I've been bidding on this auction at Flippa for make-my-own-house.com. It had no reserve disclosed and no BIN.
Bidding went to about $74K, but the site didn't sell because it didn't meet the reserve. Fair enough. I moved on.
Days later I get an email from the seller saying that he'll sell if he gets $185K. Whoa! That's more than double what the market is telling him his site is worth. And how did he come to that valuation? Answer: He knows someone who's willing to pay him that amount (but, you guessed it, doesn't have the cash in hand to buy right now). So would I like to buy it for that price instead? Yeah, right. After all these years in the business these stories of (phantom) buyers and valuation "experts" who happen to be short on money .... I just shake my head and sigh.
As an aside, I'd like to mention that in an email exchange he threatened that if I use his name, Larry Angell, or his website name in any way on these forums he'll seek "legal redress".
Anyway, if I had known his expectations right at the start it would have saved me bothering to investigate and bid for the bloomin' site. Any suggestions for how to suss this out at the start? Given a non-template site in Flippa and a lack of disclosed reserve, is there a way of judging whether the seller is a reasonable one who'll accept the market price ... or someone with lottery millions flashing in front of his eyes?
The reasons given for sale don't seem to help - it's largely bullsh*t and even when there's some element of truth in there you can bet that it's being dressed up to given the impression that the site needs to be sold (i.e. "I'm willing to accept the best the market can offer"). In this case the listing gave that (somewhat false, to me) impression:
Obviously it's not the case that this site had to sell, it was possibly simply a fishing venture to see if everyone else agreed with him about how valuable his site was.Selling this site will prove to be the dumbest thing Iíve ever done in my life.
The problem is that I have poor health. I had a heart attack 5 years ago and my health has been in a state of decline ever since. My wife, 3 kids and I are moving from our home high in the mountains of Idaho to the Oregon coast where the climate is better. We have a substantial amount of medical bills and back taxes to pay off before we move.
But are there any signals in an auction listing that the seller is suffering from my-little-baby valuation syndrome? If there are it would save buyers a lot of time as it's not a five minute job to form an opinion about how high to bid on a $xx,xxx site. It's takes a fair bit of research.