Buyer Beware: On Bodis.com a $100 Domain Turns Into A $1M Domain After Its Bought

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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!

Regards,
Jackie Parkinson
Bodis – Our domain is your domains
Phone: (877) BODIS-44 ext 802
Email: jackie@bodis.com
Skype/AIM: JackieBodis
Web: http://www.bodis.com

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:

“”Section V

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.

It sucks.

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.

 

Comments

  1. says

    “Section V” looks pretty rock solid…I’m sure there is a attorney out there that would take 35% to represent the buyer and file suit against both the domain seller and Bodis.com for $1M+ damages, etc. (and ram Bodis.com’s TOS section V down their throats)

  2. says

    Not sure what you don’t understand, the domain is still hosted on the platform and listed for sale now for $1,000,000 after the seller failed to honor their obligations.

    The domain is listed under privacy at Godaddy.com so we don’t know who the dead beat seller is but Bodis does, they need to publish the name of this guy

  3. says

    Isn’t this the same story about that poor kid that sold a domain regarding chatcam…, he sold to someone and then back out and sold to someone else?

    Anyway, I can see SHARKS circling on this lawsuit right now..fresh meat, fresh blood…

    You better have a good attorney standing by…Bodis

  4. says

    “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.”

    The seller should be outed by BODIS and it is off the hook that they would continue to represent the domain and BENEFIT from the sale! If they protect the seller, BODIS is the one that will end up LOSING $1 Million not making $1 Million. They should be INSISTING that the seller go thru with the transaction not helping this little WORM relist and benefit from it. That’s crazy!! And it smells!

    SHAMEFUL!!!

  5. Louise says

    Domainers suffer a poor public perception because of shenanigans pulled off because of 0 regulation. Who holds these “market places” accountable?

  6. Paul Omego says

    The management of BODIS can say anything they like to hide their face,but It is very clear that they are not a reliable platform for domain business if they can still allow the owner of the domain in question to continue to list the domain on their platform..

  7. says

    I think this is a problem with domaining today. I have seen this before but never wrote about it. I think that Bodis and Matt have fixed the problem but the seller whoever it may be it a douche. If your going to list the domain for sale with a BIN, You the seller should honor that BIN.

    Some People do not have the integrity or respect for other people. Bodis has something nice but they have to weed out the bad one just like everyone else.

  8. says

    Bodis isn’t technically an escrow company either – they have no licensing that I am aware. So everything is “legally binding” ? That’s probably true. Did you file a legal grievance in China yet?

    Bodis is just another operation that skirts with all legalities because they can, because domainers are cheap. We do escrow for less than anyone! Yes, because you don’t file any audits, apply for licensing, or actually operate as an escrow company.

    In their defense they are no better or worse than the majority of domainer businesses. Are we really going to look up to Sedo as the good guys, @Alan?

  9. says

    @MHB

    Why would you buy it? You’re basically willing to give the owner a $100 for spending $1 (I’m sure it’s a coupon buy). This doesn’t prevent the problem of poor TM names it encourages it!

    I can think of a name I’d register right now for $1 if you want to pay me $100 for it.. and it would be well worth it too. Trust me!

    Send me an email and I’ll we’ll do a deal.

  10. says

    Hey I didn’t buy the domain

    someone else did, check out the comments to the original post.

    Believe it or not (and you obviously don’t ) I’m on my 7th year looking out for you guys the domainers who get screwed over

    The domain and the price are irrelevant; its the process, the system that is important.

    The domain and the price are irrelevant

  11. says

    Yeah, I noticed that after the fact. Sorry, sometimes my brain doesn’t process everything the way it should – I missed the transition from “he” to “TheDomains”

    Perhaps the buyer should email me@unknowndomainer.com :as I have a great one to sell him (you might still be interested though – unless it’s a honeypot!)

  12. says

    Seriously what is wrong with you people, MB giving attention of the buyer of this domain who got screwed and they deserved to get screwed, just like the original registrant does is beneath you.

