I can buy a domain which according to majestic seo has 110 referring domains with 14000 backlinks. The backlinks are rubish and spammy and the domain has no google rankings for the anchor text keywords. The domain has excellent name for the product I want to sell on it(buy+product name.com), so that's the reason I'm thinking about buying it. Another option is to buy a new domain with worse name.
I'm pretty confident that I can get new quality backlinks and rankings for the domain. My question is, if I buy the first domain, wouldn't the spammy links mess up my rankings?
In the past, Matt Cutts suggested sending a Webmaster Tools message after you've cleared all the old content, describing your purchase and confirming that you want the backlink history set to zero. There have been some threads here in the past about this action being successful.