UNFORGIVABLE- Sedo holding large amt of money at hostage

[allanh]

Tom is the Sedo representitive who is responsible for a domain I am purchasing.

I paid for the domain about 2 weeks ago and the seller has been quite unresponsive in terms of transferring the domain.

However, I tried to contact Tom in the past 3 days and he has not responded to my emails. He said he would ring (in his last email 4 days ago)the seller and ask them to change the Administrative Email to mine so I can transfer the domain myself. That was 3 days ago and I have not seen any change.

I emailed Tom a couple of times since and he still has not responded.

I find this non-communication unacceptable and I would like to have an URGENT update on the status of transfer of this domain. This is a high-priced domain in the range of X,XXXX and it feels as though Sedo is holding my money hostage without letting me know what's happening with my money.

If no action is taken by this weekend, I would like to CALL OFF the whole transaction and get a refund.

:upset: :upset: :upset: :upset: :upset: :upset: :upset:
Allan

 

[SedoCoUk]

Allan - I have called the seller but did not get through and I have sent several emails. The issue is this - the seller is not receiving your Go Daddy transfer request.

I have asked him to update the admin contact email address and he has not done so. Either he is ignoring me or he is not technically adept enough to know how to this.

If a seller becomes unresponsive there is not much I can do and this is why the money is held in escrow. If you wish to cancel at the weekend I will be willing to do this and I will refund your money.

We are certainly not taking your money hostage and frankly it is equally frustrating for me, because by not acting he is wasting both of our times.

I am not ignoring you, I have seen that you emailed me twice yesterday but I have a huge email workload and simply had not got round to reading them yet.

Best regards,

Tom

 

[allanh]

Tom:

I appreciate the response. As we all know, communication goes a long way.

I have sent you a pm in regard to this. However, if the seller remains unreponsive, then perhaps cancelling the transaction will be the best way.

btw, if they are not selling the domain, does that mean the seller is in breach of a contract and should be asked to pay compensation?

Allan

 

[Duckinla]

Holding money hostage? Sounds like they were holding it in escrow and you hadn't asked for it back yet. That's a really inflamatory thread title.

 

[domainah]

Holding money hostage? Sounds like they were holding it in escrow and you hadn't asked for it back yet. That's a really inflamatory thread title.

I agree...the whole reason of escrow is it to keep the money until you have the domain, so if it doesnt work out you can get the money back....not sure if they are doing everything they can..but you dont have to worry about your money..I cannot recall a case in which a buyer here has lost the money without the domain...

 

[allanh]

well, the loss of interest earned from the money is large in this case.

And what I was unhappy about was lack of reponse from Sedo's part when I enquire about the progress of the transaction 2 weeks after I paid and still have not yet received the domain.

Once again, lack of communication makes buyers wonder what is happening to their money.

It seems to require a post on a public forum to get a reponse (as seen in many cases).

 

[Raider]

My own experience with SEDO is extreme lack of communcation, it takes me 3to 5 support tickets to get an answer.

 

[domainah]

well, the loss of interest earned from the money is large in this case.

And what I was unhappy about was lack of reponse from Sedo's part when I enquire about the progress of the transaction 2 weeks after I paid and still have not yet received the domain.

Once again, lack of communication makes buyers wonder what is happening to their money.

It seems to require a post on a public forum to get a reponse (as seen in many cases).

I love the "lost interest argument"..thats something people say when they dont know what to say anymore..lost interest is large? I think your math skills need a little assistance here..at a rate in the money market of lets say 3% p.a. on 10K thats about 6 bucks a week...,wow..6 bucks on a $xx.xxx sale and a week is about the time you waited over what is usually expected..I understand that you want the domain, but I think the issue here seems to be at the seller and not sedo..

 

[allanh]

Domainah, the interest rate at a normal bank is 6.5%+. Furthermore, the money that has been parked at Escrow could have been invested elsewhere if I don't receive the goods delivered.

I think you are missing the point in this thread anyway. I am pointing at their lack of communication and the fact that Sedo could not answer my email in the past 3 days and only responded when I post on a public board.

You are diverting the issue to the money. Yes, it is important ( to tell the truth, even $10 should not be wasted for no good reason) the amount of interest lost. I don't think you have the right to say it's nothing when it is not your money.

The bottomline about this thread is about communication and getting a response from Sedo.

