Yinan Wang the buyer of DomainNames.com received an update from Web.com. They actually called him on a Friday night. They say domain name should never been listed for sale nor can be transferred, there should have been a registrar lock.
Just an update:
A vice president of Web.com gave me a call last night, he told me he would like to appologize for this matter personally (I do appreciate his attitute). And he mentioned that there was a technical issue in their system, this domain name should never been listed for sale nor can be transferred, there should have been a registrar lock. But they have to reverse this domain name to their control and he talked about compensation suggestions. I told him that I prefer to talk about this via email and he told me he would send me an email. But I didn’t receive any email yet, maybe this is weekend.
And Netsol issued the refund today, I paid $2,600.98, they refunded $2596.99, and didn’t refund the $3.99 netsol hosting plan which attached to this DomainNames.com purchase.
I’ll seeking opinions from lawyers, and will update later if there’s any news.
Again, thank you for all the kind helps you guys have given me!
It wasn’t a ‘technical issue’ — it was ‘human error’ for not having the registrar lock turned on. This is a prime example of Web.com management mismanaging its own assets. Any shareholder of Web.com would be displeased to know that this is how a company he or she owns manages its assets.
Beyond the shareholder value malfeasance, the ethical and correct thing for the company and the VP to do would be to honor the transaction in full to the benefit of the customer, not the company. The company should recognize that it should take away a ‘lesson learned’ here about safely guarding its assets via enforcement and quality control of its asset pricing policy, procedures, and processes. The VP should have called you to own up to this and tell you that, while Web.com greatly regrets its error, it is going to do the right thing, honor the transaction, and put the domain name back into your account for your control and use as the new, rightful registrant of DomainNames.com.
Bringing a domain name lawyer into the picture makes good sense here.
I second that!
https://www.thebalance.com/understand-the-bait-and-switch-scam-38480
After laying down hard earned cash,and may I say any cash laid down may have gone to another domain which is now sold to another person.Yes I had a few of these at godaddy too,they sell them using a domain value tool such as godaddy/afternic new super duper get your own value tool gyov.com after a human sees its a boo boo sale ,they reverse it and say ,this hardly ever ever ever ever happens ,when in fact it happens all the time on the buys and sells.These sales have to be instant and soon as they hit your account ,transfer them the hell out of that register,right away
It does happen all the time – I lost even after having paid for it – it’s bad business and they keep getting away with it all the time…
They brush you off like it’s some rare event when it is common occurrence … you wast your time searching for names to bid on – you get one and they don’t look like the price … oh I’m sorry that was a mistake
DomainNames.com for only $2600 is highway robbery to me. I will buy it for that any day of the week. Definitely human error along the line somewhere but the sale SHOULD have been pushed through.
Why sale should push through??? This is not justified to other interested parties. Buyer should have confirmed twice. This is very common at Godaddy. They cancle the “buy now” transactions, all the time.
As an experienced domain investor, be mature enough to understand and acknowledge the facts and dont runt about it. You should understand what is fair value.
To correct this, Netsol should auction this name on namejet and get over with it.
Just give the current buyer $1000, if he/she wants to bid.
You are delusional it’s not fair to other interested parties if there had been another interested party they would’ve already made an offer. Wtf?
https://www.thebalance.com/understand-the-bait-and-switch-scam-38480
A sale is a sale,I was a floor broker on a futures exchange and guess what if you as a broker -ucked up an order you ate it.The broker assumes risk in return for compensation a commission,thats why the domain industry is still a joke people talk about values like its too good to be true ,so if you end up getting it at the price you bought it at then maybe you will end up getting it.,and if you don’t that don’t complain because it was too good to be true anyway. You are a joke
@Nik, are you kidding?!! The whole purpose of domain investing is to buy low and sell high. This buyer thought maybe he’d get lucky with this deal. Maybe he thought people were sleeping that day and he was getting a bargain on a great domain.
Your idea of you should know fair value is ridiculous. That goes against the very concept of domain investing. Based on your principle, no one should make a huge profit – they should always be paying or buying fair value.
No.
Not well thought out moments… Best to think before you write.. There is no set value on these domains, and you sound antagonistic to the domainers here… Think of both sides and balance out the answer to this issue..
I just bought ROAD.COM, TOUR.COM, TOURGUIDE.COM and VISIT.NET from the DOMAIN.COM domain registry.
