Hello,
I've received numerous bids to purchase my interests in CO, that are generally all in the same ballpark, however one bid by Blackriver LLC has been more than double the largest of the others. Has anyone else done business with them? Are they a broker, a flipper, or a true mineral interest investor? I can find little info on the web about them. Can they be trusted to follow through with the purchase?
Thanks so much,
Jerry
You can google them and learn as much as if I did so I will not comment on that part. In general they could have made an error in their offer and will rescind it. They could be doing a bait and switch too. Send out a high, non binding offer just to get a conversation started. Did you contact and talk to all the companies that sent lower offers? Probably not. Sending a wow offer which the company then seeks to negotiate down is common. Roughly equivalent to the old pushy salesman foot in the door. I must also say there is a possibility that it is a genuine offer by a company that isn't bargain hunting. You can't make money off of minerals before you own them.
As for any company following through on a purchase? You need a solid contract, not what amounts to an option to buy for the buyer, Then, you have the right to sue as in any other business deal.
As long as my title wasn't clouded, I wouldn't sue if the other side backed out unless the amount I stood to gain in enforcing the contract was considerably more than I could get elsewhere, like more than $50,000 than I could get elsewhere. Lawsuits have aggravation/nuisance cost, to you.