Unfortunately, Sedo's policies are vague on the length of time required to complete a sale. Directly relevant to your scenario is the following clause from their "Seller Policy": As to the buyer, the following (ostensibly) applies: I certainly sympathize with your plight (as will many others, as a search will show), but would suggest that this is not entirely unusual and not exclusive to Sedo. For your own benefit I would suggest completing the transaction and moving on...
Is the price no longer a good deal to you? I am not sure what is to be gained by not going through with the sale - if it was a good deal for you 1 month ago, has the market changed so much that it is no longer a good deal?.
I understand the frustration, but am curious if you are just punishing yourself by not going through with the sale?.
Years ago, I had an escrow at SEDO that lasted almost 4 months. Yes that is right .... 4 months.
It took a month for them to pay and after many attemps for them to transfer the name ... it never transfered. This was back in the day that domains were transfered instead of pushed.
Finally I pushed the domain to SEDO and they paid me. The name expired as I thought it would and I bought it again..
Price is not the matter since I will sell this domain anyway on the months to come..
The problem is sedo policy and attitude.
It leaves sellers to the mercy of buyers.
I have better offers for this domain now as I had before the auction, so it's not the price that makes me think this way.
There is no way I will wait one month and more to get my money.
I m not going to give domain and we ll see what happens..
I pay them to do their job and they are not doing it efficiently...
You know what, I never thought of that.
What if after a reasonable wait, a domains value grows so much and it's the middleman's fault it took so long?..
I m not used to wait so long in order to get paid..
In my opinion buyer can do what ever he like, the fault is at sedo's attitude and policy..
This must change...
It seems like your buyer failed the "ready" element of SEDO's "ready, willing and able buyer" test. My advice to you is, sell if you need the money. Otherwise, move on. Lesson learned...
I agree that Sedo needs to place time frames on buyer and sellers. 30 days should be more than enough to get payment out. Certainly domainers have better things to do than wait around for a "possible" payment. What if you get a contact from another interested party yet you are in a Sedo sale that's 7 weeks old? Legally speaking the Sedo buyer has rights to still purchase under the current agreement and that's just plain wrong. Sales should have time limits...
The sedo buyer is not a buyer if he hasn't pay me for so long..
In my opinion he wasnt sure about this and maybe now that he saw that tv domain has some traffic he wanted to get back..
I can assume whatever I want since I didnt get money..
Sedo now waits for another week for him to create an enom account so that I can push the domain there.
I m so curious about what happens now that I m not willing to give domain.
Ps: even if buyer give the account details tommorow I must wait some more days to get money to my account. Sorry but sedo fee doesnt help me at all, I pay them so that transaction goes well and they just sit there and have the same policies they some years ago..
Domain business changed, we changed, sedo must change or bye bye..
Not saying they would, but are you willing to possibly lose your Sedo account in order to make this "stand" on principle?.
I too think that 30 days is more than enough time (In fact, I had some idea from somewhere, never-never land perhaps, that there was only 7 days or 10 days that the buyer had before you get "So sorry" email from Sedo.), but am unsure as to whether or not I would just take the money and be happy at this point.
Ive had almost this exact scenario happen as well, and to be honest I believe it is Sedo who is stalling. My example. I sold a domain at auction, buyer paid within a few hours of winning. Sedo asked me to send them the AUTH code so the buyer could initiate transfer. I sent it the same day. A month goes by, with repeated emails to Sedo, I still get no transfer request and no replies from Sedo.
Finally after a month someone sent me an offer out of the blue through email for roughly the same amount (give or take $10, was only a $70 auction). So I decide I'm tired of waiting for Sedo, so why not just sell it to this new buyer via Paypal, boom, shackalack... 15 minute deal...
I then email Sedo informing them that the domain is no longer available and that it has been sold to another party and that I felt I had exhausted all means of communication with them. Within what seemed like minutes I get a response from them stating that they just miraculously contacted the buyer and he has initiated transfer for the domain.
So the question I ask is this. Is Sedo really this great at commanding a move to action by buyers at the last possible second (sometimes too late), or are they themselves stalling the whole process on purpose?..
"Buyers who refuse to follow through with domain offers that have been accepted by the seller are potentially liable to the Seller for breach of the sales contract to which both are parties.".
