DUNWOODY, Ga.,None — A major metro Atlanta real estate company has filed for Chapter 11 bankruptcy protection.
Channel 2 Action News reporter Aaron Diamant got his hands on bankruptcy papers filed by RE/MAX Greater Atlanta this week detailing millions of dollars in unpaid debts.
Burt and Doris Boggess are among the company's clients left confused by what the filing means for them. The Boggess' midtown Atlanta home is currently listed with the Dunwoody-based company.
"No I didn't, … so they need my money to sell my house so they can pay their bills?" said Doris Boggess.
The couple had no idea the company filed for bankruptcy.
"How's it going to affect us?" Burt Boggess said.
Diamant spoke with company CEO Raymond Morris about what the filing means for consumers.
"The clients won't be affected at all. The business will go on as usual. We'll continue to list and sell homes and we'll continue to have closings," said Morris.
Morris blames the bankruptcy on a bad economy but promises clients, old and new, that their money is safe.
"Earnest money, deposits, trust accounts are all in federally insured banks and they're governed by the banks, so they're all safe and sound," said Morris.
RE/MAX Greater Atlanta is a franchise with three metro Atlanta offices remaining in Dunwoody, Sandy Springs and Lawrenceville.
The bankruptcy does not affect any of the area's other RE/MAX franchises.
For Doris Boggess, there's only one bottom line.
"If they can't sell it, I'll get someone else to sell it," she said.