Property Management

Homestore Closes Deal With Homebid

Homestore.com, Inc. (Nasdaq: HOMS), operator of Realtor.com®, the official site of the National Association of Realtors®, today announced its acquisition of substantially all the assets of Homebid.com, an application service provider specializing in Web-based tools for the real estate industry. Homestore.com"s purchase includes the intellectual property rights for Homebid.com"s Offer Manager(tm) technology, which allows real estate professionals to manage offers and negotiate home sales via the Internet, as well as other Web-based real estate tools in development by Homebid.com. Homestore.com will continue to develop the real estate software created by Homebid.com, including Offer Manager(tm), which is expected to become part of eREALTOR.comsm, an online system for real estate transactions. Homestore.com is developing the platform in conjunction with the National Association of Realtors® and several other leading industry participants to help agents and brokers guide clients through the numerous steps involved in buying a home, from initial contact to closing. With plans to utilize software already popular among agents and brokers around the country, eREALTOR.comsm will provide, among other things, an automated scheduling and workflow engine, an order center linked to real estate professionals" key vendors - including title and escrow service providers, mortgage brokers and inspection companies - and an electronic document storage and transaction archive.


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