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Well I also think the fact that non-Foxton realtors would direct their clients away from their listings because of the 3% commission didn't help either.
I'm a realtor in New Jersey and I'm not surprised this happened. I think the founders of Fopxton came up with a great idea. The problem started when the market began to slide. Their customer service was awful and that comes into play in this market. Real Estate is easy when putting the sign on a lawn sells a house, but, when you have to work and be inovative, you start to see people disappear. For all of those 350 people that got laid off, come on over, we're always looking to expand.
My broker passed on some info to us today re the Foxtons shutdown. The head counsel for the Real Estate Commission in New Jersey states that as a Foxtons listing, you are legally bound to remain as their listing until until Foxtons files for bankruptcy, which as of my writing, not done yet been done, or until your listing expires. Once Foxtons files for bankruptcy, the determination of how the listings will be handled, will be made by the Bankruptcy Court Judge.
There isn't much you can do as a homeowner at this point except consult your attorney, try to contact Foxtons and demand an UNCONDITIONAL RELEASE from your contract. But, you can't sign a listing with another real estate broker until they release you from your contract and mark the property as Withdrawn on the MLS. If a homeowner trys to sell their home independently, as FOR SALE BY OWNER, Foxtons could bring legal action against them for their portion of the commission.
I also learned that Foxtons is attempting to sell its inventory of listings to the existing brokers in New Jersey as a “package.” It's really quite sad. As a homeowner, you should have the right to choose who you want to market your property. Furthermore, Foxtons has been taking listings as recently as one week ago. The whole situation is horrible, and I'm hearing some real horror stories from people who HAVE TO SELL their house immediately or face foreclosure, due to bad divorce situations. These homeowners signed with Foxtons with the understanding that they were signing with a stable, salient company. They should simply get releases from their contracts and have the opportunity to move on with their realtor of choice. It's quite sickening.
Last edited by SheSellsNJ; 10-01-2007 at 04:33 PM..
Reason: Weird font commands in body of message that I didn't expect.
I have heard nothing but bad news about Foxtons. I used to use their site to look at homes when it was YHD forever ago. I once called up about a house and left multiple messages with the realtor and never got a call back.
When I had my own realtor we tried to look at a house that was listed by Foxtons and were never able to get into the house because apparently they don't use GS/NJMLS lock boxes. Guess what we didn't buy that house....
My broker passed on some info to us today re the Foxtons shutdown. The head counsel for the Real Estate Commission in New Jersey states that as a Foxtons listing, you are legally bound to remain as their listing until until Foxtons files for bankruptcy, which as of my writing, not done yet been done, or until your listing expires. Once Foxtons files for bankruptcy, the determination of how the listings will be handled, will be made by the Bankruptcy Court Judge.
There isn't much you can do as a homeowner at this point except consult your attorney, try to contact Foxtons and demand an UNCONDITIONAL RELEASE from your contract. But, you can't sign a listing with another real estate broker until they release you from your contract and mark the property as Withdrawn on the MLS. If a homeowner trys to sell their home independently, as FOR SALE BY OWNER, Foxtons could bring legal action against them for their portion of the commission.
I also learned that Foxtons is attempting to sell its inventory of listings to the existing brokers in New Jersey as a “package.” It's really quite sad. As a homeowner, you should have the right to choose who you want to market your property. Furthermore, Foxtons has been taking listings as recently as one week ago. The whole situation is horrible, and I'm hearing some real horror stories from people who HAVE TO SELL their house immediately or face foreclosure, due to bad divorce situations. These homeowners signed with Foxtons with the understanding that they were signing with a stable, salient company. They should simply get releases from their contracts and have the opportunity to move on with their realtor of choice. It's quite sickening.
So how does this affect NY homeowners? I'm assuming the same. We signed on with Foxtons 10 days ago to sell our Bklyn co-op apt. The broker gave us the whole sales pitch, giving no indication that the company was in trouble. He was fired last Wed. We've tried to call Foxtons with no luck getting past voicemail.
Foxtons is fantastic site together with Craigslist.org
Here is the tip, and maybe relief to 4,400 sellers who listing with Foxtons. As you may not know Foxtons has done the BEST photos on all their listing. As a gold medal winner of Million Dollars Club in 2006, I still have to say so.
Most realtors and I would not sell Foxtons' listing since it only gives 1% to selling agent, where as, most others give 2.5%. However, whenever I saw a great price listing at Foxtons not sold. I would place an annonymous ads at Craigslist to help the seller sold the unit by passing the wonderful Foxtons link.
From my monitoring, once the wonderful pictures link out, the unit normally sold within a week. There is NO exception so far. The only catch is that since Foxtons' service is not straight forword, and their website does NOT list the address, and that's the only thing that I need to include in the craigslist so that prospective buyers can still drive to the seller's home and see the the listing, and, of course, it will be sold.
Why? Foxtons normally UNDER listed the homes, so, if I were a buyer, I would buy from Foxtons' listing. For example, Foxtons has 2br 2ba condo at Society Hill Piscataway listing only $224,900 where as the 2br 2ba in the area selling $299,900 like The Commons just sold three, and Maple Grove so a few... Why their listings are below market price? Ironically, it is due to the fact, they pass the other 2% commission to the buyer as price cut ...
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Foxtons closing
Foxtons is fantastic site together with Craigslist.org
