BOCA RATON, Fla. – Aug. 20, 2010 – The Buy Owner broker-free real estate firm, known for its familiar “Thanks, Buy Owner” advertisements, has filed for liquidation as the housing market continues to struggle.
The Deerfield Beach-based company will continue to operate with a reduced staff as a buyer is sought for its assets, which could include the purchase of the firm in its entirety, minus its debt.
“The phones, as far as people interested in the service, remain very active, and we are signing up new clients everyday,” said Philip J. von Kahle, managing director for Michael Moecker & Associates, which is the assignee for Buy Owner. “There is still a very valuable core business here.”
Buy Owner president and CEO Scott A. Eckert lives in Boca Raton.
The company filed last month for an assignment for the benefit of creditors in Broward County, which is similar to a Chapter 7 federal bankruptcy but in state court. As assignee, the Fort Lauderdale-based Michael Moecker & Associates, is responsible for maximizing the assets of the company so creditors can get paid.
Von Kahle said the combination of a down real estate market and a large Bank of America loan that recently required payment led to the liquidation filing. According to court documents, Buy Owner owes about $3.9 million to Bank of America, and $1.2 million in back pay to its executives, including Eckert. It has 33 shareholders.
Buy Owner, founded in 1984, charges fees to sellers based on how much exposure they want on its website, and what features, such as custom fliers or talking yard signs, they choose. It is free to buyers.
The company has franchises in Atlanta, Chicago, Dallas, Jacksonville, New Orleans, Orlando, Philadelphia and Tampa.
“I don’t think the company could scale down quick enough because it got so big,” said von Kahle. “It appears to me the loan from Bank of America was the straw that broke the camel’s back.”
A 2009 Florida Realtors report found about 10 percent of homes sold last year did so without the help of a Realtor.
Leyza Blanco, an attorney with Miami-based GrayRobinson, P.A. who is representing Michael Moecker & Associates, said she has filed a motion to allow for liquidation of the business as a whole, rather than its parts. Because Buy Owner is a service-based company, that could maximize profits, Blanco said.
“There’s not a lot of tangible assets that you can just take apart and sell,” she said.
Creditors have until Nov. 23 to file claims against the company.
Copyright © 2010 The Palm Beach Post, Fla. Distributed by McClatchy-Tribune Information Services
Friday, August 20, 2010
Monday, August 16, 2010
Wednesday, August 11, 2010
Early voting begins in primaries
Early voting begins in primaries
TALLAHASSEE, Fla. – Aug. 10, 2010 – Voters around the state began casting ballots Monday through Florida’s early voting program that continues for the next two weeks leading up to the actual primary Election Day.
Counties across the state reported a steady stream of voters showing up on the first day for an election that will decide highly contested primaries in the Republican governor’s race between former Columbia/HCA executive Rick Scott and Attorney General Bill McCollum, and the Democratic U.S. Senate election between U.S. Rep. Kendrick Meek, South Florida businessman Jeff Greene and former Miami Mayor Maurice Ferre.
“I think you’ve got a lot of turmoil, a lot of political attacks going on,” says Leon County Supervisor of Elections Ion Sancho, who predicts that turnout in Tallahassee will surpass the 31 percent turnout of the 2008 primary. “I think in terms of the primary itself, there’s a lot more attention.”
Heading into the primary, there are 4,601,771 Democrats registered in the state and 3,997,998 Republicans. There are about 2.1 million voters without a party affiliation.
Source: News Service of Florida, Kathleen Haughney
TALLAHASSEE, Fla. – Aug. 10, 2010 – Voters around the state began casting ballots Monday through Florida’s early voting program that continues for the next two weeks leading up to the actual primary Election Day.
Counties across the state reported a steady stream of voters showing up on the first day for an election that will decide highly contested primaries in the Republican governor’s race between former Columbia/HCA executive Rick Scott and Attorney General Bill McCollum, and the Democratic U.S. Senate election between U.S. Rep. Kendrick Meek, South Florida businessman Jeff Greene and former Miami Mayor Maurice Ferre.
