RealTime IT News

Microsoft May Sell HomeAdvisor's Technology

When it launched a year ago, Microsoft's HomeAdvisor Technologies Inc. venture offered a software platform to automate real estate and mortgage transactions for consumers and industry professionals. Now, that part of the business may be sold off.

HomeAdvisor grew into a consumer real estate operation, and the software aspects of the business apparently didn't match with the company's goals and objectives for its location on the MSN network, according to a Microsoft spokesperson quoted by the Wall Street Journal, which first reported the story.

There was no word on the identity of any potential buyers. At one time, Microsoft apparently had considered keeping HomeAdvisor an independent company and possibly taking it public.

The loan technology automates many of the steps required to approve and finance a mortgage, including credit checks, appraisals and underwriting decisions. The result is a savings of up to $2,000 over the course of a loan, Microsoft said at the time the company launched. Home buyers can instantly lock a loan rate online and cut the closing process from more than a month to just 10 days.

When HomeAdvisor launched, other investors included Chase.com, Chase Capital Partners, GMAC-RFC, Norwest Mortgage and Bank of America as equity partners, with a financial and technology contribution from Freddie Mac. Microsoft has settled with its investors, the spokeswoman was quoted as saying.

The site now offers real estate listings, a moving and relocation section, a home improvement section, home sale strategies, decorating and remodeling tips, etc., in addition to loan processing.