advice Sold 3L Domain on SEDO for 6 digit USD - Buyer not willing to pay

[zotix]

Dear Community,

I sold a Domain at SEDO.com for a total amount, which is near the mid-6-digit range.
I received the Offer and accepted it. There was no Typo from the Buyer or anything else he claimed.

After several Reminders from SEDO and some calls, the buyer asked to cancel the Transfer.
SEDO told him that this is not possible due to the contract, which is effective.
He just dropped the call, and SEDO is now canceling the internal Transfer Service.
I know that the contract is still valid, but unfortunately, SEDO is hiding behind its role as a platform.

Currently I'm more angry on the behavior of SEDO, than on the Buyer.
How is it possible, that SEDO has 3 different Certification Roles:

1. Buying up to 10k (Standard)
2. Buying up to 100k
3. Buying upwards 100k+

Where do they ask for bank statements, complete KYC, and all that stuff, and still there are IDIOTS like this buyer?
I read posts in other forums, where those things already happened in 2008.
It's totally ridiculous from a Platform that claims to be the "biggest premium domain platform" worldwide - and can not implement better controls or at least cooperate with the Seller.

Im pretty sure, If I would win the case, they would come and ask for the Provision.

I will not reveal the Domain Name, but I can say that I'm from Germany and the Buyer is from the United Kingdom.
I'm just asking them to provide me with all the Data they can give so that my lawyer can check the probability of winning or at least getting some money.
It's not even clear if this person is financially stable to pay such an amount.
Asking SEDO about ANY transactions that the buyer might have done in the past was declined due to data privacy. What the hell? It's just a "YES" or "NO," nothing that lets me know who the buyer might be.

I'm not sure how to deal with that situation.
Im in contact with 3 of the TOP lawyers in GER specializing in that field.

What is your experience with such transactions?
And why the hell is SEDO acting like this?

KR
zotix

 

[Future Sensors]

The address is real.

Although the physical address is real, it is most likely not the buyer's real address. I also wonder whether the given first and last name are correct. In this way, someone who was not involved can possibly be harmed.

 

[equity78]

People here just had similar cases, not long ago...

I for ex. bought a domain, transferred funds, and then the seller simply cancelled the deal.

The only one that can act on this, is the marketplace.

For ex. banning such a seller / buyer, who, after agreeing on a deal, does not follow the rules.

But the marketplaces are unfortunately not acting like this...


You won't be able to do anything about it.

Not long ago? This literally happens every day at Sedo, Afternic, GoDaddy Dan, Atom, Dynadot. Hell Dynadot has not been able to get Task.ai paid for three months. It's a big world this happens every day.

 

[DNAAS]

Got one today from a USA address that was cancelled on sedo

 

[zotix]

That's a homeless hostel address.

I'm sorry for that impulsive reaction. Honestly, I do not regret posting the Data anymore. I did it after reading your comments because my brain was not working properly.
It turns out that the Buyer used this kind of address.

I'm not sure what to do now; I won't pay for any lawsuit, which is pretty clear now.
About the Person, I could not find anything.

At least he had a phone that he picked up, but it was a pitty - not only that he abuses hostels for homeless people, which is kind of making fun of it - but also how SEDO allows this with their due diligence to make domain trading in that $-range.

I think the smartest person in this whole story is the buyer.

zotix

 

[zotix]

Just checked the Answer of SEDO again:
Buyer just got a warning!
After such a behavior next time he will be suspended.

I cant do this anymore

 

[DNAAS]

Just checked the Answer of SEDO again:
Buyer just got a warning!
After such a behavior next time he will be suspended.

I cant do this anymore

I dont know whether to laugh or cry - I am having a meltdown with ESCROW for not giving me the funds.

Sedo has been hopeless for me so far

Domain.io. has been the best and I know you have to pay but being able to get my domains accepted by all the markets is a massive bonus and bugbear of mine

 

[maya-zir]

This is just a pity!

@Constantin S & @equity78 :

To give an example, without telling too much Details:

• It was a Domain listed at SEDO on Negotiable, fictive Sum: 89,000 USD
• Buyer instantly made an offer of 600,000 USD flat
• So nobody can claim that he had typed in terms of one "0" too much or anything like that; it was a flat amount, which was even from the Keyboard, not close to the next digit - I hope you understand what I mean.

