Domain Bid Accepted, Bidder Doesn't Perform: What To Do?

Agency implies they don't have much hope nor ability

[chewy]

Hi,

I'm in the curious position of having put my domain up for auction through a well known agency, and getting an extremely good bid well in excess of my expectations (and the limit where I need to accept the bid...)

So by virtue of the agreement, I have accepted their bid.

Now I'm beginning to hear that the broker isn't hearing anything back from the bidder. I'm starting to think that deal may actually never go through - possibly due to the fact that the bidder is in a foreign country.

Anyone got any similar experiences or suggestions?

Thanks,

-C

[IanTurner]

I have had bids that have taken sometime to go through. Up to two weeks in some cases.

[Webwork]

The number of bids that are never collected are considerable. Until such agencies (domain auction houses) require the posting of a "bid bond" or its equivalent - some financial obligation that will be collectible should the bidder fail to complete the deal - walk away bidding will remain a constant scourge of domain auctions.

[chewy]

For the moment I am in "stand by" mode waiting to hear from the agency.

Can anyone comment productive / non productive actions they have taken in such a situation?

It would be great if we could have a thread here about best practices of what can / should happen when a domain sale looks like it is going to fall through.

I need to understand what my options are here besides waiting by the phone patiently.

[robho]

I need to understand what my options are here besides waiting by the phone patiently.

Give them a time limit - two weeks from the sale seems reasonable, there might be a condition in the broker's terms about this - and let them know the deal is off after that.

Assume it will now fall through, as all real buyers pay promptly.

I had the same experience with a large broker a few years ago, for a $nn,nnn sale. The nice thing was I got a much larger direct offer while I was waiting for payment from the auction. So I could tell them it was now beyond a "reasonable" time from payment, and accept the other offer instead. But that doesn't happen often!