried to sell and b) that because of this, they never received it. I am sure the fact that neither party to the transaction owns the domain would result in the buyer getting his/her money back minus fees. Unlikely scenario no doubt, but possible.

 

[DnEbook]

Wow lot's of scheming going here, this is not a sad story, it's a greedy story