I already looked into this Domain-Service-Transfer TOS, as well as in the contract.
There was nothing about this 5- or 3-day period; if so, then it is already over.

So, Sedo's job is to make money, but if they do not close the deal, they should let it go.
Somehow, this destroys SEDOs reputation as a "Premium Domain Platform."
As I said, people reported such cases with 3-4 Digit sums 16 years ago.
Why do you @Sedo even promote with your "Certification" if nobody gives a s***?

I am just waiting for the responses in my Transfer Center; after that, I'll consult my lawyer again and ask to check the role, especially the practices of SEDO.
Most likely, 5000 people have done that before; I will be 5001 anyway.
Since I need to open the case now in GB, which means that my insurance does not cover those costs - and if this is a naked man, well - I can't grab into his pockets.

Kind regards,
zotix

no one will pay you anything. Return to reality and forget about this "sale"

 

[zotix]

no one will pay you anything. Return to reality and forget about this "sale"

That's a homeless hostel address.

I did already - as I mentioned 3 posts above yours
This .gif made my day and described the situation the best. Thank you for sharing this!

I forgot my so-called sale, the trade - and everything that happened in the past few days.
Still, I have questions, at least about @Sedo

1. How is it possible to pass your certification that easily?
2. Fake offers, Trolls - you name it: Happen, often, quite often - as I learned here
3. But isn't this somehow gross negligence?
4. Furthermore giving this Account "a Warning"? For what? Do you think this "Owner of the Homeless Hostel" will turn into a reliable customer for you and bring some $?

Thank you!

zotix

 

[zotix]

Dear community,
Dear 56 NamePros Member who answered this Thread,

I want to thank you—not only for "explaining" to me that those things occur but also for sharing your experiences and bringing me back to reality.
Big thanks also to much appreciated @AbdulBasit.com , who calmly explained this. I appreciate you!

I'm sorry for posting the Buyer's data here; that's not my attitude. I'm just a human who got too emotional—lessons Learned.

Since I expect no answer from SEDO, which is fine - I will call SEDO Germany on Monday to ask why this whole thing is worth a "warning."
That's it pretty much; No legal actions will be taken.

Thank you also for sharing this hilarious .gif, which made me laugh when I was actually angry as hell.

Dear @Alfa Mod Team , I would like to ask you to close this thread

Thank you very much.
Without your posts, I would have probably "wasted" Money on a lawsuit for achieving nothing.

Kind regards,
zotix !

 

[JH1961]

Happen twice this year to me within 6 weeks. One for high 4 figure, one for mid 5 figure.
Nothing i could really do, even though Sedo says we can go after the individual once they release the name to us. Problem is the names are fake. In the 5 figure sale it was some ridiculous name. Something like Canter Slause. or Rudy Ehindeer . They need to implement a deposit of like 10% taken at the time of the sale, held for the seller.
I had the feeling the 2nd domain was "bought" to take it off the market for 5 to 10 days while they shopped it around. They find a buyer, they pay us. then sell it to the other party. They don't find a buyer, they walk....

 

[AEProgram]

Happens on many platforms and not just for domains. Here are some reasons (not targeting you, just general)

1. Buyer had one of those ideas that they got very excited about but either decided on their own or someone told them not to go for the idea.

2. Buyer make an offer and you did not counter. With higher priced domains this will almost always lead to no sale as instantly they feel if they offered less you would also take it.

3. They made an offer, you countered, everything was great but then someone told them that they are overpaying.

4. This is not usually the case but vicious brokers use a technique that gets a seller excited with a potential sale. The seller starts planning all they will do with the money and then the buyer / broker vanishes. A while later they come back with a much lower offer and some sellers will just take the money out of frustration.

5. Buyer was drunk or on drugs when they mad the offer.

6. They found a name they liked better.

I would be a big fan of telling all buyers the name remains available for sale until funds are sent.

 

[Armageddon]

Dear Community,

I sold a Domain at SEDO.com for a total amount, which is near the mid-6-digit range.
I received the Offer and accepted it. There was no Typo from the Buyer or anything else he claimed.

