I was reading Ray Hackney’s article on TheDomains.com as well as the NamePros thread regarding DomainNames.com. Although it was later reported that the domain name was listed for sale in error, there was some talk about it being a pricing error. Some discussion then centered around whether a seller should be able to rescind a sale in the event of a pricing error.
There have been quite a few times where I inadvertently mispriced a domain name and was fortunate to catch the error before a sale was made. In fact, last week when I was repricing some of my names, I noticed one was priced at $230 instead of $2,300. I caught it in time, but it could have been frustrating for me had it sold for $230.
My company owns around 500-600 domain names. When I list them for sale with BIN prices, I am very careful to double check the prices. When I am on Afternic, I tend to add the floor price first because if I miss a 0 on the BIN price and it is lower than the floor price, Afternic will not let me post the listing. Even with a smaller domain portfolio, I can make errors, and I am sure others with larger portfolios can make errors, too. If I were to put a LLL.com domain name on the market for $25,000 and accidentally price it at $250, I would hope to be able to cancel a deal because of an obvious pricing error. Of course, if I was buying a LLL.com domain name for $250 I would hope the deal would go through!
I am curious what you think… should a seller be allowed to cancel a deal because of a pricing error?