I would like to know the answer too. Anyone here know what is the answer. I'll do some Googling and get back to you if I got an good answer. You should email the people at 123 reg as they probably could give you an answer..
Should be quite an interesting experience. Good luck on the sale...
I believe some old fashioned people just don't trust online. Would be interesting to.
Hear your report...
My father still hasn't come to grips with electronic cash. He still can't understand how cash can be transferred online...there are more technophobes in this world than we know..
Perhaps it's the same with this guy...
One more thing, If you see three suspicious looking men in black suits and wearing black glasses be prepared to run..
Same with my dad. He doesn't want to pay his bills online. He prefers to drive to the counter and pay by cash/card..
The furthest my dad has gone is using phone banking, to check his account balance...
Yea Dave, one of the guys I did a face to face with turns out to be a really great guy and we talk all the time. And he paid CASH!!!!! gotta luv that!..
I live in beautiful Amish country, Lancaster, PA. If anyone wants to offer me $50k for a HostGator and come for a face-to-face, I'm more than willing to oblige. I'll even throw in a free Amish quilt and a shoe-fly pie. Cant beat that..
You don't have to be 'old fashioned' to not make $XX,XXX deals on the internet, and offline deals are not something 'new', and what does it have to do with 'violence' or the 'mob'?.
Is this a school playground or a place to discuss business?.
I'm really amazed, hope the buyer doesn't read this. I think that you are afraid of him because you are like 18 year old and are not used to deal with adults..
Keep your head on your shoulders, and relax!..
Imagine getting a briefcase full of cash. I'd be worried that it might not be legit funds or maybe they'll come after you with a gun after the deal's done to get it back. Maybe I've been watching too many movies!..
Sounds like a great way to know your really doing business..
Your being careful which is great. keep it that way and everything will go fine..
Tell us all how the deal goes down..
Here, we like to mix business with pleasure...and a bit of skepticism.....
I wouldn't even accept a cashier's check because of the high incidence of fraud. And if it's fake, you'll be the one that the bank will blame...
When I do nice deals like yours, I also do a fair amount of research into whom I'm dealing with. Back trace his full name, e-mail address, mailing address, and phone numbers; see what pops up on coppernic..
Nice one, good luck and enjoy the moment...
I can understand him.. what's the problem, just meet him..
First call to arrange it and then meet - I'd recommend bringing a lawyer and signing a contract in that case. That will sure remove all his doubts and your money will be secure as well..
If the deal is in 5 figures - it's worth the expense.
Edit: just read the previous posts, so you're doing it allright.. congrats on the sale!.
After reading every post on this thread, I still don't understand exactly how the deal will go down. Anyway, here's exactly how I would do it. Some of this may sound a little paranoid, but you can never be too careful IMHO..
1) Retain lawyer to prepare a contract. Meeting and transaction details are explicitly described in said contract..
2) Specify in the contract that by the time of the meeting, buyer will have wired $50,000 out of his bank account into a new bank account at the banking center you are meeting at. The contract will include that the bank must contact you once this account has been set up and funded..
3) Buyer must approve and sign contract prior to meeting..
4) Meet buyer at the bank with the lawyer who prepared the contract..
5) Pay an off-duty police officer to be at the bank during the meeting. It would only set you back $200 or so and he doesn't have to interact with anyone. He can just stand somewhere nearby..
6) Buyer pulls $50,000 cash out of the new account and places it into your lawyers hands..
7) You take your laptop and push the name into his registrar account..
8) He checks to make sure the push is complete and verifies this.
On the contract..
9) Lawyer places the money into your hands and you immediately deposit the funds into your bank account. Ask the bank manager beforehand to assign a specific teller to take the money into the back and verify that it is not counterfeit..
10) Ask the teller to copy the deposit slip, give a copy to your lawyer with the account number blacked out and mail the other copy to you..
11) Verify in writing that the money has been paid in full and then copy the contract for the buyer..
12) Shake hands and give the buyer a list of all your other domains for sale and go out for beers (or coffee) to give him time to look it over. Who knows... maybe he will grab a couple of your other names while he's still in town...
Briman's well thought-out suggestions above are fine, only I think hiring an off-duty cop is a little over-the-top for a business transaction at the bank... and I don't understand why cash needs to change hands. Funds can be transfered electronically, instantly, with the assistance of the bank..
Reading the other posts about the thugs and black briefcases and guns, all this paranoia sounds like you're selling a large batch of cocaine.....
I can relate to a tax-free business trip to the beautiful British Columbia. As good a reason as any to come and do the deal on location..
As long as you have the details figured out and make the deal at the bank, should be quite an enjoyable day..
Really, I don't think you need a bodyguard for this....the buyer may get second thoughts if he sees you're surrounded by knuckle draggers. Wondering what kind of people he is dealing with and about the HostGator name's legitimacy....
I'm sure you can find out about the buyer and his business in advance, in order to make up your mind about whether he is legit or not, then just enjoy making business!.
