It's all about the benjamins

[Theo]

Two recent Sedo sales. One went into auction, thus extending the closure by 1 week. As soon as the buyer was invoiced, they paid. I pushed the name within minutes, Sedo released the funds immediately. The first one, still pending payment 3 weeks later. The difference?

The pending one sold for 1/3 of the amount of the latter. To me this means that when a buyer gets a good deal off a domain, especially after they nickeled and dimed via messages, they believe that they can close the deal whenever they see fit.

I gave them 3 more days. If the deal doesn't go through, the sale will be voided and the name of the company will be released. I plan to publicly ridicule their lack of business ethos.

 

[Biggie]

for me, it's not worth the hassle

money....is not going to drive me crazy trying to get it

i don't have a history of non-paying buyers from Sedo, so maybe we don't share the same frustrations.

as long as i retain the domain, it's all good.

 

[Rockefeller]

as long as i retain the domain, it's all good.

Agreed, though 3 weeks is a long time, especially if it's a company that won the auction. Biggie is right, as long as you have that domain name you should be able to relist and get it back up to the price, heck, maybe even more the second time around.

 

[Theo]

I don't explicitly list domains on Sedo. They are parked & people place offers which I either accept or refuse. To me, a sale gone south is money lost due to time invested. Otherwise, there is no point in consummating a business transaction ever, if I lived by the mantra professed by a non-paying buyer.

 

[Gerry]

On a personal note, I have had many non paying offers from Sedo. The biggest issue here (before the auction format) is once an offer is accepted, Sedo takes this domain name out of circulation and it is no longer receiving revenue.

One particular domain handled by one particular Sedo rep named Edie was tied up for 94 days. Time after time after time I contacted Sedo to release the domain name and suspend the users account. It became or should have been quite apparent that after 2 weeks, 4 weeks, 6 weeks, 12 weeks that the person making the offer was not going to pay.

Time after time after time she refused and stated that they just must be not answering their emails. Wow, what profound revelation.

So, in agreement with Acroplex, taking a domain name out of circulation pending the completion of the transaction is money. More than three months of pitiful handling and no compensation was made or offered. On the 95th day, I received a notice that Sedo was cancelling the transaction. Gee, I didn't know this was even termed a transaction.

Call me dumb (okay, keep the noise down) but here I am waiting for a domain I won at auction to be transferred to me from Sedo that I paid for on January 18th. After complaining and promises offered and reassurances, still nothing. And what do I do? I bid on and win another auction on Feb. 5th.

:doh: Are all domainers like this? We just don't know when to give up? :loco:

I think I'll take back the avatar of the head beating on the wall.

 

[Theo]

I was unaware of the fact that Sedo actually validates all bidders with a valid CC. So what is the point of validation if Sedo does not actually charge that particular CC to the full amount once their 10 day period for payment expires?

 

[Gerry]

I was unaware of the fact that Sedo actually validates all bidders with a valid CC. So what is the point of validation if Sedo does not actually charge that particular CC to the full amount once their 10 day period for payment expires?

Yup, they started this towards the end of last year in an effort to eliminate the bogus offers. I have since had three. Their response? They let me know that I have the right to pursue legal action.

What exactly does Sedo do again?

 

[Theo]

I fully intend to pursuit this until the contract is satisfied - it's a matter of principle:

d) In the event of a violation, Sedo GmbH shall have the right to abort the transfer and to demand the commission from the contractual party who has violated his/her obligation to cooperate.

 

[Theo]

I closed another deal on Sedo today; this time I was the buyer. When both parties act professional there is no problem. Seller accepted offer, I paid, Sedo took hold of the domain & pushed it to my account in one smooth transfer!

Looking forward to the news tomorrow - it's Hall of Shame time for the deadbeats.

 

[Theo]

Deadbeat bidder info:

The Glitch
Lilias Folkes
60 East 89 st
New York, 10011

Keywords: The Glitch, Lilias Folkes, deadbeat, Sedo, no payment, avoid.

Worth mentioning that Sedo's verification process is worthless. Also, they do not provide email or phone numbers, just the contact info above. For $600 it's not worth my time to pursuit this further. Sedo should have the balls to charge the deadbeat bidder's CC (Lilias Folkes) that they used to "verify" him (Lilias Folkes) with.

While the Sedo rep, Gregg Bois did make calls and attempted to ensure that payment is made, the process in place at Sedo does not ensure payment is made once agreement is reached. Furthermore, I was told by Gregg that Sedo does NOT go after the party that failed to honor the transaction (Lilias Folkes) to claim the 10% they'd get.

So much for "d)" posted above.

Long story short: before preaching with pages of information about "targets in 2007" Sedo should fix their internall affairs and processes first.