Who's In Your Pocket Now? The Foxtons' Bankruptcyby Blanche Evans
After blowing through approximately $62 million in private investors' money, plus another $40 million from Foxtons' CEO Jon Hunt, New Jersey-based "full-service discount" broker Foxtons North America declared bankruptcy on October 5, 2007. Foxtons' sellers who were still under contract were threatened with lawsuits by the company if they canceled their listings. Then, they were stuck with no service until a hearing on October 27, when a federal bankruptcy judge sold them like slaves to other brokers.
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There have been many discount brokerages over the years that opened in Central Ohio only to fold and cease to exist shortly thereafter. A court has now ruled that the listings belonging to a bankrupt brokerage are assets to be sold on the open market, regardless of the lack of service to or the complaints from the home sellers.
If you or someone you know are planning to sell your property, choose the brokerage and agent based on time in the business and experience not based on the real estate service fee.
Re/Max Affiliates has been operating since 1985 and I have 18 years in real estate sales, including the difficult to achieve certifications of “certified residential specialist” and “certified relocation professional”. You and your friends will greatly benefit by having a trained professional on your side.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
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