BrokerageIndustry News

Foxtons listings go to highest bidders

Bankruptcy judge OKs sale of listings contracts
Published on Nov 1, 2007

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by CareyBot

Consumers who enter into listing agreements with real estate brokerages are contracting for generic services that can be provided by any brokerage firm, and are not establishing a personal contract with an individual agent.

That's the view of the judge handling the Chapter 11 bankruptcy filing of Foxtons Inc., in allowing the company to auction off about 4,300 listing agreements in New Jersey and New York to the highest bidder.

Maplewood Homebuilders LLC snatched up the lion's share of the listings, about 3,000 properties in New Jersey, for $100,000, plus a 10 percent referral ...

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