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Friday, August 20, 2010

Buy Owner Files For Liquidation But Takes On New Clients

Buy Owner, a broker-free service for individuals who would like to sell their home without hiring a REALTOR, has filed for liquidation.  They have filed for a liquidation of the company as a whole in attempts to keep the business up and running rather than liquidate individual assets;  however, it's unclear at this time if that will happen.

It's my understanding that the basic concept of Buy Owner is to charge sellers an up-front fee to advertise their properties on the BuyOwner.com website and to assist them in completing the sales contracts.

In the article written by The Palm Beach Post and republished by the Florida Association of Realtors, Philip J. von Kahle, managing director for Michael Moecker & Associates, which is the assignee for Buy Owner, is quoted as saying, "The phones, as far as people interested in the service, remain very active, and we are signing up new clients everyday."  So the business is being liquidated but you're still taking people's money for a service which may not be around in a few months.  To me, this sounds like greed.  I wonder if they have told any of their clients that they are liquidating the company.

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