Buyer was unable to make the payment on time and I cancelled the deal of US$5,000

Buyer-was-unable-to-make-the-payment-on-time-and-I-cancelled-the-deal-of-US$5,000This is a lesson I learned last month and thought to share with you so one should be very careful while giving out first counter offer without doing due diligence. Something similar happened with me as well but fortunately I was able to cancel the transaction because the buyer was unable to make payment on time.

Once again I am sorry for not sharing the domain but you will still find it quite interesting for sure ;)

I received an offer on one of my domain which is related to hotels/travel/news/journal. The initial offer was of US$1,000. I countered with US$6,000 without going into detail who the buyer could be which was the mistake I normally don’t make it. A week later I got US$2,000 offer but I rejected the offer. Next came US$3,000 and I lowered my asking to $5,000 and mentioned that it’s my final offer. He accepted my final offer of US$5,000. To make things clear the person whom I was dealing was middleman.

Once my offer was accepted, I initiated the transaction at Escrow.com. Until this time I didn’t knew who the buyer was. Anyhow, I notified the buyer that I need the payment within 4 days or I will cancel the transaction. I normally don’t say this to my buyer but at that period of time I needed that money to be invested somewhere quickly. The buyer accepted my as well as Escrow terms.

Now see my craziness that before giving out my first counter offer I never dig deeply who the buyer was but after initiating the transaction at Escrow I searched for him. I tried my level best and found the buyer is from Australia and operates 5 star hotel. This was really shocking to me. I found many sites with same keyword which I was selling has developed hotels/bars/journals, etc. Each of them was really big. I promised myself that I will check each and every domain in depth before I give out my offer. Also I was praying the deal gets cancelled in any way. Those 4 days were difficult for me to pass and luckily for me a week passed away and I reminded the buyer about my terms upon which he agreed and I cancelled the deal.

He came back after 8-9 days insisting me to re-initiate the transaction at Escrow or his boss will not be happy with him. I apologized and informed the deal cannot go on this way. Fortunately he didn’t bothered any more as well.

Just to give you an idea of the domain I am talking about is I have two word .com and they own three word .com. In short it was an upgrade domain for them.

After everything was over I decided to sell this domain for five figures to any one who wants to acquire it in future no matter whatever the circumstances are at my end. Not because the same buyer would come and pay me in five figures but the truth is I found the real value of this domain at least in my eyes. Although I know everyone assess the value of domain differently.

I hope you enjoyed reading it. If you are still interested in knowing the domain name just post your name and email and I will get back to you.

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DomainAssets.ca
Guest

Hi Abdul, please email me the name of the domain you almost sold related to travel/hotels.
Thank you.

Jen
Guest
Jen

Hi Abdulbasit,

That’s really impressive and encouraging to see you really stand firm with your criteria. I don’t know that I would have been able to do it without having as many successes as you under my belt.

Hopefully I will have the courage should I ever be faced with this type of scenario.

Oh yeah, I’d be interested in seeing the domain name.

Congrats again.

zinj
Guest
zinj

Salam Abdul,

Thank’s for posting, it’s a great eye opener. Your semios kept me thinking how you came up with such name 🙂 Thanks for sharing Abdul .

Domenclature.com
Guest

Great stuff, Abdul. Please email me the hotel related name as well. Thanks.

mohammedSameeruddin
Guest

Thank you for sharing this interesting story. Please email me the hotel related name.
Thank you

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