Buyer Beware: On Bodis.com a $100 Domain Turns Into A $1M Domain After Its Bought
Yesterday we wrote about domain names related to Kim Kardashian and Kayne West’s rumored baby’s name and pointed out some recently registered domain names, who owned them and what was being done with the domains.
One of the domain name we pointed out was kaidencedondawest.com, which yesterday was registered under privacy and listed for sale at Bodis.com
Yesterday, after reading our story one of the readers of TheDomains.com went to the domain, bought the domain name which was listed for a Buy it Now (BIN) price of $100 and paid for the domain.
Today the reader got this email today from Bodis:
“”Unfortunately, the seller has had to cancel the sale. ”
“Your account has been refunded.”
“Sorry for the inconvenience and thank you for using Bodis!
Just to be clear the buyer had paid for the domain yesterday.
Today he was refunded.
After he received the email from Bodis.com, the buyer noted that the Buy It Now price had been raised to $1,000
Several minutes later the buyer wrote TheDomains.com and let us know that the price had been raised to $1,000,000
Yes the priced of the domain, on a buy it now basis was raised from $100 to $1,000,000 in less than 24 hours.
We reached out to Bodis who informed TheDomains.com that they did not own the domain name and the domain was listed by a client who refused to transfer the domain.
In response to an email we sent to Bodis about the matter, Matt Wegrzyn the CEO of Bodis said:
“”‘The domain that was listed for sale is not owned by our company. ”
“We are a parking company that lists domains for sale on behalf of our customers (similar to Sedo, and other parking/market companies). ”
“The seller simply refused to go through with the sale & transfer the domain so we have no choice but to cancel the transaction.”
“We only act as the escrow agent between the buyer & seller.”
“Hope this explains it.”
Well IMHO the explanation is not good enough.
A marketplace has to stand behind the transactions both from the buyer side and the seller side or it ceases to be a marketplace, it loses all credibility and that is all a marketplace has.
If a domain is listed on a buy it now basis and a buyer buys the domain and makes payment then the platform needs to make sure the domain is transferred to the buyer at the listed price.
Anything less than that is not acceptable.
We understand that a a platform can’t hold a gun to a seller’s head to make them transfer a domain but they certainly can and should immediately terminate the account of the defaulting seller, like a defaulting buyer and do everything in their power to make sure that the person who refuses to follow though a transaction is barred for life from the system yet even after our emails and a phone call with Mr. Wegrzyn, the domain name kaidencedondawest.com is still on Bodis’ system and continues to have its new “buy it now” price of $1,000,000.
The default of the seller on the transaction is clearly against Bodis own rules and TOS which state in part:
5.7 The transaction will be complete when Bodis has received payment from buyer…
“All purchases and transactions are legally binding agreements. ”
“Once the buyer has agreed to terms during the purchase and made a payment for the domain, then there is no way to undo the transaction.”"
Apparently unless the Seller just decides the don’t want to honor their obligations.
Bodis response to the matter in my opinion is not satisfactory.
If people are allowed to list their domains at a BIN price and not follow through with the sale, at the very least the platform should publish the name of the dead beat seller and bar that person and any company they are associated with from the platform as either a buyer or seller, forever and they should immediately remove all domains in their account from the platform.
The fact that this domain continues to be hosted by Bodis.com with a new “Buy it Now” price of $1,000,000 is nothing less than shameful.