I understand that you want the domain, but I think the issue here seems to be at the seller and not sedo..

Sedo takes commission from the sale as the middle man. In this case, they are making thousands of dollars to faciliate a smooth transaction. I think for that cost, it is expected that they should :

1. Put in maximum effort in contacting the seller and make sure the seller fulfils the contract

2. Inform me of the progress of the sale. If there is no progress, they should still let me know what is happening.

Basically, my Sedo transaction status has been sitting at the same point for the past 3 weeks. If it were you who is the buyer, I would like to see you continue sitting on it and remain happy.

 

[domainah]

Domainah, the interest rate at a normal bank is 6.5%

Maybe for Australian Dollars, but the deal was either in USD, GBP, or EUR, and for all those currencies the overnight rates are between 3-4.5%..but it doesnt matter, its peanuts anyway and not large amount ofmoney like you say, the wire alone costs more... I have had transactions too in which the seller took his time, and one was cancelled after the seller became totally unresponsive..those things happen..if it turns out Sedo took their time I would be mad too, but I have had transactions that took a lot longer.., I stopped buying through Sedo anyway (mainly because everyone is sending domains to auction)..its a lot better just to use escrow.com...so next time just use escrow.., I always had good experiences with Sedo and transactions and communication at least, maybe they do need to hire more people if the volume has grown so much..who knows..but I think by making this a public issue I have all the right to comment on that too...just my opinion

 

[allanh]

Issue finally resolved. Finally.. sigh.

I thank Tom for his effort.

However, I still don't understand why it is so hard for the seller to simply forward 1 email. It definitely was more painful than it had to be.

Anyway, consider this issue closed for now. I probably won't be buying another domain for a long time after this experience.

 

[neonrider]

Several days ago I have received an offer on Sedo to buy a domain that matches my business name. After several hours of thinking I decided to buy the domain. I transferred the money to Sedo via paypal and…. 3 days later Sedo wrote me that the transaction has been canceled since it was a fake sale and they are dealing with the seller and Sedo suggested to me to take legal action against the seller. The seller wrote to me it was Sedo’s glitch indeed and showed me their correspondence, where Sedo actually excuses themselves to the seller for this mistake! It’s been 5 days now and Sedo stopped responding to my messages and did not refund my money even if they wrote they will. I am submitting a payment reversal (claim) with paypal to get my money back from Sedo (Sedo.com, Sedo.co.uk, Sedo.de), which appears to be a dishonest and untrustworthy business.

 

[SedoCoUk]

Hello Neonrider,

Please send me a PM or email [email protected] with the domain name and your account details. We will be happy to look into this issue on your behalf and provide clarification as to what took place. Thank you!

Carolyn

 

[neonrider]

I did contact that email but no response. Also it's a LIE what you SEDO write on the transfer page, because Paypal just told me that you are perfectly able to issue a refund to me by logging into your Paypal account. Paypal told me they just sent you instructions on how to refund money via email. Here's the disturbing text on my account on Sedo . com where SEDO is actually trying to EXTORT me (the BUYER) for more money via BANK WIRE (!) in order to refund me my money that I sent you by Paypal for this fake sale that's been canceled by you, the SEDO!

Here's the extortionate text by SEDO:

PayPal payment on hold - Resolution needed

PayPal just informed us that a temporary hold has been placed on the payment you sent for the domain banknotes.co.

PayPal will sometimes place a hold on legitimate payments for security reasons or upon request of the buyer. In order to have this temporary hold/dispute removed PayPal requests additional information about the payment from Sedo and you. To send the information please log in to your PayPal account, and click the "Resolution Center" tab. Alternatively, you can send the funds to us via a wire payment to get the pending hold resolved.

In case that you have placed a dispute or claim at the PayPal payment due to open request, please contact us directly. We will be pleased to help you to resolve any problems.

Please note we have temporarily suspended the domain transfer until the hold on the payment has been resolved, or until we have received the complete payment via wire.

We appreciate your understanding in this matter and thank you in advance for your support.