After several Reminders from SEDO and some calls, the buyer asked to cancel the Transfer.
SEDO told him that this is not possible due to the contract, which is effective.
He just dropped the call, and SEDO is now canceling the internal Transfer Service.
I know that the contract is still valid, but unfortunately, SEDO is hiding behind its role as a platform.

Currently I'm more angry on the behavior of SEDO, than on the Buyer.
How is it possible, that SEDO has 3 different Certification Roles:

1. Buying up to 10k (Standard)
2. Buying up to 100k
3. Buying upwards 100k+

Where do they ask for bank statements, complete KYC, and all that stuff, and still there are IDIOTS like this buyer?
I read posts in other forums, where those things already happened in 2008.
It's totally ridiculous from a Platform that claims to be the "biggest premium domain platform" worldwide - and can not implement better controls or at least cooperate with the Seller.

Im pretty sure, If I would win the case, they would come and ask for the Provision.

I will not reveal the Domain Name, but I can say that I'm from Germany and the Buyer is from the United Kingdom.
I'm just asking them to provide me with all the Data they can give so that my lawyer can check the probability of winning or at least getting some money.
It's not even clear if this person is financially stable to pay such an amount.
Asking SEDO about ANY transactions that the buyer might have done in the past was declined due to data privacy. What the hell? It's just a "YES" or "NO," nothing that lets me know who the buyer might be.

I'm not sure how to deal with that situation.
Im in contact with 3 of the TOP lawyers in GER specializing in that field.

What is your experience with such transactions?
And why the hell is SEDO acting like this?

KR
zotix

If a buyer pay ( funds secured by Sedo ) and after the buyer cancel the deal , buyer will pay a/the fee according with the value of sale to Sedo

If the buyer NOT pay for your LLL .com & CANCEL after 7 days the deal , buyer still can be forced to paid the Sedo fee to Sedo ( not you )

You have only the right to take legal action against him ( buyer ) if you want - BUT you can't sue Sedo

So did he pay or not the buyer for your LLL .com ?

 

[Chris Hydrick]

I'm sorry for posting the Buyer's data here; that's not my attitude. I'm just a human who got too emotional—lessons Learned.

This whole thread was wild, but in the end you gained my respect for coming to your senses, owning up, and growing as a domainer!

Just be glad you didn't make the title of this thread Warning of (insulting word)+ BuyersFirstNameLastName with his name indexed in the tags for stronger search engine reference.

You still might be able to have his full name removed from this thread. Just report the posts that contain his full name and request the post be edited to just the first name, or first name + first initial of last name.

Thank you also for sharing this hilarious .gif, which made me laugh when I was actually angry as hell.

In hindsight kinda funny now, eh? When I saw @Jannes perfectly timed GIF, I assumed you were heated, and that GIF just froze all senses!

 

[Alop]

Since I expect no answer from SEDO, which is fine - I will call SEDO Germany on Monday to ask why this whole thing is worth a "warning."


Kind regards,
zotix !

As we are able to receive your call, you reached the voicemail

Nevertheless thank you for your continuous support

 

[zotix]

Dear Community,
dear @Sedo ,
dear @Alfa Mod Team & @Echo Mod Team ,

First things first, the points I mentioned in my post esp., asking for advice with two Points, are solved:

1. Get Information / Experience from you guys if you had a similar Situation - How it went out and how the whole situation ended for you, either as a buyer or customer. Since I got Feedback here, I appreciate everyone who participated in this conversation! I also thank people like @AbdulBasit.com , who wrote to me privately and explained how things work so I had a better (positive) understanding. Thank you for that, AbdulBasit.

---

2. @Sedo - Why is this happening? Is there any method to prevent this?

For me personally, as the nice.gif was posted here, "I let it go." But since I posted a quite angry message about the data I provided in the Domain Transfer Center before, people who followed this thread before those posts got deleted know what I mean. I first asked my Transfer Agent if she wanted to kid me, and secondly, I asked her for a callback from her Manager.
Not for the reason of getting Money or something—this chapter was already closed. But I wanted to hear from the Manager of the Transfer Service Team / Customer Service Team his opinion about this whole situation, how those things are happening, and why I lost so much hair from my head, and my beard got even greyer.