Has anybody pursued this Legally? I have had several buyers back out, got the same BS emails from Sedo etc. If I had a High $$ sale and no payment was made, I would pursure legal action, since it is a breach of contract...
Yes, of course!.
Either way I m going to leave them, I m not satisfied..
I m used to act this way, if I pay and dont get satisfaction, which here is obvious I dont, then I m leaving.
In my opinion Sedo sits on the money they r making and dont care enough for optimizing this procedure..
This is against bot sellers and buyers but as we all know the big problems are for sellers.
I had some offers during the waiting period but I was true to sedo and didnt sell it...
My dear hot-headed copatriot.
Sometimes, patience is a virtue: you wait as long as it takes, unless the money that you're waiting on is needed for your survival. If it's not, then take my advice and give it some time. There are people behind those computers and for some reason, humans are unpredictable even in a business environment. It's a global market with cultural differences. Unless the buyer is a crook, your money almost always arrives...
I agree but still the contract shouldn't be open ended for time frames.
I don't know of a case yet where legal action was pursued but that doesn't mean it can't happen...
I am not saying the contract should be open-ended. However, throwing a tantrum once the money does arrive & saying "the domain is no longer available" does not seem like the best way to function in this line of business...
Acro I dont want to wait anymore.
Generally I dont wait on deals..
Its in or it's out..
One month and still no money means I m out.
They must fix the time frame so that we can make some.
Programming about our domains and the money that are.
I waited 40 days once; the buyer was from Israel. I called Sedo every 2 days and they, in turn, pushed the buyer to submit payment.
If they said money has arrived, why not go forward - why risk having legal implications and severing your relationship with Sedo?..
Relationship with sedo is not so important as my ethics in business..
I d like to see if and what they ll do in legal actions.
Really, I d like to put a stop to these holes that system has..
Maybe I dont succeed but I will try.
They should get a time frame...
I still do not get why 29 days would have been ok but 40 isn't? (Or whatever the time-frame was...).
At the end of the day, the money came in. Much later than you would have liked, but it is you who will end up being the "bad" party, if there is one at all. Agreed that things could have been handled better, but there is not a time limit, so what is "reasonable" would have to be considered... We obviously know what you thought/think wasn't/isn't reasonable, but one man's opinion does not a fact make.
You "like to see if and what they ll do in legal actions [sic]", but that, to me, is not ethical. Harming only the buyer (And Sedo's commission + your reputation there and here) in order to test their legal resolve?.
Maybe I m the 'bad guy' but my ethics are untouched.
I made a deal, they were late for more than 30 days and I cancel this fiasco.
This is the only way they ll fix this.
I agree there is no time limit but that doesnt mean they cant get one,.
All of these months we are talking about this and they ignored us, so maybe now they think again..
Legal or not my domain wont get sold by this sedo auction.
My reputation is fine, if you buy a domain from me and I dont get money for 30 days then believe me you wont get any domain. I never acted in bad faith, I just waited and waited and waited seeing other offers passing by.
Curious doesnt mean I want to test them, I just want to see how they are going to define legally the open time frame rule...
I've never had a problem with Sedo and never had a sale take more than 21 days...
I agree there should be a time limit established to allow a seller a legal exit if things take more than 45 - 60 days...
My prediction in your situation is:.
Since you now refuse the sale that has been funded....
The money will be returned to the buyer..
The buyer may choose to sue you if they want to bother with it....
Sedo is entitled to their commission whether the sale completes of not.
Since funds were made available and you backed out... You will be.
Responsible for paying that SEDO commission - if they choose to enforce it...
Plus if the domain name becomes entangled in any legal processes - you will still NOT be able to sell it to anyone...
Be interesting to see - what all does end up happening...
I understand your frustration....
I do not agree with your backing out of the sale...
But ... to each their own...
I only had one sale go south, the buyer never paid and walked out of the deal. It was not worth it seeking legal action for $600. But I publicized their info here on NP. http://www.namepros.com/legal-issues...light=deadbeat..
Sedo should crack down a bit more re the buyer's end of the bargain. I wish they required buyers to pay within 10 days or the seller can cancel the deal after that time if Sedo has not received payment (if the seller desires).
