Buy Owner Up For Sale and in Bankruptcy

Buy Owner Up For Sale and in Bankruptcy

Buy Owner filed for liquidation in July 2010.  Buy Owner has filed for liquidation, Chapter 7 protection and declared bankruptcy.

Buy Owner was the 1st stop for millions of sellers across the country.  After shelling out hundreds or thousands of dollars on the Do It Yourself web site most buyers called a Realtor to sell their home the old fashioned way.   

90% of homes are sold with the help of a Realtor.  The other 10% are sold to family members, friends, newspapers or divided between the dozens of online Do It Yourself web site.  

A lot of sellers invested money in Buy Owner hoping to save the commission.  Buy Owner owes Bank of America $3.9 million dollars.  Buy Owner owes former employees $1.2 million in back pay.  Creditors have until November 23, 2010 to file a claim against Buy Owner.

The Buy Owner web site is still up and running and accepting money from sellers hoping to sell their home.  There are no notes about the liquidation on the web site.  The reduced staff will continue to serve clients until the money runs out or a buyer can be found for Buy Owner.

Photo credit Adam Baker.