Please do not hesitate to contact me, should you have any questions.

http://imageshack.us/photo/my-images/18/sedo5.jpg/

 

[Gerry]

I did contact that email but no response. Also it's a LIE what you SEDO write on the transfer page, because Paypal just told me that you are perfectly able to issue a refund to me by logging into your Paypal account. Paypal told me they just sent you instructions on how to refund money via email. Here's the disturbing text on my account on Sedo.com where SEDO is actually trying to EXTORT me (the BUYER) for more money via BANK WIRE (!) in order to refund me my money that I sent you by Paypal for this fake sale that's been canceled by you, the SEDO!

Here's the extortionate text by SEDO:

PayPal payment on hold - Resolution needed

PayPal just informed us that a temporary hold has been placed on the payment you sent for the domain banknotes.co.

PayPal will sometimes place a hold on legitimate payments for security reasons or upon request of the buyer. In order to have this temporary hold/dispute removed PayPal requests additional information about the payment from Sedo and you. To send the information please log in to your PayPal account, and click the "Resolution Center" tab. Alternatively, you can send the funds to us via a wire payment to get the pending hold resolved.

In case that you have placed a dispute or claim at the PayPal payment due to open request, please contact us directly. We will be pleased to help you to resolve any problems.

Please note we have temporarily suspended the domain transfer until the hold on the payment has been resolved, or until we have received the complete payment via wire.

We appreciate your understanding in this matter and thank you in advance for your support.

Please do not hesitate to contact me, should you have any questions.

If what you say about Sedo is true, it is unforgivable.

 

[neonrider]

Please take a look at this image. It is a screenshot of Sedo domain transfer interface on my account. I blacked out any kind of private buttons on the browser and the domain name for privacy purposes. I am now closing my Sedo account and will never use them ever again. That is a SHAME and this kind of companies are the reason why the economy is in shambles.

http://imageshack.us/photo/my-images/18/sedo5.jpg/

 

[Gerry]

I think you need to open and start your own thread in the Sedo subforum rather than resuscitating a 4 year old thread.

It is important that this matter is addressed. It is equally important that people view your thread.


But one point of note: When you initiate a claim with PayPal, that transaction is investigated and funds put on hold until both parties respond to the complaint AT PAYPAL.



And I agree...Sedo needs to address this matter with the person who listed and sold the domain. Sedo needs to grow some balls and not allow the seller to back out, especially if the transaction was negotiated and finalized via the Sedo network. Equally, Sedo needs to be pro-active in curbing non payment. This can be easily done and has been recommended previously. One of two things would happen...the buyer would complete the transaction or sedo would keep a deposit (5% held via credit card) based on the finalized figures. Sedo is a money hungry crack whore with increasing fees. So why they would not implement another method of "main lining" their drug of choice...fees, fees, fees, for piss poor services. Institute a policy of a legitimate credit card on file, hold 5% of final total, bill it to their card if they do not pay in full by x days. Simple, effective, deters bogus bids and bidders, and puts a shed load of additional fees in sedo's stash.

 

[neonrider]

In response to Doc Com post: I hope the moderator can split my post into a new one. Regarding Sedo's response they did not respond on Paypal nor on their web interface and my support tickets were left unanswered. Lack of communication leads to more trouble for them. Buyer should be left alone and their money refunded immediately upon such a fake/canceled sale caused by Sedo/Seller. More - in the fair business world the Buyer should receive a compensation for all this time wasted, usually 100% to 200% of the transaction amount. This is how it usually works - if Seller backs out - the Buyer receive some kind of cash award to compensate Buyer's wasted time. Seller must pay a fine to the Sedo, unless this was a Sedo's screw up or a glitch. In such case Sedo must pay both, the Seller and the Buyer some financial award. I own a company and I always compensate my customer once things go wrong, always. And I award a pretty sizable yet reasonable award to make sure my customer is happy. In my case Sedo stopped communicating with me and did not apologise. I have removed all domains from my Sedo account and am now 17 minutes in a queue to chat with Sedo support in order to find out how to close my Sedo account. As you can see I take business very seriously, so should any company and individual who have self-respect, respect for everyone and dignity.

As a final thought, lately many consumers have withdrawn from spending, because they see how much all of this economy is infested with customer negligence, cons, scams and outright fraud. Why spend if it's so painful? I'd rather keep the money in my retirement account. I also have since drastically cleaned up my domain portfolio to just a handful domains and am planning to never use Sedo services again nor recommend them to anyone else. I remember when Sedo was just a baby and I was on personal grounds with its owner. I'm very good at adjusting reputation of untrustworthy companies.