As per an article by the South Florida Business Journal, the parent company of Foreclosure.com, FFS Data, has filed for Chapter 11 reorganisation on December 23rd. The company cites $9.1 million in assets versus $27.5 of debt and $15.7 million income so far.

Aside from Foreclosure.com, the company also runs related portals under the names of Foreclosure.com, ForeclosureFreesearch.com and ForeclosureDatabase.com. On July 22nd of 2008 the company, lead by Brad Geisen, had announced that they were purchasing Property.com from Rick Schwartz for an undisclosed amount, but yet the negotiations were broken off in October 2009 since the lawyers were not able to agree on terms for the deal, according to a blog post by self-proclaimed “Domain King” Rick Schwartz.

[Thanks to our Friends at ExpertName for the tip.]

“Domain King” Rick Schwartz has sold “property.com” to foreclosure.com. Rick purchased the domain for $750,000 USD less than 3 years ago. Details of the deal have not been disclosed at this point and it is not known if “properties.com” was included in the deal.

Property.com will include all listing types, including those indexed the Multiple Listing Service (MLS), creating a database that could surpass more than 15 million homes, but not including distressed properties, which will remain the business of Foreclosure.com. [...] The new Property.com will be unveiled sometime in 2009.

[Via Rick's Blog / MarketWatch (press release)]

After Rick Schwartz decided to stop blogging due to what he feels is the failure of the industry to defend itself against initiatives such as the Snowe Bill by joining the ICA, he had listed the domain name “widgets.com” for sale on eBay. The auction just ended with a high bid of US $175,100.00, but failed to meet the reserve.