    I have to say you domaining bunch have hit a new low, you guys are arguing over a very unique baby name, that has ZERO MARKETING VALUE! You cannot profit off it, and KAYNE will never pay you a dime for it.

    Sorry to say this story, the buyer, seller, and the author ARE ALL IDIOTS!

  13. todd says

    This domain is shit. A first name, middle name, and last name in the domain. I wouldn’t give you registration fee for it. Could it be worth something without the middle name in it. Absolutely, but the middle name makes this domain absolutely positively WORTHLESS! The guy that bought should be happy he got his hundred bucks back.

  14. says

    It really is the principle that Mike is getting on Bodis about. Is this a TM domain that will get taken at UDRP very quickly? Yes it is. This domain will never get sold off to an end user, be it Kanye, Kim or Kim’s “Momager”. It’s UDRP and possibly a judgement for cyber-squatting. Don’t believe me, ask the people who have been ordered to pay millions in fines from Facebook typos by a federal judge.

    Regarding Bodis, if you’re the owner of a monetization platform you have to enforce all of the rules for everyone. You should provide transparency to everyone and it’s a zero sum game to short-change anyone for financial gain.

    For everyone that’s being critical of Mike, again, the point isn’t about it being this domain. What if it were something that isn’t a case of domain squatting? Something that goes viral and is in the public domain, for example Planking.com, Tebowing.com or something as silly as a term coined when a squirrel runs across home plate during a baseball playoff game, as with the Rally Squirrel. I own RallySquirrels.com and if I had listed it for $500, sold it and then decided to back out of a sale when I found out that the “Rally Squirrel” was going to be on the Cardinals World Series Ring, well I deserve to be booted from that platform. That platform should then support the buyer by providing the documentation they may need should they want to take legal action to force me to sell the domain. The rules protect everyone, not just some of us.

    Mike is doing the right thing here, he really is.

    Also before I get accused of self promotion, RallySquirrels.com is not for sale. ( Unless you’re a squirrel )

  15. todd says

    It states in their TOS

    V 5.7 Bodis may seek legal remedies, including breach of this Agreement.

    -So they basically give themselves the right to seek legal action at their sole discretion. They “May” or “May not” but that is up to Bodis.

    V 5.10 Bodis reserves the right to return a domain to seller, and/or refund the money to buyer, or reverse a transaction at any time and for any reason at Bodis’s sole discretion.

    -Here they are basically saying that “We make the rules, it’s our company and we can do whatever we want whenever we want and whoever doesn’t like it can go elsewhere.” This is taken right from their TOS.

    I agree with you Michael that this sucks and companies should be accountable but unfortunately it states in their TOS that they can do what they will if they so choose. Unfortunately it has to be worded like this to cover their own Ass because domain owners are fickle and will back out of deals on a regular basis. This is an easy way for Bodis to release liability. I am sure if we read Sedo, Godaddy, Afternic etc……..I am sure they are all worded the same.

  16. John G. says

    Garbage. Move on people. The seller got butthurt because he was not able to turn a meal into a mil. Flipping domains is very hard.

    On the other hand the money did not reach the seller, plus the TOS of Bodis reserves them the right to cancel anything anytime. Go watch Baywatch or something!

  17. gunterpril says

    Great post!!!

    Unfortunately Michael you don’t abide by this belief either. Yea I’m calling you out on it. I emailed your company several months back about a certain domain and I have the documentation to prove it. Basically you had a name LISTED on DOMAIN TOOLS for a fair price ($x,xxx) that I was willing to pay for. I clicked to be taken to your BUY NOW page and was told to then submit an offer. Offer? Why would I need to make an offer when you had a BUY NOW price? In any event, I submitted my “offer” of the display price that you advertised.

    I then got back a response back from your team telling me that the price is NOT valid! So understanding this logic, you basically rope people in and manage to qualify them by tricking them into thinking that the price for the domain is the actual price (real classy Mike). I certainly didn’t expect sleazy tactics like that coming from you.

    In any event, I moved on and purchased another domain that suited my needs. The point of my story is that, we appreciate the post by I think I felt this needed to come out. I still have the all the proof and screenshots if you don’t believe my story. So you may want to add your company also to your “Beware list”.

