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Meth on property doesn’t mean rescission or damages

Goldiluxe bought property from Abbott  for $140,000 without seeing it, relying on a property inspector’s report and a real estate agent’s video. The property included land, with a house, a cabin and three mobile homes.

Goldiluxe paid $50,000 down and gave Abbott a note for $90,000. A few months later, the police raided the property and made arrests for meth-related crimes. Goldiluxe’s owner visited the property and found two mobile homes on the property to be junk.  She had the two junk mobile homes removed from the property and moved one new mobile home onto it. Goldiluxe continued collecting rent for another year after the police raid, eventually falling behind on mortgage payments to Abbott.

To stop the foreclosure, Goldiluxe got an injunction, and also asked the court Read the rest of this entry


It ain’t fraud if you know better

Owning a business is the dream of a lot of people, but buying a business can be a nightmare. To facilitate the process, business brokers attempt to hook up sellers and buyers, and they know that getting a worn-out seller with a naive buyer is a very tricky endeavor that often goes sour before or after the sale.

Everybody knows that nobody wants to sell a gold mine, but they do want to put the best face on what they’ve got to sell and make a plausible story for why the owner wants out. Often the sale is due to the “owner’s health,” which can mean just about anything. Sometimes, the seller or the seller’s agent pooh-poohs the scant income on the tax returns, implying that the business throws off a lot of cash that never gets reported.

Business brokers run the full gamut from extraordinarily knowledgeable and helpful to pure cosmeticians. There is one business brokerage firm that I love to work with because of their expertise and integrity–the Kingsley Group, in Springfield, Missouri. Read the rest of this entry

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