Problems with Sedo

[Domainut]

I recently allowed sedo.us to broker a deal for my domain Native.com.

The buyer supposedly made payment to sedo within a few days of both parties signing and faxing in the contract. Sedo acted as the broker and provided their own escrow service. The domain was transferred to the new owner (after 2 weeks ofthem figuring out how to send a transfer request), and sedo has given me the run around since then. Telling me that international bank wire transfers take 5-7 business days, then claiming sometimes it take 7-10. Now almost 14 business days later (14 business days after they claimed to have started the transfer but over a month has passed since the deal was negotiated), still no money.

The domain is no longer in my account, the new owner has his website already live, and sedo continues to say they will check into it. What recourse do I have in a situation like this?

Thanks In Advance,
Sid

 

[Duke]

Sid - I'm PM'ing you the email address for the head of Sedo's English langauge sites. Hopefully he can help you.

 

[Domainut]

been there, but Thanks Duke.

 

[WebCat]

Sid, I'm sorry to hear that you have been put through this!

In my opinion, sedo needs to resolve this IMMEDIATELY! If word gets around that they are messing with people's money, their credibility will be out the window!

I would let him (the ceo guy) know you are very active in the domain community, and a moderator at DNForum, and that you expect resolution right away.

I can't imagine they want bad press and word of mis-handled sales getting around our very small community! ESPECIALLY when THEY acted as the escrow company!!

Good Luck Sid! Keep us posted, ok?
WebCat

 

[LewR]

This really concerns me as Sedo acts as a "One stop Shop" with sales and escrow all in one place. If they cannot handle a big name like Native.com, then what hope is there for a $300 name? I mean how buried would that name become?

Have others sold names at Sedo? What kind of turn around time have they experienced?

 

[StrictlyNames]

I am also concerned about this... considering taking my names off sedo. Not the kind of hassle I want to go through just to get paid what I would be rightly entitled to.

Please keep us posted.

Thanks,
Dave

 

[Domainut]

Still no payment, Just more replies, stating that it takes awhile for international bankwires. Someone also mentioned that others have had this problem in the past and there are a few threads at DS about it. Stating that it took 2-3 months to get paid. Thanks guys for the concern and I will keep you posted.

Sid

 

[beatz]

Sedo has kept my money longer than neccessary more than once.
And that is me living in germany, buyers from germany and Sedo being in germany.
Only after calling them up and talking to the Sedo boss on the phone they started speeding up the money transfer.Took still 2 weeks after i already had transferrred the domain.

 

[.biz]

It's very normal on sedo. I bought 1 and sold 2 on the site. turn around time is 1.5 months on average. When I bought, they said the money is not there yet which take them about 2 weeks to get money because they're in German. It would take 1-2 days for business in the U.S., I don't know about German.

Then when selling, it takes about the same for the fund from buyer to get into their account and about 1- week for the transfer and about 1-2 week for the fund to wire to my account. So, the whole process normally take more than 1 month.

.biz

 

[beatz]

Well, it's the "normal" way Sedo keeps your money, yes - everything else about it is not normal; a normal wire within germany from one account to another normally doesn't take longer than 3 days(that already includes both involved banks each keeping the money a little longer than technically neccessary).
Actually it's totally unacceptable that Sedo *keeps* your money that long and it's everything but normal.Read again: They *KEEP* it longer than neccessary on purpose - it's not like transactions to german accounts would take that long in general.

 

[bidawinner]

If this is standard at SEDO...how is it they are so popular then ?

I am suprised we havent heard more grumblings ..

 

[Domainut]

They supposedly started the bankwire on September 9th, and it still has not arrived. Accorfing to my bank, there is no reason that a domestic wire should take more than 24 hours, or international more than three days. This is Ridiculous.

 

[bidawinner]

Originally posted by Domainut
They supposedly started the bankwire on September 9th, and it still has not arrived. Accorfing to my bank, there is no reason that a domestic wire should take more than 24 hours, or international more than three days. This is Ridiculous.

Are they doing the old ..collecting interest on the cash for 45 days first ? :laugh: Are they borrowing your money and paying themslves to borrow it ?

 

[WebCat]

Well I can tell you I have wired thousand from one US bank to another, and the elasped time was a total of 3 minutes! And FedEx or UPS express take 2 to 3 days for a cashiers check.

To my way of thinking, this is INEXCUSABLE! We as a community should band together and force them to stop this horrible practice!

If every domainer we know representing many thousands of domains refused to place their domains there, sedo would be forced to change their policy!!

Angry WebCat

 

[Sportacle]

Originally posted by Domainut
They supposedly started the bankwire on September 9th, and it still has not arrived. Accorfing to my bank, there is no reason that a domestic wire should take more than 24 hours, or international more than three days. This is Ridiculous.

They pulled the same BS with me a few months ago. Almost word for word regarding the delay in wire payments.

This is one of the typical replies I received from them:

the payment is not done until now, but it will be in the next time.
Please understand, that it takes some days until the money arrives on
your bank
account.


They did finally pay me. Hope you get your money also.

 

[William9]

I hurt for you Domainut. To assist my understanding, what does the clause of your agreement with SEDO say about the timing of the payment you are due?

 

[Domagon]

Originally posted by Domainut
They supposedly started the bankwire on September 9th, and it still has not arrived. Accorfing to my bank, there is no reason that a domestic wire should take more than 24 hours, or international more than three days. This is Ridiculous.

Weeks for sending a money wire? Do they send them by boat!? :huh:

For some large domain name transactions I've done over the years involving escrows, I've requested a fax from the bank holding the money ... escrows, especially if large, should be held in separate sub-accounts ... if the escrow company's bank can't provide that information, there's something very shady going on - and possibly illegal - here in the states, escrow agents earning interest on escrow accounts is a no no...and I believe is also illegal.

I, for one, would never use Sedo at all after reading this post. Escrows, of all things, is not something any serious domain name broker should ever mess around with.

Ron

 

[JohnGBUK]

Any funds arrived yet?

(From a concerned domain seller also advetising on Sedo)

 

[Delete]

I have heard from many that sedo takes about 2-4 months to pay out. (Probably for obvious reasons as mentioned above.)

 

[Domainut]

Still Haven't recieved a dime. Promises and excuses are all I have seen so far.


Notice the dates above, 30 days since I first posted this. Time to get serious.