How long do you give a buyer to pay?

[nameplanet]

I was wondering how long everyone usually gives a buyer to pay for names they bought? What is everyone's thoughts as to how long I should wait for payment? I tried to contact the site's help desk to ask if there is a policy regarding the time I should wait, but the help desk link doesn't work right now for me.

(I edited the details of this out since my buyer paid later.)

 

[tekz999]

70% I say hes backing out. I had experienced many similar cases before.
30% I say hes sick, or out of town.

 

[JuniperPark]

ALWAYS set a time limit for payment on a purchase agreement. 48 or 72 hours is reasonable, or 1 week IF agreed to in advance, which is sometimes needed for a bigger sale.

There are just too many idiots that make purchase agreements and think they don't have to honor them. I got into a big argument here at DNF with a buyer who, after making an offer which I accepted on the condition that he make payment within 48 hours. He simply stopped responding after that. I kept seeing him ONLINE here, so I kept asking what was going on.... 5 days later he said he was ignoring my emails BECAUSE I set a deadline for payment. Apparently some people think you should take you name off the market forever, in hopes that the buyer will someday make payment. This seems to be common these days, and I suspect it's the non-adults mostly doing it... perhaps waiting for their allowance from mommy?

I have also had a seller do this to many on a rather large $$ name.... I made an offer good for 24 hours. The idiot then ignores my emails for the next 5 days, then replies that he was "offended" that I required him to make a decision. Gee, guess I was supposed to leave the $$ sitting in my PayPal account until I die in case he accepts. Now that I'm thinking about it, I should post these peoples's names in the 'people to avoid' section....

 

[JuniperPark]

OH... and the "sick" and "family emergency" thing.... IT IS BULL$HIT. I literally get this about once a week. There just aren't that many sick and dying people to justify these lame excuses.

In fact just yesterday Sedo let someone out of a BINDING OFFER to me for this excuse. I'm saving that email in case I ever want to back out of a deal with Sedo.

 

[nameplanet]

I hope that he is just out of town or something came up. It would be a bummer if my deal was dead because he got sick or something bad happened, I don't want to make the guy's deal worse, but that would be pretty low if a person just made up an excuse like that to get out of the deal. I am going to give him a deadline, I would like to sell the names to him, but at the same time I can't just hold them forever for him.

 

[DomainTurn.com]

Unless you do business everyday you should set a time.
I have sold alot of domain names and the only time I ever waited was out of respect
and I sent an e-mail and told them pay or i am selling to someone else. This is not a game. Money changes hands. People like myself take this business with respect. If there is no responce you should post it in your thread so other domain name players can see what's up. The person should not make the offer unless they want to buy.
So unless he offered you 100 dollars on a domain name and you wanted 250 and waited for a couple days to respond and then said I will accept you offer. You should post it. If you did do something like this you sent him away

 

[DomainTurn.com]

OH... and the "sick" and "family emergency" thing.... IT IS BULL$HIT. I literally get this about once a week. There just aren't that many sick and dying people to justify these lame excuses.

In fact just yesterday Sedo let someone out of a BINDING OFFER to me for this excuse. I'm saving that email in case I ever want to back out of a deal with Sedo.

Ps

This is not just a binding offer to sedo this is a binding offer in a count of law. Just because sedo let's them off the hook does not mean the guy is free to move on.
Being in breach of contract sedo should provide you with the contact address
at that point you can persue him on your own. You will win just takes time. I don't excuse people on these bidding forums and they should be sought after. It will bring a litle more news to the domain name industry. We need this...

 

[JuniperPark]

Ps

This is not just a binding offer to sedo this is a binding offer in a count of law. Just because sedo let's them off the hook does not mean the guy is free to move on.
Being in breach of contract sedo should provide you with the contact address
at that point you can persue him on your own. You will win just takes time. I don't excuse people on these bidding forums and they should be sought after. It will bring a litle more news to the domain name industry. We need this...

I'm not going to pursue it because things DO happen on occasion, and I don't want to lean on someone who really had some kind of life changing event... but I do know people lie about this FAR more than it really happens. And unless the buyer is dead, near dead, or in a major disaster, there is NO reason not to contact the other person via phone or email. I've had people contact me and were honest say they just could afford the offer, and I let them off the hook. But the ones that completely ignore all contact for several days then come up with some excuse like the ones listed above, THOSE guys should be on everyone's black-list.

 

[nameplanet]

My buyer contacted me today, he was out of town on an emergency and paid for the names bought. It made for a stressful week having to wait on payment and getting no responses for 4-5 days, but being patient and polite the whole time I was able to complete the sale! Great for both of us and making the week a lot better than it started out!

 

[mole]

but being patient and polite the whole time I was able to complete the sale!

Yes, and I think as a buyer being patient and polite is also a very good virtue to have. I have had emails being replied to me by registrants after weeks, even months of waiting patiently, saying okay to a sale.

 

[GT Web]

good ending to an all-too-common situation, I have also had several buyers make offers and then not respond after I agreed to them, and although I am slightly offended Juniper seemed to blame this on the young people, as most of us are just as caring and dilagent as everyone else in this business, but I do agree some young ones dont take prompt payment as seriously as they should