On the advise of my Foxtons, Agent I visited the Long Branch Offices of Foxtons today hoping to get a written unconditional release from Foxtons since they are no longer in business. On arrival I found the door closed, but I could see and hear the employees inside the Office. After bangging on the door several times and getting no response from the employees inside I noticed this letter posted in the window and several copies lying on the ground outside to door.
October 2
Re: Foxtons, Inc.
Dear Sir/Madam:
You are receiving this letter because your property is listed for sale with Foxtons, Inc. ("Foxtons"). We regret to inform you that, due to the recent down turn in the residential real estate market, Foxtons has decided to conduct an orderly liquidation of its business. To accomplish this goal, Foxtons is filling a voluntary chapter 11 bankruptcy proceeding with the United States Bankruptcy Court for theDistrict of New Jersey. You will be receiving information concerning the bankruptcy case over the next few days.
Your property continues to be advertised on Foxtons' website and/or your area's Multiple Listing Service, as it was prior to Foxtons' bankruptcy filing. Moreover, the Foxtons signage at your property, if any, can continue to be displayed pending further notice.
As part of the liquidation of its assets, Foxtons is asking the bankruptcy Court to authorise the assumption and assignment of your listing agreement with Foxtons to another broker. The identity of the proposed successor broker has no yet been determined. If the bankruptcy court grants this request, and if a successor broker makes a sufficient bid for Foxtons' listing agreement, then the listing agreement for the sale of your home would be assigned to another real estate broker. With the exception of the identity of the listing broker, all of the terms of your listing agreementwith Foxtons would remain the same. We hope to have this assignment process completed within fifteen days. You will receive further information from the bankruptcy court concerning this proposal.
We regret any inconvenience to you caused by this situation and hope to transition your listing agreement to another broker as quickly and smoothly as possible.
Thank you.
Very truly yours,
Mark Horvat
Vice President of Sales
Now is the Government and the Bankruptcy Court going to sit back and allow this 80 Pound wounded Gorrila to hold hard working Americans to randsome while the market gets worst, forcing them to join the Forclosure list.
I hope they standup for the the hard working people and free them from the grasp of this wounded 80 Pound Gorilla.
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