BrokerageIndustry News

Foxtons listings go to highest bidders

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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 fee for listings that close. The listings will be marketed by Century 21 Atlantic Realty, a Roselle Park, N.J., brokerage. Brooklyn-based Fillmore Real Estate was the high bidder for roughly 1,300 listings in New York, which it paid $110,000 for plus the same 10 percent fee on commissions the listings generate. Foxtons announced Sept. 26 that the company had terminated 350 of the company's 380 employees, and file...