LiewCF.com

My friend, Weilian, always wanted to have an DSLR camera. One day he was approached to sell his not-so-famous-low-pagerank domain name.

Here Weilian shared his experience on selling domain name for a Canon EOS 450D DSLR camera, which worth over $800 USD.

A guy approached me somewhere in March asking me whether I would like to sell my domain name COSMOPARK.COM. I ignored his email thinking it was just a “prank call”. Moreover I didn’t see the need why I should sell it.

I was approached for the second time in mid July by the same guy asking for the same thing. For a second thought, hey, maybe I could trade Cosmopark for a Canon EOS 450D.

The buyer and I exchanged a few emails to bargain and to finalize the payment method. Finally it was settled but there were a few problems…

1. What if the buyer pays me the amount but I refuse to transfer the domain name?
2. What if the buyer got the domain name and cancels his payment and I get nothing?

Although this was not big money, we needed to take precautions too. The solution was to use Escrow.com.
There are 5 steps to protect both the buyer and the seller in Escrow…
1. Buyer and Seller Agree to Terms
Both parties agree to terms of the transaction, which includes a description of the merchandise, sale price, number of days for the Buyer’s inspection, and any shipping information.

2. Buyer Pays Escrow.com
The Buyer submits an available payment option. Escrow.com verifies the payment. Processing time varies by payment method.

3. Seller Ships Merchandise
Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information. Escrow.com verifies that the Buyer receives the shipment.

4. Buyer Accepts the Merchandise
The Buyer has a set number of days for an inspection and the option to accept or reject the merchandise.

5. Escrow.com Pays the Seller
Escrow.com pays the Seller by the method selected by the Seller. The transaction is complete.

One thing I hate Escrow is… it is very very slow in processing its actions such as verifying the buyer’s credit card payment, the merchandise inspection period and releasing the money to the seller. These actions should be done in minutes, not days.

Well, the whole process took almost a month to complete. Finally I got the Canon 450D. I codenamed it “Cosmopark”

Tags: domain, domainname, money

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