My experience with RFS and Mark
I attempted to purchase a bread route business through routesforsale.net. I gave them a deposit of $16,000.00 The purchase was contingent on obtaining financing. I tried with my bank, financial brokers and the sellers in house company purchase option. Didn't get a...pproved. So I requested my deposit back.
The agreement I signed stated that if there was a dispute between the seller and myself, that we had to go to arbitration. I reviewed the contract with my local attorney. I had every right to get my money back. I can provide all proof that I fulfilled all my duties as a buyer. Traveling to Wisconsin, training, applied for financing etc etc. I can even provide that the broker informed me that I WOULD get my deposit back if I couldn't get the purchase financed. I reviewed these events at arbitration. However the arbitrator Mark Aubin decided to go against the contract. For reasons unknown and reasons that can not be provided.
I have spoken to several Tampa attorneys. They all say that this was WRONG. I even ran the matter by a retired judge in the area Judge G.H. They all agree this is wrong and harmful. This is why I am advising people to not sign a contract with an arbitration clause. Even if you are legally in the right they can get you. This cost me 16k and neither the arbitrator or broker would stand up and provide a reason for the ruling. I even agreed that I would move on if they could give me a reason for the outcome. They could NOT. They are not legal bound to refuse the reason. “Good arbitration should provide a reason for the ruling” came as the words from every lawyer that I've spoken to.
I did notice that the broker and seller tried twisting the idea that I “no longer wished to purchase the business” which if true would be fine, but I COULDN'T get it financed and under the purchase agreement in section 4 I should have been covered.
This has caused a great amount of suffering in my family. To get back the stolen deposit back that was LEGALLY ours we now have to spend money to get it back. Absolutely insane.
Stay away from brokers in which you can buy a business yourself and stay away from arbitration!
I now have less than 90 days to fight this matter under FL law, but the fact that I have to is crazy.
I say the broker and arbitrator should get together on providing a reason for the ruling. I WOULD move on. If not vacating the award is my best shot and providing all evidence that I can.