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Bought site on Flippa.. Need advice on completing deal

by 110rivington
10 replies
Hi everyone,
I'm a newbie on this forum and appreciate all the info as it help me purchase a site on Flippa. I was planning to use escrow for the transaction however the seller is asking that I use paypal instead. This will help him tax challenges in his country. Deal is over $15k.

I have had some hesitations going through paypal especially after reading advice in this forum. The seller has suggested that money be transferred in installments according to a payment plan that I would be comfortable with.

That said, even if I transfer over the payment in installments, any thoughts on how I can protect the first transfer and not lose the money?

Also, this is a revenue generating site, at what point would you say is fair to assume control of the site and all sources of revenue? At the first installment or once all funds have been sent to the seller?

Looking for advice on how to keep the transaction safe and fair for both parties.

Thanks guys!
#advice #bought #buying #completing #deal #flippa #site
  • Profile picture of the author Mike Hlatky
    Does the seller have some history? I would be very cautious of this deal.

    Bottom Line - Use Escrow.
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  • Profile picture of the author Talltom1
    Why are his tax implications your problem? Your obligation here is to yourself, and maximizing the safety of this transaction for yourself.

    I think you offer to make full payment through escrow, and he turns the site over to you. He also deals with his tax issues himself. Anything else starts to smell badly.
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  • Profile picture of the author stoltingmediagroup
    Maybe it's just me, but your entire question consists of several key items that in my opinion really should be inked in an agreement.

    I.E. "at what point would you say is fair to assume control of the site and all sources of revenue?"

    It does not matter what we think is fair. This is something both you and the seller should know and agree upon before one penny is exchanged.
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  • Profile picture of the author sbucciarel
    Banned
    You stand to lose $15 if you do NOT use escrow. Is that an acceptable risk to you? His taxes are not your problem. Don't do it.
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  • Profile picture of the author Spree Ads
    Banned
    Clearly a scam though.
    main question why would you even bother to care about his taxes?
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  • Profile picture of the author avajo71
    Use escrow if you buy expensive site.
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  • Profile picture of the author willmfftt
    The advice I've always been given is if it costs more than your comfortable losing then use escrow. If you don't mind fighting something over paypal and potentially never seeing a dime of your own money again then go ahead and use it. But I don't know many people who would be comfortable losing 15k lol
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  • Profile picture of the author seobro
    Please use escrow. I ended up after the auction was over... had to pay even more money. These were fees for installation and set up. Funny, this was never included in the final price. Most of these clowns just want to take your money. Try to keep your eyes open. Sadly, on FLIPPIN Flippa I have had a lot of poor experiences. Yeah, as in me becoming even more poor.
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    • Profile picture of the author ajwilliams
      I would be suspicious since the seller is in another country. You have no way to recover over international borders without spending a ton of money. BTW, what country is this. If it is in the mid east, no no no!

      Escrow is the way to go. To hell with that tax argument. It does not hold water. Check his Paypal history to see how long he has had an account there and how many completed transactions he has had. Do this only to see who he is. Then use escrow to complete the transaction and be sure to have a signed agreement to go with the deal before releasing any money into escrow.

      In fact, with 15 thousand dollars at stake, I would be seeing an attorney to make sure you do it right the first time. you might not have another chance. Your instincts are right or you would not have come here asking for advice on this. Do yourself a favor, see a lawyer as much as I hate to do that myself.

      A J
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  • Profile picture of the author SoloAdMonkey
    You have to be careful on Flippa, if the seller won't accept escrow there is usually a reason. Especially when you are willing to pay the fees there isn't any excuse. Look for a seller with a good history who will accept escrow. Also look at their past sales and see how the websites they sold are doing now.
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