Foxtons May File For Bankruptcy???!!!

September 28, 2007

According to some reports Foxtons a New Jersey based real estate firm may be filing for bankruptcy. Foxtons were well known in New York Metropolitan area for selling homes for as little as 2% commission, while traditional brokers ‘ fee in the same are is about 6%.

Foxtons Young real estate agents where often attracted by the monthly salary as well as use of the company car and some other benefits offered by Foxtons. But no more. Foxtons announced to release 350 of their 380 employees.

When selling your home through a real estate agent, generally two agencies are involved in the transaction, the sellers broker and the buyers broker. The traditional fee is generally divided on 50/50 split basis. While Foxtons have attracted many sellers by their low commission, other Realtors may have avoided showing properties listed by Fostons because of the low potential income.

Category Posted in Real Estate News

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Las Vegas Realtor 10 months ago 1 point
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Is that a Mini Cooper? Kind of small for a real estate car. In this market, I'm sure the monthly salary probably was very tough on the company. We really haven't had any real estate companies go bankrupt, but quite a few agents have left the business to do other things.

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