I recently purchased Status2k on a sitepoint auction. It’s the first time I’ve ever bought a site and it’s definately a learning experience. After my winning bid was excepted the sale proceeded very rapidly (a lot quicker than I was expecting) over msn chat.
Getting some reassurance
Before sending $10,000 to someone I’d never met I wanted to get a feel for who the seller was and that they were genuine. This explains the first part of the interaction.
Ian: Hi. Vlad: Hello Ian Ian: So how do you think we should do this ? Vlad: Well i did a lot of similar deals and it's pretty easy Vlad: You pay us 50% we transfer the files Vlad: Pay the other 50% and we transfer the domain Vlad: So this way you are protected and we are too Ian: OK, that seems fair... Vlad: Great ... Ian: I would also like to get contact details so that I know where my money is going i.e. a telephone no. Vlad: You will pay via paypal right ? Ian: If I can, I don't know what there upper limit is. Vlad: Doesn't have for me , but depends from account to account yeah Ian: I'll take a look, can you provide contact details ? Vlad: what kind of details you need ? Ian: I'll need your address and a phone number, if that's ok ? Vlad: I'm not sure i d enjoy giving out the personal stuff online Ian: I can't send that kind of money without knowing exactly who it's going too. Vlad: I understand Vlad: But take it like this Vlad: How could you verify Vlad: If i wanted to scam you, I'd get a prepaid card, invent an address and how could you verify if it's legit or not ... Ian: Let me have a think about it, not feeling comfortable sending the money. ... Vlad: Would you like to see my trader profile ... Ian: It would be good to see trader profiles, yes. Sorry Vlad but I just need to be sure. Vlad: I perfectly understand you Ian . ... Vlad: here hxxp:// Vlad: one of them Ian: I'm feeling a bit better about this now, a good profile. Vlad: Thank you Vlad: I'm a member of hxxp:// too Vlad: You can type in my email to lookup for my profile Vlad: Or at ... Vlad: Feeling more comfortable now Ian ? Ian: Definately, shall I make paypal payment to <removed>
Sending the first half of the payment and receiving the files
As a buyer this is a difficult part as you’re just receiving a bunch of files without really knowing if they’re going to work when you get them. However Vlad offers to keep the site hosted whilst I get set up, so the sale proceeds.
Vlad: No Vlad: My paypal is <removed> Vlad: Yeah only thing is we have to pay fees Vlad: Usually buyer pays fees Vlad: but we can do 50/50 i guess ... Ian: OK, I'll pay fees this time you next ? Vlad: Yeah Vlad: Let me know when you paid i'll transfer you the files and then the domain Ian: It'll take me a while to get the site up and running is that ok ? Vlad: Well i'll give you everything, you can take your time we'll still host it Ian: payment has been sent. ... Vlad: Great Vlad: Okay Vlad: You have a server with cPanel ? Ian: I use webmin, put I'm pretty techy so getting it setup shouldn't be a problem. Vlad: Okay Vlad: So if i provide cPanel logins and ftp you can handle ? Ian: I think so yes. Ian: What's the url for cpanel ? ... Ian: OK, how do domains get sent ? Vlad: Create an domainsite account Ian: creating it now. Ian: OK, account is created. ... Vlad: Uploading now the archieve Ian: Thanks. Vlad: Meanwhile get your Account Code from your domainsite account Ian: <domain site account code removed> Vlad: Sweet Ian: How's it going ? Vlad: it's done ... Ian: OK, I'll send the money now. Vlad: Nice Ian: Sent. Vlad: Received Vlad: Domain has been sent Ian: Cool, will it just appear, let me check. Vlad: Yah Ian: Will it still point to the same ip ? ... Ian: Right. Ian: Lot's for me to do. Vlad: Yep Ian: I hope not to bother you too much in the next couple of days. Vlad: It's okay Vlad: I don't mind helping ...
And the good news
In part 2 I’ll write up more of my experiences of transferring the site to another server, email problems, dns problems and a few other suprises I wasn’t expecting. However the screenshot below shows the sales coming in, a huge sigh of relief.
My experience buying a site on sitepoint
[...] My experience buying a site on sitepoint I’ve written my purchase of a $10k website at auction on sitepoint. I thought people here might be interested if you’re a bit lazy like me and would rather buy income than generate it from scratch. Anyway here it is My Experience Buying a $10,000 Website on Sitepoint (Part 1) | Ian Purton [...]
Link | November 11th, 2008 at 5:35 am
Paul
Wow Ian! I think you took a risk there. Consider:
You send $5K - buyer disappears
You send $5K - you get files - you send remaining $5K - buyer disappears and retains domain
Risky! I’m assuming you didn’t use contracts?
But I’m glad it all worked out for you. I think this is a really interesting post, by the way, and I look forward to more like this. It’s good to see how other people operate.
Paul
Link | November 11th, 2008 at 5:44 am
Ian
Paul, No I didn’t use a contract, although next time I’d like to have one in place.
Link | November 11th, 2008 at 5:49 am
Paul
I know that Sitepoint sell a contract aimed specifically at website sales, if you’re looking for one. Are you planning on buying/selling more sites? Nosey aren’t I!
Link | November 11th, 2008 at 5:55 am
Ian
I will buy more sites and my experience here has probably altered the way that I would do it.
I’ll take a look at the contract from sitepoint, thanks Paul.
Link | November 11th, 2008 at 6:01 am
Vlad
Great everything turned out well Ian. I am pretty sure we will do business again.
Sincerely,
Vlad
Link | November 11th, 2008 at 7:48 am
yumthis
If you are willing to buy some other sites, I have several personal projects I am forced to sell fast. Let’s talk, maybe you’d like some of them. I realize this is an odd message, so I can add “no payment until everything is transferred”.
Link | November 13th, 2008 at 1:52 am
FlipMy.com
Anything over 5k I will run through escrow. Fortunately you weren’t burned this time around.
Link | November 16th, 2008 at 6:05 am
MyOrbit
Hi Ian, I am very glad that your transaction completed safe and sound, but $10k was not worth that risk. Because I have seen cases where the transaction did not complete.
To be fair, there are also many good sellers who will do the extra steps to make things fine. Still, I would really urge you and everyone to use Escrow next time when its more than what you can afford to lose. cheers/Shankar
Link | November 25th, 2008 at 11:15 am
Giles Dawe
I don’t think you should apologise for asking his contact details, I think it’s a British way of going about things…but this is business!
I’d gone with Escrow, let him send you the files first and then pay money in full to get the domain sent over after.
Normally he’d pay the fees too, since his preference is Paypal…I could of been the middleman on this and saved you a pretty penny!
Link | April 16th, 2009 at 11:02 am