“I think you’ve got a lot of turmoil, a lot of political attacks going on,” says Leon County Supervisor of Elections Ion Sancho, who predicts that turnout in Tallahassee will surpass the 31 percent turnout of the 2008 primary. “I think in terms of the primary itself, there’s a lot more attention.”
Heading into the primary, there are 4,601,771 Democrats registered in the state and 3,997,998 Republicans. There are about 2.1 million voters without a party affiliation.
Source: News Service of Florida, Kathleen Haughney
Friday, August 6, 2010
Forecasters maintain call for active hurricane season
FORT LAUDERDALE, Fla. – Aug. 6, 2010 – Government forecasters slightly reduced their tropical predictions on Thursday yet still call for a highly active season with 14 to 20 named storms, including eight to 12 hurricanes.
With the busiest stretch upcoming, the National Oceanic and Atmospheric Administration predicts four to six of the hurricanes will be major with sustained winds greater than 110 mph.
“The key message is that we can expect well above normal activity for the rest of the season,” said Gerry Bell, NOAA’s lead hurricane forecaster.
Meanwhile, Tropical Storm Colin was resurrected on Thursday and expected to either brush or directly hit Bermuda on Saturday. Then it was expected to curve out to sea without growing into a hurricane. The system briefly grew to tropical storm status on Tuesday and disintegrated into an open wave.
NOAA reduced its forecast a notch because it expected more storms to pop up in June and July, Bell said.
Because three named storms already have emerged, including Hurricane Alex and Tropical Storms Bonnie and Colin, NOAA calls for up to 17 named storms, including up to 11 hurricanes, to develop over the rest of the season, which ends on Nov. 30.
In late May, NOAA released an outlook calling for 14 to 23 named storms, including eight to 14 hurricanes. The average season sees 11 named storms, including six hurricanes.
NOAA cites three main reasons for maintaining a busy forecast: abnormally warm water in the tropics; a decades-long era of Atlantic hurricane intensity and the emergence of La Nina, an atmospheric condition that nurtures tropical systems.
Historically, the busiest stretch of the season is from mid-August through early October.
Copyright © 2010 Sun Sentinel, Ken Kaye. Distributed by McClatchy-Tribune News Service.
With the busiest stretch upcoming, the National Oceanic and Atmospheric Administration predicts four to six of the hurricanes will be major with sustained winds greater than 110 mph.
“The key message is that we can expect well above normal activity for the rest of the season,” said Gerry Bell, NOAA’s lead hurricane forecaster.
Meanwhile, Tropical Storm Colin was resurrected on Thursday and expected to either brush or directly hit Bermuda on Saturday. Then it was expected to curve out to sea without growing into a hurricane. The system briefly grew to tropical storm status on Tuesday and disintegrated into an open wave.
NOAA reduced its forecast a notch because it expected more storms to pop up in June and July, Bell said.
Because three named storms already have emerged, including Hurricane Alex and Tropical Storms Bonnie and Colin, NOAA calls for up to 17 named storms, including up to 11 hurricanes, to develop over the rest of the season, which ends on Nov. 30.
In late May, NOAA released an outlook calling for 14 to 23 named storms, including eight to 14 hurricanes. The average season sees 11 named storms, including six hurricanes.
NOAA cites three main reasons for maintaining a busy forecast: abnormally warm water in the tropics; a decades-long era of Atlantic hurricane intensity and the emergence of La Nina, an atmospheric condition that nurtures tropical systems.
Historically, the busiest stretch of the season is from mid-August through early October.
Copyright © 2010 Sun Sentinel, Ken Kaye. Distributed by McClatchy-Tribune News Service.
Thursday, August 5, 2010
Five reasons to buy a home now
ORLANDO, Fla. – Aug. 4, 2010 – The tax credit expired, but it’s still a great time to buy a home thanks to low mortgage rates and motivated sellers. Here are five reasons why now is a great time to buy:
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
Source: ForSaleByOwner.com (07/29/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
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