Jonathan Holbrook, an entrepreneur from Utah is expected to close on BuyOwner today, the nation's largest for sale by owner operation. Holbrook paid $1 Million for the operation, which is currently in debt $5 Million, including a $3 Million debt to Bank of America. Holbrook is expected to hire new employees, upgrade the system, and pump money and new life into the Deerfield Beach, Florida based operation. With a chance of recovery on the horizon, there is a strong possibility that Holbrook has timed this opportunity well. There is also the chance that the public has seen the value of using a licensed real estate agent over the last couple of years, and is not ready to give up that representation. I believe that the rebirth of the BuyOwner operation would be more succesful, as a hybrid operation that somehow included experienced agents on their staff, in order to give the public the same representation throughout the deal process, as they would have listing with a brokerage company. Until that time, there is Katz Realty Group to represent you throughout the entire buying or selling process. For more information on working with a licensed realtor, call: James L Katz - Broker Katz Realty Group 305-932-5289
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407
Wow.
Very interesting.
I wonder what his plans are for this operation for him to be comfortable buying it over $4 Million in debt?
I hope it will not be something that will attempt to marginalize real estate agents.
Feb 09, 2011 01:31 PM
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL
James, I'm not sure how I feel about this news. When I have contacted BuyOwner sellers in the past, they were very cavalier in not wanting to co-op with a Realtor. They were very anti-Realtor, so we just passed them by and bought a house where the Realtor participation was appreciated. There is a need for this product, and if we don't have a double dip making the buyers go back into their shells, then Holbrook may have timed it well.
Feb 09, 2011 01:31 PM
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices
James,
Onemillion for a damina where the operation is in debt, wow. I guess the Buyer see the potential, sich few can see. Time will show
Feb 09, 2011 01:31 PM
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