This is an update on my first domain acquisition via the “buy it now” process at GoDaddy, as I talked to their support department again today.
GoDaddy confirmed that payment has been received, they also shed some light to some questions I had with regards to the process.
In a nutshell: the process takes “up to 10 days” to complete – it can take less, but not more than that.
During that time, they perform ‘due diligence’ on the domain’s particulars, ensuring it’s not stolen, that the seller has the right to sell it etc. Then, they ‘prompt’ the seller to surrender it, if he is to receive the funds, that is.
I explained that the process somehow takes away from the indication that the purchase via a “BIN” is instant; GoDaddy stated that the “10 day period” is in the T&C’s somewhere. Apparently, they do not just take the domain from the seller’s account, once they receive the funds.
I also opened a ticket to have the issue on record; any updates will be posted in 10 days, or hopefully, less than that.
No offense but I think you are being overly critical. BIN doesn’t imply instant. It implies no need to negotiate. The length of the time it takes to get into your account is almost solely due to how long the seller takes to initiate the transfer. It isn’t like the seller has your money either. Most of my transfers are completed within 3 days.
I’ve enjoyed your posts but take a look at your last five or six posts and tell us who pi$$ed in your wheaties.
Chris – I’m simply documenting a process that is far from clear to others that might be using it in the future.
Exactly my point: the process isn’t fine-tuned, because if the seller for whatever reason sits on their ass, I am still left without a domain and a credit card charge. GoDaddy should instantly take control of the domain, when it’s registered with them, and exchange it for the funds. Instead, I was told that the ‘due diligence’ that should have been done at the point of listing the domain, will commence now.
Nobody pissed in my wheaties as I don’t eat cereal. 😛 That’s my writing style, for those that have been reading this blog since I started it 5 years ago.
Well i have told you it does take longer than ten days depending on the circumstances, i think it is worth letting people know that you have 15 day widow to lodge a dispute once you have paid, i made sure i did this so it was on record for when i requested a refund