Maybe he is paying with 50,000 Frostys from Wendy's... Like in the commercials. Talk about liquid assets.....
Money will be wired from his account to mine but everything will be pre-arranged with the bank as my lawyer has now taken on the duties of finalizing payment matters when he arrives. (which a date set has still not been determined).
Tell you the truth from hearing half the posts in this thread so far, there are alot of extremely paranoid people, I have done my research on him, he is 100% legit, a founder, President and Chief Executive Officer of a massive mining outfit based in the us, and he has now told me twice that this deal could have been done over the phone/computer but found this as a great opportunity to come see Northern B.C. and I don't live in the city, and when I told him where I lived he requested to come and do the transaction in person. So I really didn't find it to off. Flying into YVR (vancouver intl) than connecting from YVR to me via float plane, and along the way you get to see some of the worlds most beautiful outdoors, I think I would jump on the opportunity if it came along..
Anyways, and as for this post :.
Where did you ever get the idea that I was afraid of him? or that is was a 18year old kid?.
You know people like you should seriously read all that has been posted before making a post of your own. And Regarding the "MOB" style stuff, just having a little fun, and if you couldn't see that any of that being posted was not serious...
Anyways, thx to all that have posted useful and helpful information so far, I will definitely keep this thread updated as the sale progresses..
The trip to Canada is no big deal as it may cost only $200. plus lodging. Can't see why that is so much of a deal closer as the guy could jump on a plane any day for a weekend. Even little old ladies are making the trip on tour buses for a weekend to gamble in the Vancouver casinos...
I second this opinion..
I had done almost the same way when I was dealing 100 LLL.mobis with a buyer at natwest bank in London earlier this year..
Remember, dinner is on the seller. And not the #2 combo meal..
Since this is such an obvious win/win deal, and everyone closes with a smile on their face....
Didnt you say the fishing had picked up this last week or so..
Show him a couple of your fav fishin holes..
Anyways, like I said, have fun..
Edit:I forgot to add....
So I'm sure you know enough by now to know he's legit, and whether or not he likes white wine with fish...
Sounds like the guy wants to take advantage of a tax-break and do things a little different. What's the big deal? This is the old-fashioned way of doing business when you would do it face to face. The Internet etc is ruining this age-old tradition imo...
Using your attorney and wire transfer of funds in advance is an excellent idea....
Is that the OJ GLOVE in your NP icon ??.
It's odd, but if that's what the buyer wants and everything is safeguarded on both sides, why not?..
Making the post here about the paying to be done in cash, kind of seals yor fate with the taxman don't it?..
It might be good to meet this individual, especially if there is the potential for further deals down the road. Building a relationship with someone who can buy domains in the mid xx,xxx range can't be a bad thing...
Haha...good way to do a deal.
Although I can't get the image of a gun to the head sort of scenario out of my mind.
Let us know what happens!..
I think the CEO of a big time firm should have no problem getting the company (who he is obviously buying this for) to spring for the trip and write it off for the taxman..
Don't see why it should be a problem if you're doing this via the bank and with your lawyer..
Just treat him nice after, won't hurt to show him around, take him out etc, people in senior positions have a lot of friends and one good experience gets you more business that a lot of advertising, best piece of advice I saw in this thread. (The budding film director's post was cool too...)..
Seriously, this is one of the funniest (and most informative) posts on NP. I never knew there were so many paranoid people here...or wait...I'm one of them too!..
Jp, I was only saying that declaring the big cash sale will pretty much seal the sellers fate to honesty regarding the taxman..
Its very true, one must be careful and deals do go bad, not that this situation is any different than any other HostGator sale. Every HostGator sale should be looked at for security issues...
So.. any update on this, how did it go?.
Arrangements still being made (travel arrangements) He is being picky regarding weather and being able to take a week off of work and coordinate things with his family, his kids are now back in school and he wanted to bring his two older sons with him..
I will keep everyone posted..
Not trying to rain on the parade, but that ^ smacks of "excuse" more than it does "reason". I hope I'm wrong..
I assume you have agreed on a price ....
If so, direct him to Escrow.com to create a free account and then do the transaction that way. Walk him through the process, but stay in control and focused at all times - he's likely seeking guidence / reassurance that he's making a good purchase..
If he's unwilling, then likely he's wasting your time ... or likely having serious doubts - don't wait too long to close the deal - get the cash in-hand / escrow asap..
I wonder if he is a member....
Now that would be funny..
I know someone that flies out to buy domains & websites quite a bit, good way to get a little vacation and the travel is a business write off anyway, not the most common practice but I know a few people that still like to deal face to face and get a little vacation in the deal as well, when you work from home 100% why not take an occassional trip, good luck on this being legit and closing a deal...
Yeah, lets hope not, but nevertheless I have not disclosed any key information regarding this deal (ie names,exact amounts, dates etc) But from what I gathered from the buyer he is not a reseller nor does he purchase domains in any way for profit..
Thanks for the on going information from everyone, some has become quite useful.