SilverDart
New Member
- Joined
- Oct 15, 2021
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Hello people, I thought I could just bring some light on the matter of extremely greedy and unethical domain name brokers, that are ruining the domain business reputation with their shenanigans.
I recently sold a domain name for $8000 through my registrar. The registrar's policies say that my payment would be in my registrar account between 6 to 10 days. It had been over 38 days, and I had not yet received payment. On contacting my registrar, I was told that the buyer had not yet confirmed payment, but payment was already received by the registrar. This was the same excuse over and over that my Registrar kept giving me, for not having my payment in my account.
The registrar had locked out my domain name and I no longer had control panel access to the domain. The domain name was expiring in 3 weeks, at the time of purchase, however someone renewed my domain name for me, and It was not me.
It turned out that the buyer of my domain was actually a domain broker. One of these that call themselves professional domain brokers, and charge fees upwards of $180 to source out domains for clients.
The broker was holding his buyer client hostage while attempting to extort 3 times my asking price. I do not know what payment arrangements they had between broker and client. On the 4th day past payment due date, I got an email from an unknown buyer offering me $500 more. I replied that the domain name was sold already.
An hour later another email from another buyer offering me $1000 more than my original asking price. This buyer informed me that I have the right to cancel the domain sale from my registrar since the registrar had not paid me within the stipulated time as per their domain sales policy, and he would buy the domain directly from me.
5 hours later I got an email from another broker offering $1500 on top of my asking price and urging me to request to cancel the domain sale from my registrar and offered to immediately deposit the money into an escrow of my choosing. I just assumed that it was the same broker using various email addresses.
I knew there was something NOT right going on , but I could wrap my head on what was the matter. My domain registrar could not explain to me, who it was that renewed my domain name, I was no longer able to FTP into my domain name, My name servers had been changed to cloudflare and I was not the one that did that.
I decided to write an email telling my registrar to cancel the domain sales. At first the registrar said that a sale was made and cannot be cancelled even if the payment due date was breached. (I don't know how true this is, but new buyer told me that the registrar was telling lies, that I have the right to cancel a sale after breach of terms. Could some one enlighten me on this). That is when I informed my registrar that I did not care what they said, but if they went ahead with the sale I was suing the the new domain buyer to have my domain name back, and the registrar would have to explain what part they played in this delay.
The new buyer deposited $10000 in an escrow and was waiting for my cancelling of domain sales with my registrar. To my amazement the registrar deposited the amount in my account. However when I made a request to my registrar for a payout to my paypal account, the registrar never obliged, inspite of my my ID and proof of account owner sent to them. The new buyer informed me that they were stalling for time and I should outright reject that money and file a grievance with ICANN etc.
Two days later a Fedex mail arrived with a cheque from my registrar. A week later, I contacted the new owner of my domain name, only to discover from him that he had paid $25000 for the domain name, and that the other people contacting me where competing domain brokers.
In the end I got $8000, The registrar probably got 5% commission as their policy stated or more, who knows. And the broker look the lion share of the $25000 dollars.
In hind site, I should have had my contacts readily available to buyers and rather tolerate all the spam and harassment that one, gets for a premium domain name.
Domain brokers and domain registrars benefit the most from hidden domain owner contacts.
I recently sold a domain name for $8000 through my registrar. The registrar's policies say that my payment would be in my registrar account between 6 to 10 days. It had been over 38 days, and I had not yet received payment. On contacting my registrar, I was told that the buyer had not yet confirmed payment, but payment was already received by the registrar. This was the same excuse over and over that my Registrar kept giving me, for not having my payment in my account.
The registrar had locked out my domain name and I no longer had control panel access to the domain. The domain name was expiring in 3 weeks, at the time of purchase, however someone renewed my domain name for me, and It was not me.
It turned out that the buyer of my domain was actually a domain broker. One of these that call themselves professional domain brokers, and charge fees upwards of $180 to source out domains for clients.
The broker was holding his buyer client hostage while attempting to extort 3 times my asking price. I do not know what payment arrangements they had between broker and client. On the 4th day past payment due date, I got an email from an unknown buyer offering me $500 more. I replied that the domain name was sold already.
An hour later another email from another buyer offering me $1000 more than my original asking price. This buyer informed me that I have the right to cancel the domain sale from my registrar since the registrar had not paid me within the stipulated time as per their domain sales policy, and he would buy the domain directly from me.
5 hours later I got an email from another broker offering $1500 on top of my asking price and urging me to request to cancel the domain sale from my registrar and offered to immediately deposit the money into an escrow of my choosing. I just assumed that it was the same broker using various email addresses.
I knew there was something NOT right going on , but I could wrap my head on what was the matter. My domain registrar could not explain to me, who it was that renewed my domain name, I was no longer able to FTP into my domain name, My name servers had been changed to cloudflare and I was not the one that did that.
I decided to write an email telling my registrar to cancel the domain sales. At first the registrar said that a sale was made and cannot be cancelled even if the payment due date was breached. (I don't know how true this is, but new buyer told me that the registrar was telling lies, that I have the right to cancel a sale after breach of terms. Could some one enlighten me on this). That is when I informed my registrar that I did not care what they said, but if they went ahead with the sale I was suing the the new domain buyer to have my domain name back, and the registrar would have to explain what part they played in this delay.
The new buyer deposited $10000 in an escrow and was waiting for my cancelling of domain sales with my registrar. To my amazement the registrar deposited the amount in my account. However when I made a request to my registrar for a payout to my paypal account, the registrar never obliged, inspite of my my ID and proof of account owner sent to them. The new buyer informed me that they were stalling for time and I should outright reject that money and file a grievance with ICANN etc.
Two days later a Fedex mail arrived with a cheque from my registrar. A week later, I contacted the new owner of my domain name, only to discover from him that he had paid $25000 for the domain name, and that the other people contacting me where competing domain brokers.
In the end I got $8000, The registrar probably got 5% commission as their policy stated or more, who knows. And the broker look the lion share of the $25000 dollars.
In hind site, I should have had my contacts readily available to buyers and rather tolerate all the spam and harassment that one, gets for a premium domain name.
Domain brokers and domain registrars benefit the most from hidden domain owner contacts.
.. the place should be friendly (this is my main target to establish a pleasant and friendly place).