There's no reason not to be able to pay within 10 days don't buy the domain or bid on the domain if you can't.
I've had three sales at Sedo: one took about a month but went through; another was completed in less than one week; and on another the buyer never paid and the domain was tied up for a month..
I know they cancel the accounts of non-paying buyers, but they really should make it part of the contract that payment is due within 10 days or the seller can call off the deal. It's only fair...
I hold a Sedo account as a buyer, not a seller. I wouldn't want to be waiting around for some yutz to send me a ton of money and then get screwed, but I have no problem if a seller skips on one of my low rent purchases. (Maybe I'd get back a refund of a few bucks from Sedo, maybe not). But I'd sure hate to go through the nightmare of transferring over one of my good domains, expecting a huge sum for it, and then getting gyped out of it somehow.
Meanwhile, here's a section from what Sedo's own agreement thingie says when you first sign up with them:.
"18.104.22.168. Successful Transfer and Payment of Purchase Price.
Upon successful transfer of the Domain to the Buyer, the payment of the amount owed to the Seller shall be remitted in a timely manner...".
And a "timely manner" to most online businesses, including eBay, has always meant 10 days or less from the day the deal (auction or whatever) was made. Some specify 10 "business" days, where you have to throw in a couple weekends there, so it's 14 days tops.
But how Sedo then figures that about two weeks is the same as about two MONTHS... is certainly beyond me!.
Surely you wouldn't accuse them of "nest-egging," would you? That's when a large firm dealing with thousands of clients gets paid by the buyers, puts all the dough in the bank and sits on it to collect the interest as long as they can - before the sellers start screaming for their money. They then hand over the money, but they KEEP the interest they collected in the meantime.
This kind of skimming may seem like no big deal (the cost of doing business, yadda-yadda), but multiply that by those thousands of clients week in and week out, year after year - you're now talking about MILLIONS of "free" interest bucks that they grabbed!..
I got a reply from sedo saying they will give me their enom account so I can push my domain there and get paid the same time..
I replied with a question regarding open time about etting paid and move the domain. "nest-egging" is what I m thinking in bad faith...
What was the purchase price of this domain?.
$100? $1,000? $10,000?.
Even at $10,000, the interest income for a month is only around $60 or so; hardly worth the risk, eh?.
Thats the thing. Even at 10k it's not a lot, but if they hold all their transactions for a month you could be talking the difference of hundreds of thousands of dollars or more over the course of a year.
It's possible they hold it for 30 days to be sure the money is good (within 30 days you'd know for sure if it's a clean deal), but still...escrow.com doesn't do that...
I have no prob. at all if they hold the money until it clears because that's the only way to do business, but at least give the seller an out if the buyer doesn't pay within 10 business days. I would be very happy if they had a policy of 10 business days to receive payment from buyer and x days for payment to clear after receipt with "x" being a set number. That way, the seller would at least know payment had been received and the clearing countdown had begun. That's reasonable and fair to all parties...
True, but I was using $10k being somewhat hyperbolic - I have yet to have the "holding funds" experience that he implied might have been happening (Plenty of buyers backing out, however.). And with everyone on here selling so often, the pattern would have emerged earlier most likely..
What the Ben guy said. ("...hundreds of thousands of dollars or more over the course of a year...").
Even a bank waiting for a big check to clear is only 14 days max. But these birds routinely wait 40? C'mon! Who's hosin' who?!..
I don't think they're holding onto the funds for interest, and I don't think it's fair to imply this could be going on. In the transactions I've had everything has concluded in a reasonable time once the buyer has paid. I just wish they had a firm rule about the time a buyer has to pay before the seller is free from the contract if the buyer fails to pay...
Here is the reply I got:.
"I will pass on your complain we have also been thinking of new system to.
Avoid delays in transferring domain, but it has actually the sellers and.
Buyers that have to help as well."..
Who was that from?.
They write very similarly to you.
Oh my, someone please go search www.bo transaction threadThen we got a good old .be sale that took 4 months to complete...
I love sedo parking, hate sedo transfer team. I got tamara AGAIN for 3 of my transactions.
I got that from sedo's account manager.
Can you plz be more specific because I didnt understand what you wrote..
The name of the account manager is what I was looking for.