They added the PRIVACY and 2 YEARS and I only wanted the 1 YEAR without privacy so they refunded me $71 upon request while on the telephone.
I received several emails stating the domain purchase had an error and did not complete the process to contact them to receive assistance with correcting the error.
I read about a domaines buying a Domain.com website last week and then the registrar contacting the and taking the name back.
A lot of domaines were kind of tiffed at that deal.
It has happened to me too.
I received confirmation from them stating the domains were purchased.
Of course I was elated. Then I contacted them and the emails came claiming error…
I looked the names up and they are registered on go daddy / whois…
I have heard a lot of mistakes with these large companies recently between COINBASE and VISA double billing their sales.
Exchanges being hacked of millions of dollars.
The exchanges are paying back the losses and other compensations.
What is the industry thought about my purchasing the domain names from a registry when they are not available for sale?
Should I be compensated for the registries intentional or unintentional recklessness of not updating their system?
My son is a realtor and he can’t sell a home that does not have a clear title, so what about the domain names?
My son can lose his license for trying to sell a property that is obviously not available for sell without clear title.
I thought you might have some thoughts… I bought the domains in good faith while searching other names on the Domain.com sit, and it showed they were available, so I hit the purchase buttons and added a credit card and paid for them…
Im a little peeved because this same company is the one that sold and took back the other domainer’s purchase last week.
Anyway. Any thoughts? Im talking to a lawyer… This domain knows it has had issues already and can’t just sell domains they do not own or have available and they are responsible for what they sell.
No different than real estate market…
Thank you
Nathan
Sorry, it wasn’t the same company as Network Solutions.. Sorry for adding that part incorrectly…
People are on crack thinking netsol should “honor” the price. Give me a break. It was obviously an error. The buyer and everyone else knows it. I’m going to “honor” a price if i make an error and forget to add a zero. Sorry. People make mistakes and expecting something for virtually nothing is pretty shady.
That should say I’m not going to honor the price..
At least one commenter here must be on crack.
Good to know you support these practices, class act.
I’m not a broke ass loser desperate to take advantage of an obvious mistake. I’ve had buyers who made mistakes and added zeros..did I hold them to it? No.
Hope you aren’t referriing to me as the desperate loser, because you really do not know what or who you are speaking of. If I made an error on my platform then I would honor it. And I basically give my domains away at my prices never selling any brands over a grand because I am not desperate for money. I built over 2K sites so money ain’t a thing to me . I can afford to move domains cheap and not bully people for 50-100K for dumb names that the New King has been getting over at DM just because someone showed a little interest in the name.
You would give away $100,000 if you made an error? All errors have limits.
Not a broke ass loser? you seem like you are a man of dishonor guess what people pay for their mistakes in life and who’s to decide what is a pricing mistake on the pricing of the domain name? I guess a lot of people could play that game.
That’s why I have been online since 1999 coding and good luck finding one bad review on me anywhere. People like yourself is what is destroyed the domain industry. I put who I am in my signature, I don’t hide and play games behind the scene making comments. I let you know who I am while out getting things done for dozens of companies every week beside running my own half dozen companies. And no way Rick would stand for that error IMHO.
A deals a deal ,go out and buy 100 shares of apple to add to your portfolio now you have 200 shares ,oh no the price is falling 20 bucks, don’t worry just call ” goscottytrade.com” tell then you made a mistake you meant to sell 100 instead of buying it, no problem mr assSwipe we will just reverse that a take the loss
Whether it was a mistake or not is irrelevant.
What the law says about consumer protection counts.
If you choose not to honour a sale, you better be sure the law is on your side
So, what is the point of anything since there will always be human error?? What is the point of having a marketplace if they can just reverse any transaction for any reason??
Your justification of Netsol’s decision pretty much takes away the integrity of the domain aftermarket.
We buy at $8 and want to sell at thousands, so I lose your point of wanting something for noting? Please think about the buyer too, not just the company… Exchanges re paying 400 to 500 million dollars to make up for hacks of crypto… What is the difference here? If a domain registrar messes up, why should the not need to have sometime insurance to cover their losses to such damages? we need to realify this discussion and support one another in this deal…
If you make a pricing error at GoDaddy or Sedo and decide not to honor you are suspended to banned, so it doesn’t work the same for everybody. Fuck this industry it’s dirty and it’s on the decline.