  18. says

    OK so lets do this thing

    First of all until 1 month ago I had NO domains listed for BIN today now I have around 5K domains listed at $4,988.

    Second of all, I don’t have any control over what DomainTools put on their site, we do not advertise on domaintools.com or ask to be listed there.

    It seems DomainTools pulls data from Sedo and Afternic’s MLS/DLS program.

    All 75,000 domains are listed on both Sedo and Afternic with a MAKE OFFER with a minimum.

    A Minimum make offer is not a BIN priced domain just because you offer to buy one of our domains at our minimum doesn’t mean we are going to sell it, its a Make Offer

    THEY ARE NOT FIXED PRICED domains like the BODIS name.

    All our domains are listed through Sedo on Godaddy.com as well, unfortunately do to their system they look like they are at auction with a $5K minimum but again those domain are MAKE OFFER not BIN priced.

    Moreover you didn’t buy the domain and send us money, you just made an offer on it which we rejected or countered

    If you buy one of our BIN domains that we have recently list for $4,988 then we are obligated to sell it for that amount we would not increase the price after you PAID for it

    Got It.

    See the difference?

  19. todd says

    @gunterpril

    In Michaels defense DomainTools.com aggregates for sale listings from many different marketplaces onto its own site. Michael himself did not put it up for sale at Domaintools.com. When domain tools pulls in the information it is not in real time or updated on the fly so you may see something with a buy now price but when you click the link it could take you to a page that has a make offer or some other totally different price than the one you see before you click the link. So a seller can change the price on the landing page a thousand different times but if the info is not updated in real time you will never know what it was changed to until you click the link.

  20. gunterpril says

    Sorry Todd that’s a terrible excuse. You can’t obtain the benefit of calling yourself a fair market place when you cause buyer confusion. At the least the syndication partner should NOT allow any pricing whatsoever if the owner is not willing to honor it. Try doing that with Google Adwords and see how long your ads last.

    Market places need to be accurate to allow for demand side opportunities. If name prices are in constant FLUX, then why bother showing a BIN price if you’re not going to honor it?

  21. gunterpril says

    Well I have all the emails (FEB 13′) and the screenshot which specifically gives a PRICE!! I am more than happy to send this over to you.

    The price conveniently changed to not show a price after I initially contacted your company about wanting to buy it.

  22. says

    When the Buyer for $100.00 BOUGHT the domain and it was sold…case closed. In real estate transactions, if a BUYER agrees to buy at the list price, and BUYS (by paying for the agreed purchase or BUY price), the deal is HIS. We have had Sellers take higher offers after a property (intellectual or real) and lost the case in court.

    Some attorney should take this case on a percentage basis because it’s worth $1MM to him/her and the Buyer.

    John Tyler
    Norton, MA

  23. gunterpril says

    @John Tyler

    No John! The case is NOT closed because Bodis never entered into a legally binding contract with the owner to sell the name. List /advertise perhaps, but not to sell on behalf of the owner.
    The mistake was that Bodis purported to have the authority from the owner by collecting monies.

    My argument is that Mike Berkins listing mislead me into thinking that the price was accurate, complimented with a BUY NOW link. The sales listing was misleading.

  24. gunterpril says

    Sedo not so much because they manage the buyer’s expectations. GD/TDNAM to a point but also somewhat flawed. I say keep the listing and get rid of any price NOTICE unless you really mean to sell it, and use your syndications to only field out interest. “This domain is for sale CLICK HERE to inquire” or whatever.

  25. says

    Gunterpril:

    Only time will tell which of us is correct. I’m betting that the lawyers don’t care who has the deeper pockets of the two..that name is the Buyers for $100.00. Only way we will know is if Domains.com keeps us informed..and that’s likely.

    Coffee on me if your conclusion trumps mine. :)

    John

  26. todd says

    “Sorry Todd that’s a terrible excuse. You can’t obtain the benefit of calling yourself a fair market place when you cause buyer confusion. At the least the syndication partner should NOT allow any pricing whatsoever if the owner is not willing to honor it. Try doing that with Google Adwords and see how long your ads last.”

