Domain broker wants commission from both seller and buyer? - GoFuckYourself.com

wimpy · 02-22-2005, 08:35 PM

This guy's broker is back:
http://gofuckyourself.com/showthread...hreadid=228679

I declined his prior offer with "sorry, not interested in selling." Now his domain broker is back with an offer that is into 6 figures.

Domain broker is trying to work both sides of the fence. He told me that buyer is paying him 10% commission, and he wanted me to also pay him 10% commission. I thought that was pretty shady.

I am considering offering him a generous commission on the amount that is over 100K. Ie, no commission on the first 100K, then 25% commission on anything over the first 100K. I think this company will go 250K at least.

Do you think I am on dangerous ground here? I mean, could offering a commission to the broker (who asked for a commission) put me in danger of ICANN seizing the domain and giving it to the buyer? It does border on my trying to sell the domain to them, but then again, they approached me at every step, I'm just responding.

btw, my response to the 100K offer was "sorry, not interested."

Steen2 · 02-22-2005, 08:37 PM

Broker playing both sides is nothing uncommon imo, although sometimes he/she pisses one/both sides off and things turn to hell.

smashface · 02-22-2005, 09:15 PM

Hire an attorney with Domain/IP experience to represent your side and let him take care of it.

This broker doesnt appear to be representing your best interests.

Steen2 · 02-22-2005, 09:18 PM

ICANN doesn't seize domains btw.

If you have some time, read here: www.wipo.int

wimpy · 02-22-2005, 09:51 PM

Quote:

Originally Posted by smashface

This broker doesnt appear to be representing your best interests.

Actually, he might be. He wants to get the highest commission he can, which means the highest price.

Ron Bennett · 02-22-2005, 10:20 PM

Don't play their games ... tell the buyer to open an escrow at escrow.com with the *buyer* paying *all* escrow fees.

It's important that the buyer is the one initiating the escrow ... and in this instance, it's important they pay the *entire* escrow fee - in most cases, it doesn't matter much, but I have a feeling they're playing games ... you don't want to be get stuck owing escrow.com money; yes, technically escrow.com says they'll go after the party that backs out, but in reality, don't count on that ... cover all the bases - and really, if they're offering $100K or whatever, they can afford an extra ~$1K or so.

In a nutshell, sit back and respond with little more than "open an escrow at https://www.escrow.com/" and leave it at that.

Good luck

Ron

JFPdude · 02-22-2005, 10:24 PM

Quote:

Originally Posted by Ron Bennett

Don't play their games ... tell the buyer to open an escrow at escrow.com with the *buyer* paying *all* escrow fees.

It's important that the buyer is the one initiating the escrow ... and in this instance, it's important they pay the *entire* escrow fee - in most cases, it doesn't matter much, but I have a feeling they're playing games ... you don't want to be get stuck owing escrow.com money; yes, technically escrow.com says they'll go after the party that backs out, but in reality, don't count on that ... cover all the bases - and really, if they're offering $100K or whatever, they can afford an extra ~$1K or so.

In a nutshell, sit back and respond with little more than "open an escrow at https://www.escrow.com/" and leave it at that.

Good luck

Ron

The first solid advice in this thread

tungsten · 02-22-2005, 10:28 PM

Quote:

Originally Posted by Ron Bennett

Don't play their games ... tell the buyer to open an escrow at escrow.com with the *buyer* paying *all* escrow fees.

It's important that the buyer is the one initiating the escrow ... and in this instance, it's important they pay the *entire* escrow fee - in most cases, it doesn't matter much, but I have a feeling they're playing games ... you don't want to be get stuck owing escrow.com money; yes, technically escrow.com says they'll go after the party that backs out, but in reality, don't count on that ... cover all the bases - and really, if they're offering $100K or whatever, they can afford an extra ~$1K or so.

In a nutshell, sit back and respond with little more than "open an escrow at https://www.escrow.com/" and leave it at that.

Good luck

Ron

great advice

02-22-2005, 08:35 PM	#1
wimpy Confirmed User Industry Role: Join Date: Jan 2003 Location: Cali Posts: 607	Domain broker wants commission from both seller and buyer? This guy's broker is back: http://gofuckyourself.com/showthread...hreadid=228679 I declined his prior offer with "sorry, not interested in selling." Now his domain broker is back with an offer that is into 6 figures. Domain broker is trying to work both sides of the fence. He told me that buyer is paying him 10% commission, and he wanted me to also pay him 10% commission. I thought that was pretty shady. I am considering offering him a generous commission on the amount that is over 100K. Ie, no commission on the first 100K, then 25% commission on anything over the first 100K. I think this company will go 250K at least. Do you think I am on dangerous ground here? I mean, could offering a commission to the broker (who asked for a commission) put me in danger of ICANN seizing the domain and giving it to the buyer? It does border on my trying to sell the domain to them, but then again, they approached me at every step, I'm just responding. btw, my response to the 100K offer was "sorry, not interested." __________________ Fyodor Dostoyevsky wrote: "Every man has reminiscences which he would not tell to everyone but only his friends. He has other matters in his mind which he would not reveal even to his friends, but only to himself, and that in secret. But there are other things which a man is afraid to tell even to himself, and every decent man has a number of such things stored away in his mind." icq 8243657

02-22-2005, 08:37 PM	#2
Steen2 Confirmed User Join Date: Feb 2004 Location: Vancouver, Canada Posts: 7,662	Broker playing both sides is nothing uncommon imo, although sometimes he/she pisses one/both sides off and things turn to hell. __________________ ICQ: 2262.73945

02-22-2005, 09:18 PM	#4
Steen2 Confirmed User Join Date: Feb 2004 Location: Vancouver, Canada Posts: 7,662	ICANN doesn't seize domains btw. If you have some time, read here: www.wipo.int __________________ ICQ: 2262.73945

02-22-2005, 10:20 PM	#6
Ron Bennett Confirmed User Join Date: Oct 2003 Posts: 1,653	Don't play their games ... tell the buyer to open an escrow at escrow.com with the buyer paying all escrow fees. It's important that the buyer is the one initiating the escrow ... and in this instance, it's important they pay the entire escrow fee - in most cases, it doesn't matter much, but I have a feeling they're playing games ... you don't want to be get stuck owing escrow.com money; yes, technically escrow.com says they'll go after the party that backs out, but in reality, don't count on that ... cover all the bases - and really, if they're offering $100K or whatever, they can afford an extra ~$1K or so. In a nutshell, sit back and respond with little more than "open an escrow at https://www.escrow.com/" and leave it at that. Good luck Ron __________________ Domagon - Website Management and Domain Name Sales

02-22-2005, 09:15 PM	#3
smashface Confirmed User Industry Role: Join Date: Sep 2002 Location: San Francisco, California Posts: 991	Hire an attorney with Domain/IP experience to represent your side and let him take care of it. This broker doesnt appear to be representing your best interests.