www.flippa.com

www.flippa.com Review

Report Filed: www.flippa.com Charging commissions/finder’s fee even when no sale occurred. Australia Internet!!

About one month ago I found an online business for sale in flippa (deal flow section). Letter of intent (LOI) was signed, and in it there was a Termination of negotiation clause also. After evaluation we determined that this was a very risky investment for us and therefore we terminated the negotiation. Apparently Flippa never removed the commission/ finder’s fee from my account. This is like going to see the house and if you didn’t like the house for any reason you back out of a deal but the agent is forcing you to pay the commission. I informed them that the transaction never occured therefore you cannot charge commission. But they are unwilling to remove that fee from my account. They are giving some excuses that they cannot remove the fee. But never showed me a written terms or policy on the finder’s fee. Total rip off. They are charging commission even the sale didn’t occur. It is a business decision to back out of the deal and they should respect that according to LOI. Then are not following LOI contract nor they have any appropriate policy for charging finders fee. It is not only unfair but is illegal to charge commissions if transaction never occured. I hope some one does a class action law suit on this entity for unfair and illegal practices.

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