sedo escrow with paypal ... noob mistake,legal,etc ... help? :(

[proto]

Hello all,

Sorry for the long diatribe and cross post but I'm freaking out and time is ticking on this ...

I've gotten myself into a complete mess and need some help ...

I have a wonderful xxxx.com domain I have been trying to build business around for years. I popped it up on sedo just to see what it might be worth (just curious and not intendeding to sell).

Because of the sedo website (and the fact I am new to selling) I got confused and listed for sale at a fixed price! I thought I was setting it up so I would get offers with a price around $2k (sold for ~$2k fyi).

Month later I get a notice (to gmail account) that someone bought my beloved domain. Through sedo's escrow service got paypal payment very very quickly (I thought sedo was slow which raises red flags based on speed having read various posts here).

Tried reasoning with sedo and tried getting buyer info so I could contact and explain situation ... sedo would not provide buyer info (makes sense) and they didn't care their site confused me.

So bottom line ... feel like being forced to sell a domain I never wanted to sell to someone I don't know via paypal/sedo escrow ... worried might be scam since had my gmail contact info listed ... fearful of legally binding contract ... the fact it's moved so quick makes me concerned ...

I know no one on here knows me but freaking out not sure what to do ... any advice?

 

[Biggie]

perhaps the rep from sedo will respond or you can pm them

 

[domadon]

Should have read Sedo's terms of service. Once you list a domain you can pull it down until there is a bid on it or someone buys it at your fixed price. Then you've entered a legally binding contract. If I were you I'd try withdrawing the cash from PayPal to make sure before you give up your domain to sedo escrow. Other than that you can give it a few days to see if PayPal notices something fishy with the payment and alerts you.
Bottom Line - Don't give up the domain until you're sure the money is good.

 

[Theo]

I popped it up on sedo just to see what it might be worth (just curious and not intendeding to sell).

As of now, it's worth the $2k a buyer is paying for it. Next time try not to play such "curious" games.

 

[slimpickins]

Proto- live and learn.... expensively sometimes.

But, regarding your "security" concerns: be sure that ALL transaction info is listed under your sedo account, NOT just via email, as sedo does not do their transactions via email anymore, only sends email notices to log into sedo and there is a transaction update etc. Regarding payment via paypal, sedo pays you in the method you selected and the payment should be from sedo, not a buyer/3rd party. Sedo won't pay you until you have transferred THEM the domain (again, not the buyer directly) and I would assume any payment issues from the buyer would be between them and sedo if there was a problem. So, again, tough lesson but honor your listing, and be certain the purchase is legitimately documented in your sedo account, not just in emails. sp

 

[proto]

Yes I think I will be living and learning a good bit on this ... buyer placed money into Sedo's escrow account within 1 day of purchase ... I would not see any money until I transferred control to Sedo's own account with registrar.

I went ahead and moved on this and transferred control this morning. Sedo said funds will credit to my Paypal tomorrow.

I didn't have ANY option to hold any money ... I requested additional contact info besides name & address via direct phone call to Sedo's transfer agent and broker. Broker and transfer agent said only THEY could relay info between us (makes sense a bit).

I asked if I could get a signed ackowledgement from buyer that I indeed transfered control to them and Sedo said that their internal "transfer process" documentation was enough proof ... grudgingly I bought into this ... I even offered to provide buyer a signed receipt hoping this would encourage buyer to offer one ... nothing ... I asked Sedo what would happen if chargeback occurred and they said "Sedo/buyer" would be responsible not I ...

I then asked if they could confirm the identity of buyer (buyer in UK) and they said they "knew" it was fine. Still feeling like arm was being twisted I said ok ... I got a confirmation page when I did the transfer so I put that into the Sedo "transfer process" documentation as pdf ... Escrow is escrow so not sure if I had any legit "rights" to begin with demanding what I did demand.

I suppose we'll see if I get money transferrred to Paypal tomorrow and just hope no charge back surprises happen ... if this goes bad time may be time to contact buddies in broadcast journalism ...

Thanks for everyone's help and I'll keep you all updated if you like.

 

[domadon]

Yeah let us know how this turns out. I wish you the best.

 

[tekz999]

Ask the buyer to pay with wire transfer to avoid chargeback. Solved.

 

[Sonny Banks]

The next time play with Playstation not with Sedo.

 

[denny007]

Well I think you simply could ignore it they have no way to enforce it. If they send something legal you simply claim it was not you who listed the domain, that someone opened account in your name and listed your domain but not you. Basically it would take FBI-like investigation to prove you otherwise.

 

[Tippy]

Buyers can back out so why not sellers, Ive had a few dead beat bidders/sales and Sedo didnt do anything to them so if you dont want to sell the name dont, Sedo doesnt do anything anyways or at least not to non-paying bidders.

 

[SedoCoUk]

Good Morning All!

If a domain name is listed as “Fixed Price” and a prospective buyer places an offer for that amount – an agreement will be automatically reached (no room for negotiation).

As Slimpickins mentioned, all transfer information is listed on the Transfer Center page of your Sedo account. The emails you received are simply notification regarding the next stages in the transfer of the domain name.

Sedo’s escrow service is also very secure. We do not ask you to transfer the domain until we have received payment from the buyer. You are also assigned a Transfer Specialist who assists you with the technical transfer and can be contacted if you have any concerns regarding the security and/or legality of the transfer.

Please feel free to PM me if you have any questions regarding this transfer or any worries about a chargeback.

I will be happy to contact the Transfer Specialist on your behalf as well as look into any concern you may have.

- Carolyn