Buy Owner, the do-it-yourself real estate firm, is the latest company to face liquidation due to the housing crisis.

Since 1984, Buy Owner has helped homeowners advertise and sell their homes in exchange for a fee. The broker-free system has reduced costs for many homeowners but as the market continues to struggle, the company is forced to liquidate to keep its doors open.

While its located in Deerfield Beach, the company has franchises in Jacksonville, Orlando and Tampa, Florida as well as outside of the state.

It is estimated Buy Owner owes nearly $4 million to Bank of America, and more than $1 million to company executives and shareholders.

The Miami Herald is reporting…

The company filed last month for an assignment for the benefit of creditors in Broward County, which is similar to Chapter 7 federal bankruptcy but in state court.

As assignee, 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.

Despite the financial problems, the company plans to remain open but with a smaller staff to help homeowners that are trying to sell.

If you don’t want to navigate the real estate process alone, contact our Fort Lauderdale lawyers. You can use this form to email or call us at (954) 779-7009.

Source: The Miami Herald