Has anyone ever backed out on a deal?

[theinvestor]

After finding out the buyer on the other side was a major company?


If not...


I still would like to hear your opinion if knowing who the other party was on the other side would quickly alter your assessment and value of the name...


Thanks for the inputs.

 

[INVIGOR]

Unfortunately yes... I backed out of GLO.com and regret it to this day. I got ambushed by a process server with freaking divorce papers! I'd buy that name today!

BY THE WAY TEXAN DOMAINERS: There is a Child Support Limit in the great State of Texas!!!!!!!!

 

[stevo]

No
Once a deal is struck.....
You were satisfied
Move on

 

[theinvestor]

Well...the main issue is this.

Assuming you make an agreement with a person you believed to be named John.

Eventually when you enter a contract you find out his name is Bill.

Technically...do you really have to go on with deal? If a major company lies about who they are when making a deal, and you find out while writing a contract...or transferring the domain. I think it's within your right to choose to not go through with the deal if you choose.

No one agrees with me there?

 

[Credit]

No big deal if it's the same person. I go by about 4 different names at different times - legal name, short name, nickname

 

[theinvestor]

I'm talking about being in an escrow transaction with someone...but details of buyer are different when transferring the domain.

 

[stewie]

tough call ... can you break the golden rule... here's an example lets say you have someone say they are a student with no money looking to do a project, so you cut them a break.... only to find out later its google ...hmmm I would have a tough time closing that... since the deal was struck base on false facts.

hard to deal with a snake good question !!!

:yo:

 

[DNP]

I'm talking about being in an escrow transaction with someone...but details of buyer are different when transferring the domain.

I wouldn’t do it unless
a) Person you are selling your name to is in North America with the confirmed location and phone number
b) You have a signed contract in addition to the Escrow transaction

I have a long standing relationships with Escrow.com folks with hundreds of completed transactions both ways, so if I am the seller and funds already secured - I usually do not hesitate to push to whomever and I know that the "buyer" has no chances to prove that the name hasn't been pushed and etc.

 

[theinvestor]

Thanks for the response guys.

Stewie,

That's what i mean...greed plays a role in it as well. It doesn't have to be a college student or some non profit organization really. It's the fact that if you thought you were dealing with someone...and then..realized it was much bigger than it was...is it okay to not go through deal?

DNP,

Yes, the issue is they want to register the name under the business entity. Not under the name that is under escrow. I am not scared about losing the domain. I am just wondering if this can be a deal breaker. Since the deal was based on misrepresented information.

 

[DNP]

I am just wondering if this can be a deal breaker. Since the deal was based on misrepresented information.

Are the funds received and secured already?

Also:

From Escrow Security Tips:

Share Any Concerns
If you have concerns about the legitimacy of a transaction, or if you receive suspicious information that appears to conflict with other information you have received, please contact us immediately at: 888-511-8600 (US) or 949-790-5890 (internationally).

From Escrow Help:

Are there special escrow considerations when dealing with domain names?
Yes. Before releasing payment to the Seller, Escrow.com verifies that the domain registrant information reflects the Buyer. If the registrant information does not reflect the buyer, escrow.com will ask the buyer to confirm control of the domain.

It is also recommended that, prior to transfer, the Buyer confirms that the Seller actually owns the domain as well as performs lien and trademark searches; these are services that Escrow.com does not provide (but some Registrars do).

 

[JMJ]

I'd say do the deal and move on. You were apparently satisfied with your selling price not knowing who it was. If you back out you'll just piss them off and either lose the deal all together or get yourself into some legal wrangling. It could very well be an employee that made the initial deal or maybe even a broker. You never know. If it did go to court over it that's all they have to say and you've lost.

 

[Raider]

I posted sold on a domain here and later asked the buyer if I could back out, because I realized after that it was a typo, The seller was real cool about and said no problem, I would of followed through if he said No.

 

[NetworkMsia]

I have never back out of any deals.

but a reputable member (I won't say who) here on Dnforum posted sold to my domain for $499, and he backed out, I was cool about it, and said its ok.
(I am a very forgiving person. lol)

and a week later I sold it for $1350 to another guy. and this another guy bought a couple more domains from me!

So everything happens for a reason, and just continue to think positive =)

 

[copper]

I have never back out of any deals.

but a reputable member (I won't say who) here on Dnforum posted sold to my domain for $499, and he backed out, I was cool about it, and said its ok.
(I am a very forgiving person. lol)

and a week later I sold it for $1350 to another guy. and this another guy bought a couple more domains from me!

So everything happens for a reason, and just continue to think positive =)

Good News and Congrats
Occasionally, Good guy finish first

 

[tetrapak]

That sounds good NetworkMsia! I once in the beginning made an offer on a domain that i thought is a woman's name, but after realizing that it is actually a surname, i had all the poor excuses one could have. Very bad mistake, luckily nothing since then (it was around 4 years ago).

 

[dominator]

i have never done it
a deal is a deal

a different identity is no problem
this is the way how they protect their privacy

you can be initially contacted (negotiated) with his lawyer or secretary
and he only signs the contract

and
same person can own more companies
and one company can be represented by more people

 

[draggar]

No big deal if it's the same person. I go by about 4 different names at different times - legal name, short name, nickname

I think the OP means that if you're dealing with someone named "Jack Smith" who works at a deli making sandwiches but then it turnes out being George Jackson the VP of a major corporation.

IMO that is slightly fraudulent. If they lied to you about who they are all along, how can you truse the payment will not be reversed?

 

[theinvestor]

Are the funds received and secured already?

Also:

From Escrow Security Tips:

Share Any Concerns
If you have concerns about the legitimacy of a transaction, or if you receive suspicious information that appears to conflict with other information you have received, please contact us immediately at: 888-511-8600 (US) or 949-790-5890 (internationally).

From Escrow Help:

Are there special escrow considerations when dealing with domain names?
Yes. Before releasing payment to the Seller, Escrow.com verifies that the domain registrant information reflects the Buyer. If the registrant information does not reflect the buyer, escrow.com will ask the buyer to confirm control of the domain.

It is also recommended that, prior to transfer, the Buyer confirms that the Seller actually owns the domain as well as performs lien and trademark searches; these are services that Escrow.com does not provide (but some Registrars do).

Yes DNP, the money is secured. But again, Escrow requires that you only transfer name to the address associated with escrow. So, yes i can easily transfer the name to this person...but then Escrow can't confirm it ...

I am not worried too much about the fact that he will say he did not receive domain...i am more questioning the fact that the deal wasn't really represented correctly.


Draggar,

Exactly. The whole deal seems to be fraudulent when it seems you are dealing with someone else all of a sudden.

 

[dominator]

I think the OP means that if you're dealing with someone named "Jack Smith" who works at a deli making sandwiches but then it turnes out being George Jackson the VP of a major corporation.

IMO that is slightly fraudulent. If they lied to you about who they are all along, how can you truse the payment will not be reversed?

they can always hire a "Jack Smith" to buy it from you cheaper
and then transfer it to them

i would not call it a lie

anyway, if jack smith pretends to have some serious illness
i would not like that
http://acro.net/blog/2008/02/08/brother-can-you-spare-a-domain/

 

[acronym007]

Everyone can back of a deal. It's up to them to prove you had no reason. Not saying whether or not it's ethical or moral but it is your choice until the day you push the domain. The domain is yours until you willing sell it or a court/wipo says otherwise.

They could threaten to sue, drop it, or offer more. That's their choice.