    @gunterpril

    I am not making an excuse I am stating a fact. Domain tools pulls in information that they are not in control of to help benefit buyers and sellers. I can’t count the number of times that I have seen a name on Sedo for sale with a buy now price but the person who listed it doesn’t even own the domain anymore and sometimes it has dropped back into the system and you can pick it up for reg fee. Is Sedo accountable for all the domains they have listed at their site that aren’t for sale anymore because the old owner didn’t update the information and remove it from their account?

  27. says

    This is typical, unfortunately.
    SEDO did the same damned thing to me last week. I bought and paid for a name with a clearly set BIN price and SEDO took my money.

    The buyer made some excuse to SEDO and told them they did not own the name, which is completely suspect because it is in their SEDO parking account as well. No, this is not one of those “residual parking after a transfer” things, these guys added the name to their account just recently and set a BIN.

    So… what does SEDO do? NOTHING. The cancel the sale, keep my money for a week until I screamed about it.
    But do they cancel the Seller’s account? NO.
    Does the domain get removed from their parking account even? NO

    WTF? This is wrong.

  28. says

    and @gunterpril…

    I challenge you to show any evidence whatsoever that Mike reneged on a Buy It Now price on a domain. You’d be wise to just stop while you’re behind, because the more you get into this, the more ignorant you are going to look.

  29. todd says

    “Only time will tell which of us is correct. I’m betting that the lawyers don’t care who has the deeper pockets of the two..that name is the Buyers for $100.00. Only way we will know is if Domains.com keeps us informed..and that’s likely.”

    @johntyler

    Why would a lawyer take on a case of a domain that is absolutely worthless and gives them no chance to make any money?

  30. says

    Todd:
    It’s all a moot point as this is brand new information about a reneg on a BUY. I had about 100 accounts on SEDO. My BUY PRICE was posted. If the BUYER made a bid of less than the posted BUY PRICE (which I doubt), then the Seller(like me) would have the right to come back at another price other than my list, and not sell if I don’t get my price. I don’t think (but can’t prove) that this situation is that the Seller told their carrier to sell at $100.00 and it was accepted and paid for. That is a binding Agreement, and that is why attorneys will be all over this.

    I had to kill every last domain name that I own on SEDO to re-do my pricing, or – if anyone gave me the BUY price. my Agreement is to sell at that price. If I failed to do so, my fanny would be in court, and I would lose the case. To avoid that situation, I cancelled all domain names with SEDO.

    Now, it’s off to do some business, so you guys can have the last word, and the real last word will come when the Buyer owns the domain or $1MM form the Seller (or whatever amount the Seller ultimately sells the name for)or from his authorized domain seller – by Agreement.

    With great respect for all remarks posted,

    John

  31. says

    Even that I am not a fan of Bodis and it’s strange past (namepros) I have to say that this:

    ““”Unfortunately, the seller has had to cancel the sale. ”

    happens at Sedo hundreds if not thousands of times a year.

  32. says

    It happens that a domain is purchased on a BIN price and the seller refuses to sell and the domain is still for sale on the platform for 10X or more the price.

    If so just send over example i have no problem calling the big boys out

  33. says

    BODIS is not a licensed Escrow company in any state in the US.

    Buyer beware?

    This Agreement shall be governed and interpreted by the laws of Shenzhen, China.

    Anyone here a lawyer with local Shenzhen knowledge?

    Bodis is a domainer platform and parking company. Emphasis is on low commission not on buyer protection. Does bodis have proper escrow accounts? Do they have guaranteed liquid assets? Insurance coverage? Financial bonding?

    I don’t know why we’re surprised. They’re a parking platform that still allows traffic arbitrage.

  34. domain noob says

    @webroker,

    $0 – reg fee. If it was just the first and last name, maybe worth something, but not with the middle name. Plus, I highly doubt Kanye or Kim would be interested in that name. They could easily pay premium for Caidence.com, or CaidenceWest.com if they really wanted it.

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