Several years ago, I closed a deal worth around $10,000. The deal went smoothly. A couple of months later, I had acquired two domain names I thought the buyer would want, and we agreed to a deal worth close to $30,000 (as I recall). We agreed to the deal on a Friday evening and were going to transact on Monday morning. The following Monday, the buyer let me know he had reconsidered over the weekend and backed out of the deal. It was disheartening and frustrating.
One takeaway from this experience is that I try not to close deals on Friday if they can’t be finalized before the close of business. I don’t want to get excited about a deal to have it fall through on the weekend. Having gone through a buyer backing out several times, I feel like this happens more with small business owners than larger companies. I guess I don’t have enough experience with this type of thing to say that conclusively, but that is what it seems like.
Have you ever had a buyer back out of a deal before?
I think 100% will be the poll results on this one.
It happens. Recently a person said they could meet an $8k ask price, spoke to them on the phone and they required 10 days to gather funds; this was 60 days ago. However with corporate entities that I’ve communicated with they always follow through it may take a week but if they say they’re going to buy they do .
More of this to come with newer generation, they commit first, figure out how to pay later, more flakes than ever just throwing around their offers.
Only once. Buyer backed out of 10k deal. Fast forward a year later I sold the domain to someone else for 16k. I never count the dough until it’s in the bank. If a buyer fails to follow through sucks but I’m a very patient seller and prices only go up as time goes on.