Long Story Short:

• First, he read all the posts - even the ruder ones.
• He was one of the kindest people of the Managers / Team Heads I've spoken to; he was very polite, listened to everything, and had an excellent attitude to explain things clearly. I can genuinely say that this person was respectful & someone who I talked to
• Unfortunately, I already had many conflicts, the last one with American Express in Germany, where I wrote to the Executive Team; even though they were friendly, there was a vast difference.
• (I don't want to say the Name of the SEDO Manager): He spends a lot of time on our call
• We spoke about 1:15hr: He knew what he was talking about, and explained everything in detail, which made me more comfortable.
• He also understood that situation, not only by saying that; he gave good examples, etc.
• To summarize:
  • Those people are valuable for each company, especially in his role. I saw in my past career people being kicked out since they were not that customer-centric or even blaming the customer. He was the perfect example of how a person needs to interact with clients.
  • He could of course not change the situation, but he actively listened, and I even heard him writing that he noted down customer feedback - so things that could be easily implemented for the low budget to avoid little mistakes "one Zero too much"-Example
  • At the end, when I was about to say thank you, etc., and end the call, he surprised me with compensation: Herby, I'm happy to announce that I'm working for Sedo as of 01. June 2024
  • No, just kidding: But, he compensated me with some benefits I can't mention here, since I don't know if to do so - but it is a very, very, very nice gesture!

The end of the story: @Sedo, Kudos to you and especially to this Manager. Customer Satisfaction at its best is when you see someone making fun with the Sedo employee and is happy with the situation, even though he could have POTENTIALLY earned a few hundred thousand dollars.
This is a skill, or lets say a Value from SEDO I much appreciate.


Before someone asks:
NO, I was not forced or asked to write this post. It's my own decision to write this and close this Thread, with those words, without blaming SEDO - just the buyer

With that being said, have a great day!
Thank you to all who helped me.

Kind regards,
zotix
Head of Conflict
SEDO, Germany.

 

[Chris Hydrick]

I'm happy to announce that I'm working for Sedo as of 01. June 2024
No, just kidding

Kind regards,
zotix
Head of Conflict
SEDO, Germany.

I'm confused... Were you just kidding or were you really just named Head of Conflict at @Sedo?

 

[kool1]

@ any venue you can expect 1/3 to 1/5 offers to be suspect.

It's part of the business.

You can get a lawyer, and possible get a judgement. Good luck getting the money after that, especially if there are different countries involved.

 

[DomainRecap]

$600,000 seems to be a popular number sent by a new domain hobo/deadbeat. He appears to just be screwing with people and I had two of those exact $ offers recently. One I just deleted and the other I sent to Dan brokerage. LOL

 

[zotix]

I'm confused... Were you just kidding or were you really just named Head of Conflict at @Sedo?

Sure. Got the Job!

They also granted me an exclusive Backorder on the position of the current Chief Operating Officer, in case he moves on to Afternic or somewhere else.

Kind regards,
zotix

 

[Chris Hydrick]

Sure. Got the Job!

Best of luck at your new position!

In case you want to do some reading** before you onboard, take a look at the cwr.com fiasco:

https://www.namepros.com/threads/hijacked-domain-cwr-com.1117155/

Summary:

-- Buyer bought CWR.com for $19.5k on Sedo.
-- Domain PUSHED to buyers NetSol account.
-- Seller got paid
-- Previous domain owner reported to NetSol that the domain was fraudulently pushed to another acct.
-- Domain is removed from the Sedo buyers NetSol acct and placed back in the previous owners acct.
-- Sedo buyer loses $19.5k and the domain. With seemingly no recourse.

If during your employment you can figure out how to make buying domains on Sedo more safe, or push Sedo to offer more recourse, that'd be great!

** This issue isn't isolated to Sedo. A very similar situation happened with CQD.com selling on Escrow.com, where the buyer lost both his money and the domain after NetSol found it to be an unauthorized push.

 

[zotix]

Thanks, buddy, for your inquiry,

Currently, I'm facing issues selling my Taylor Swift tickets for the Eras concerts in Germany.
Due to hackers having stolen many Tickets, a big Ticket Seller has blocked the Re-Sale Platform.
Thus, I have a lot of VIP tickets, worth roughly 5-7k€. That I need to sell.
As you probably don't know, I'm "Swiftie" by heart.

After sorting out my Swiftie Issue, I will come back to you.

zotix