Employees need “TOS”☑️
Bait & switch need “TOS” ☑️
Clean Hands doesn’t need “TOS” ☑️
What’s to stop them from cancelling any completed sale in hindsight? The sale was completed and paid and domain in account. Done. Too bad for them if their automated process screwed up, they should have a better system to protect their valuable names. Why should the customer pay for their gross oversight?
Godaddy takes the money and does the refund, all the time on “buy now”, due to such and many other types of mistakes. go to next…thats it.
He should get the domain, he bought it fair and square.
WEB ‘s “human error” is totally BS and not his problem, and how the f do we know it is human error.
If the buyer is Rick S the Domain King or to an attorney, do you think they will take back the domain?
Some of the comments here are plain stupid. You have to be accountable for your pricing. It is funny to see those schlepping for net sol. soulless scumbags.
🙂
I am sure they are assembling a team right now to write bad reviews. Just know I worked for many the agencies with a deep backgrounds in dozens of niches and verticals. I am not dogging Net Sol, but I am saying if I made the mistake I would have had to live with it. Then on to the next flip but like my original comment is that it probably WAS a human error which is incorrect on valuation. I am not out trying to war with anyone just saying what I would have done myself.
bullying tactics by WEB
I can also sense that racism plays a role here and if the buyer is Rick Domain King or some other big shots like Michael from thedomans or John the attorney, do you think Web will take back the domain?
if there is a pricing error on big screen TVs at best buy or walmart , do you think they will take back the TVs…hell no-
I see no racism here… that’s a bit of color… But a man that understands the business and refuses to take a back seat to the powerful registrars is kind of a domain hero but nothing racism… I mis that point completely… Wow.. interesting for sure…
NetworkSolutions had the right to reverse the transaction of the erroneous sale until they had the domain ownership. When they have transferred the domain to a new buyer, the domain ownership has changed hands. NetworkSolutions is no more the owner of the domain. Therefore, taking back the domain ownership from the new buyer without his consent is nothing less than stealing the domain. They did not have a legal right to the domain when they grabbed it from the buyer.
NetworkSolutions have demonstrated that when the domain registrars think they have rights on any domain, they can straight away take the domain from the registrants. The registrants are owners only for namesake. The real owners are the registrar who can take any action on their own will. This action shows that all the domain registrants are running a risk on their domains. Their domains are not safe.
The buyer should take legal action to get back the domain. A positive outcome for the buyer will send a message to the registrars that registrants are the domain owners and not the registrars, so they cannot take anybody’s domain at free will.
Lots of gray area in the domain Industry. I don’t like it, but that’s just the way it is unfortunately.
The domain Industry needs to regulated better. I’ve been saying this for years!
Background check for employee?
Whois clean hands?
Whois bait and switch?
https://www.thebalance.com/understand-the-bait-and-switch-scam-38480
Interesting article – It was a mistake as I stated in my first post, the Pricing Error part definitely is something Net Sol has to back them. Soon as I seen the price I knew it was a 6 Figure all day.
Not the first time this kind of mistake happened, Google has mistakenly. sold Google.com, and Microsoft has mistakenly sold Hotmail.co.uk. Both got back their domains.. https://amp.businessinsider.com/this-guy-bought-googlecom-from-google-for-one-minute-2015-9
If errors are in the TOS, as much as it sucks, there is nothing that can come of it.
human error. enjoy wasting money with lawyers. that is a newb move.
You learn that at namescon? lawl.
Y’all are missing the bigger issue…
One role of a Registrar is to protect the Registrant’s rights in a domain name by keeping it safe… especially from mishandling by the Registrar. yes, I know all about “New Ventures Service Company” but they are still a separate entity that is the rightful Registrant of the domain. These things happen, this isn’t new…
Consider if your portfolio of names were at NetSol… Now think about what would happen if NetSol screwed up and sold one to someone, regardless of the price – You, as the Registrant, would be pissed. Also, you, as the Registrant would have a serious case against NetSol for breach of their duties… Put simply, the rights of the original Registrant are superior to any claim a “buyer” could possibly make in these situations – as it should be. if it were not that way, why would anyone ever trust keeping their domains at such a Registrar?
Was that a joke? You must be kidding, second of all NVS is apart of the same umbrella company. Domain commentary is at an all time low.