The Real Deal Miami

Buy Owner to liquidate

August 20, 2010 09:45AM

The firm is based in Deerfield Beach

The Buy Owner real estate firm, which is known for lower-cost
broker-free transactions, is liquidating. The Deerfield Beach-based
company will continue to operate with a smaller staff while it looks for
a buyer. The purchase could include the entire firm, minus its debt.
The company filed for an assignment for the benefit of creditors in
Broward County, which is a state version of a federal Chapter 7 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. The company
has locations in Atlanta and seven other cities, including Tampa and
Orlando. [Miami
Herald]